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Secrets of Savvy Savers

submitted on July 21, 2010 by pablos17 in "Member's Lounge"
Follow the link to read more about these families who are determined to have a large nest egg to retire and to retire early...

Super Savers: Ed Haskell, 50 and Debbie Chasteen, 52, daughter Laura, 15
Savings Rate: 50% of after-tax income
Home: Liberty, Mo.
Occupations: Ed is a retired Air Force officer; Debbie is a college professor

...Before they make any purchase, even big-ticket items like cars, they save up the cash. In 1996 they paid cash for their first home, a $105,000 townhouse in Macon, Ga. Five years later they bought their current three-bedroom home in the Kansas City suburbs for $200,000 -- in cash. "Sure, we could afford a bigger house and more expensive cars, but we're content with the things we have," says Ed, who retired 10 years ago and now teaches and consults. By the time Debbie retires in six years, Ed estimates they'll have a $2.5 million retirement nest egg.
1. Do you save money regularly?
2. At what percentage is your savings rate?
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 15% - 25%
 25% - 50%
 50% - 75%
 75% - 100%
3. Are you in debt up to your eyeballs?
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  • 70713
    10 5 1
    Posted by DebsFreebies on July 21, 2010
    [reply] 4 0
    I guess the first thought when reading these type of stories is the thought "Gee, if I made more money, I could save". In reality, the more you make the more you are likely to spend. I suppose we could all save something, no matter how much. It is how to live within our budget and have the most savings.
  • 70780
    Posted by YanBz on July 21, 2010
    [reply] 1 0
    I read that deducting money before you see the paycheck works the best since you self adjust your spendings based on your income you actually see, or in other words we tend to spend everything we earn

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