Re: How much of your income are you able to save/invest?
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I have recently been trying to put together a financial life plan, a large part (read 100%) of my current/near future income will be earned from a job. I was wondering what others have found is an achievable percentage of either pre or post-tax income (poker or otherwise) is reasonable to save/invest. I just graduated college, have no children, very few expenses, and live a frugal but not cheap lifestyle. If you list your % let us know if you have kid(s) &/or other large expenses. Thank you for sharing your experiences.
cielo
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Using percentages can be misleading. I recommend the following: Figure out how much you can comfortably save each pay period and just do it. The key is not the percentage you save, but the fact that you don't waste money. This is important because you are sure to get future raises, etc and you can take your incremental increases in income and plow them directly into savings. What I am getting at is that as long as you have a saving mindset and don't blow your money, then it's really just a matter of transferring the funds into the savings account (or wherever).
Look at it this way: There are plenty of folks who are old (70+ years) that have never made more in a single year than you will probably average annually in the the first few years of your career (depending on what you do). Yet many of these people have net worths in excess of $1M. This attributed solely to judicious money saving practices.
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