Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - How is everyone dealing with their finances in this economy?

Jason14h · 04-17-2024, 05:24 AM

Well there's two options

1. Make more $$
2. Cut spending

Recommendations on how to cut spending seem to be dismissed mostly in this thread

Sooooo.... Make more money is the only other option

Cost cutting is actually the best advice and where people on a message board could make recommendations

I saw early the post about $10K post tax dollars a year on vacations. Well over 20 years thats ~ $500K compounded you would have if investing at a average return vs vacations. Assuming you did that from 30-50 (Ill just assume thats prime earning period and when family vacations)

A person not splurging on $10K a year family vacations during that period now has $500 K that can generate 7% a year which is $35K extra income or rollover into future / requiring less contribution towards future retirement.

I'm not saying thats what anyone should do. It's your money. Spend it how you want. Whatever makes you happy. Just showing the math.

People need to make choices and sacrifices . That is and has always been reality.

Again - There are only 2 options - You will need to make hard choices either way

Cut Costs
Make more Income

(More post tax $$ would also help/be more 'income' but I dont want to turn this into a tax debate)

04-17-2024, 05:24 AM	#90
Jason14h Franchise Player Join Date: Oct 2005 Exp:	Well there's two options 1. Make more $$ 2. Cut spending Recommendations on how to cut spending seem to be dismissed mostly in this thread Sooooo.... Make more money is the only other option Cost cutting is actually the best advice and where people on a message board could make recommendations I saw early the post about $10K post tax dollars a year on vacations. Well over 20 years thats ~ $500K compounded you would have if investing at a average return vs vacations. Assuming you did that from 30-50 (Ill just assume thats prime earning period and when family vacations) A person not splurging on $10K a year family vacations during that period now has $500 K that can generate 7% a year which is $35K extra income or rollover into future / requiring less contribution towards future retirement. I'm not saying thats what anyone should do. It's your money. Spend it how you want. Whatever makes you happy. Just showing the math. People need to make choices and sacrifices . That is and has always been reality. Again - There are only 2 options - You will need to make hard choices either way Cut Costs Make more Income (More post tax $$ would also help/be more 'income' but I dont want to turn this into a tax debate) Last edited by Jason14h; 04-17-2024 at 05:31 AM.