Comments on: How to Tell if You’re Financially Sexy https://eliteedgemoney.com/how-to-tell-financially-sexy/ Money | Minimalism | Mohawks Thu, 24 Apr 2014 10:40:36 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-138786 Thu, 24 Apr 2014 10:40:36 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-138786 In reply to Texas Woman.

Great addition, new friend! We usually take health for granted until all of a sudden there’s a problem. Here’s wishing you a speedy and safe recovery :)

]]> By: Texas Woman https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-138531 Tue, 22 Apr 2014 14:55:48 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-138531 I totally agree with all of the points necessary to make someone financially sexy. But just let me add this, with all of that savings and planning, etc., you can be wiped out pretty quickly with a serious illness. I know, because about two years after I got out of debt, started a healthy ER fund and was on my way to a great credit score, I was diagnosed with something that is still ongoing. Thank God that I am able to continue to work, otherwise, I would have been destitute in no time. But the resources that I did manage to save before this happened and the know-how I’ve acquired by reading and basicially learning from experience, has saved me. So the bottom line to maintaining your sexy budget is “Don’t forget that your #1 Asset is your Health.” Cheers to everyone!

]]> By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137400 Mon, 14 Apr 2014 12:48:27 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137400 They don’t call it “personal” finance for nothing, eh?

]]> By: Slinky https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137265 Thu, 10 Apr 2014 20:01:13 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137265 1. You must have a credit score of 750 or higher
Don’t care as long as I’m getting the best rates! (I am.)
2. You should be saving at least 15% of your gross income
>18% in pretax savings, + additional post tax savings for long and short term goals
3. Your “credit card utilization” should be 35% or lower
Still don’t care. I pay it off every month and get points. Charge $3000 and get $60 back or have a better credit score I don’t plan to do anything with anytime soon. Hmm…decisions, decisions!
4. You must have a very healthy emergency fund
Must, huh? Between insurance, a high savings rate and enough cash to cover deductibles and out of pockets, we’re pretty set for the moment. What we can’t cash flow, we insure.
5. And your “debt to income” ratio must be 35% or less.
<15% all at low interest, no current plans to prepay.

Personally, I think doing what's smart for you is sexier than following preformulated, generic advice. Generic plans are better than no plans, but smart, specific plans created to reach your personal goals are even better.

]]> By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137252 Thu, 10 Apr 2014 14:42:28 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137252 In reply to bobebob.

Rock on! You’re killing it!

]]> By: bobebob https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137226 Wed, 09 Apr 2014 23:11:15 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137226 You must have a credit score of 750 or higher – 814 Check
You should be saving at least 15% of your gross income – 28% last year Check
Your “credit card utilization” should be 35% or lower – 0% month to month Check
You must have a very healthy emergency fund – approx 8 months Check
And your “debt to income” ratio must be 35% or less.- Mortgage (only debt) is 18% of gross income) – Check

]]> By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137204 Wed, 09 Apr 2014 16:35:16 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137204 In reply to debt debs.

Way to go on that Emergency Fund! And having so much in your TFSA too – that’s great :)

And yeah – I do believe that the 15% gross savings does include contributions/matches/etc.

Keep working at it!

]]> By: debt debs https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137187 Wed, 09 Apr 2014 11:38:09 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137187 I am inspired to do this.

I have avoided checking my credit score because I didn’t want to pay money to do this, but maybe now it’s time. FAIL

When you say you should be saving 15% on gross, do you consider company match portions of retirement savings as part of this? I think I’m at 9% (6% +3%) FAIL

Two are 5% and 2% respectively, but one is 52% due to a low rate cash advance that I took out and made a mortgage prepayment. It will be down to 30% this month, as my husband got a large commission cheque that will be going entirely to this card. Intention is to have it entirely paid off before rate increase. Overall, I’m at 25%, but I think you expect this to be measured on a per card basis. FAIL (kinda)

Emergency is 7K+ in cash, my target is 10K. But I also have $25K in TFSA which I count as part of my e-fund. 6 months living expenses = 30K , 32K so PASS. Woo Hoo!

Excluding credit cards, which I pay entirely each month (except for low rate cash advance mentioned above) my debt to income is 18%. So yeah, PASS.

Good exercise. Recommend everyone try this.

]]> By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137160 Tue, 08 Apr 2014 20:52:01 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137160 In reply to Anneli @thefrugalweds.

It’s all about tracking stuff and working on it over time. Then once you hit your goals finally you’ll only have MORE to work on, haha… but it beats being lazy and boring! :)

]]> By: J. Money https://eliteedgemoney.com/how-to-tell-financially-sexy/#comment-137159 Tue, 08 Apr 2014 20:50:14 +0000 https://staging.eliteedgemoney.com/?p=38042#comment-137159 In reply to Zee.

Hah! I certainly hope not! I don’t like paying to be tricked :)

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