What does living within your means really mean?

Discussion in 'Politics' started by Wiseacre, Jun 15, 2012.

  1. Wiseacre
    Offline

    Wiseacre Retired USAF Chief Supporting Member

    Joined:
    Apr 8, 2011
    Messages:
    6,025
    Thanks Received:
    1,192
    Trophy Points:
    48
    Location:
    San Antonio, TX
    Ratings:
    +1,194
    Got into a discussion with The Rabbi about this, he thinks a credit card of $3500 is still living within your means. That is apparently the average these days; I say it depends on your ability to pay it off. If you have an average income X, and you spend on average X, then you are living within your means. Some months you go over, some months you don't, it evens out over time. But if you're exceeding X in spending on a regular basis and your debt is growing, then you are not living within your means.
     
  2. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    your correct.

    and there are those who if they tried living within their means would starve to death
     
  3. Wiseacre
    Offline

    Wiseacre Retired USAF Chief Supporting Member

    Joined:
    Apr 8, 2011
    Messages:
    6,025
    Thanks Received:
    1,192
    Trophy Points:
    48
    Location:
    San Antonio, TX
    Ratings:
    +1,194

    Really? What're they spending their money on then?
     
  4. TakeAStepBack
    Offline

    TakeAStepBack Gold Member

    Joined:
    Mar 29, 2011
    Messages:
    13,935
    Thanks Received:
    1,723
    Trophy Points:
    245
    Ratings:
    +2,012
    Essentially, you're right. The problem is that people in todays society believe that credit, equals savings or income. Having a credit line does not grant you additional wealth. The exact opposite. it grant you the opportunity to BORROW, on interest, more money than you obviously have in savings or at disposal.

    Credit is not savings, credit is not income, credit is nothing more than the ability to acquire debt on interest.

    Living in your means is just that. Keeping expenditures and consumption at levels that meet your level of income. I'm of the caliber that I live humbly in order to actually save additional money to put toward things I might wish to acquire in time. There fore my income is much higher than my designated expenditures. I deliberately live far under my income in order to provide additional savings, as opposed to paying for things I can not afford by becoming a slave to a creditor.
     
    Last edited: Jun 15, 2012
  5. Claudette
    Online

    Claudette Gold Member

    Joined:
    Nov 3, 2009
    Messages:
    19,591
    Thanks Received:
    3,019
    Trophy Points:
    280
    Ratings:
    +7,654
    To me it means not spending more than you make and living within your budget.

    I do it every month. I live within my means.
     
  6. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    If YOUR MEANS are too small to meet basic human needs then you die
     
  7. BDBoop
    Offline

    BDBoop BANNED

    Joined:
    Jul 20, 2011
    Messages:
    35,385
    Thanks Received:
    4,996
    Trophy Points:
    0
    Location:
    Don't harsh my zen, Jen!
    Ratings:
    +5,006
    I have no debt. I have no credit. I will keep it that way.
     
  8. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    I have debt.

    mortagages.


    Its my only debt.

    My assets are more than my mortgage debt.


    It would be idiotic finacially for me to pay the mortgage debt off with my assests.

    Credit can be used to build wealth if it is used correctly.
     
  9. tjvh
    Offline

    tjvh Senior Member

    Joined:
    May 10, 2012
    Messages:
    6,893
    Thanks Received:
    916
    Trophy Points:
    48
    Ratings:
    +916
    Credit is nothing more than a High Interest Loan... Until people realize that, they are bound to fail. I saw a girl buy a Slurpee at 7/11 yesterday with a Credit card, and I wondered how many years it would take, or if she was "ever" going to pay that Slurpee off. And No, it wasn't a Debit card either.
     
  10. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    Nope you are just wrong
     

Share This Page

Search tags for this page

content