Comments on: The Mighty “10 Rule”

By: J. Money

J. Money — Tue, 26 Nov 2013 18:27:14 +0000

In reply to Stefanie. I like that way of thinking about it too :)

By: Stefanie

Stefanie — Fri, 22 Nov 2013 18:50:15 +0000

I like the concept of the 10 rule, but I feel that in practice, nothing would be worth it. I tend to think about expenses in the amount of work hours it would take for me to afford them.

By: J. Money

J. Money — Wed, 20 Mar 2013 01:58:11 +0000

Hah! Love it. They’ll get there some time :) And then it’ll take another 10 years after that for them to realize how good they had it with you! Haha…

By: lana

lana — Tue, 19 Mar 2013 07:40:25 +0000

I sometimes think in terms of how many hours my son would have to work in order to pay for the pile of clothes I’m buying for him, or how much the driving school costs. He earns $10 an hour, so it’s easy to see how many hours he would need to work in order to pay for items. Sometimes I point it out. My kids are pretty frugal, at least with their own money.

God willing, there will come a time when my kids can pay for all their own expenses.

By: J. Money

J. Money — Sat, 26 Jan 2013 13:15:30 +0000

Oh jeez!! So scary :( But yes – soooooo good he’s going to be okay for sure! That’s always most important. Makes you stop and appreciate life a little more too, eh?

By: Jessica O.

Jessica O. — Sat, 26 Jan 2013 03:38:21 +0000

I was just talking about this with an attorney today. My husband was ran over by a car last week while stopped at an intersection on his bike. {Driver was texting} He will be out of work for 6-9 months. Not only will he have lost wages, but what about the money he is not putting into his retirement accounts? Missing that 10% contribution is going to cost us much more than the actual contribution amount.

PS: husband is okay. The driver had no assets and minimal coverage. We are in for a bumpy ride.

By: J. Money

J. Money — Mon, 21 Jan 2013 21:26:33 +0000

In reply to Mike Victor. Hah! I like the way your brain thinks :)

By: J. Money

J. Money — Mon, 21 Jan 2013 21:25:41 +0000

In reply to Emily.

maybe start multiplying at 5? haha… I always advise people to just stop and track all money in and out for 3 months which will REALLY be eye opening to them. And consequently (hopefully) will get them to change their habits more… Or at least KNOW what they’re spending/saving now rather than guessing in their heads – that was one thing I learned super fast when paying attention to my money… I was losing like $300 a month when I thought I was SAVING $300-$500 a mo! Pretty dumb of me.

By: J. Money

J. Money — Mon, 21 Jan 2013 21:23:49 +0000

In reply to Matt.

Haha, I believe you may be referring to Ramit from IWillTeachYouToBeRich :) Which I actually love – the whole “spend your money on whatever it is that excites you.” You just need to prioritize and then cut out costs in areas you don’t care about at all…. So for people like me who don’t mind spending $4 on a cup of coffee every single day (or 10!), as long as we’re not doing that in all areas across the board we’re fine. I remember he mentioned a guy who spent thousands of dollars on mountain bikes cuz he loved to race a lot, and in return he lived in a tiny ass place cuz his home wasn’t as important. So to many he was “stupid” for spending so much on bikes like that, but the reality was he was consciously spending wisely based on his priorities. I’ve always liked that example.

By: J. Money

J. Money — Mon, 21 Jan 2013 21:19:31 +0000

In reply to Matt. Agreed!! If this were called the "8 Rule" it would already be too confusing to really care about trying, haha...