Single Guy Budget Review

[Anonymous]

I agree that is way too much for housing costs. I pay $1,400 in rent and that is a lot, IMO. I think you could find a perfectly good place between $2-2,500 and be just fine. I know I could

[Anonymous]

Anonymous wrote:dude you have to be gay.

a single guys budget should be this

pizza 250
going out to bar 700
cab rides home 1000


there is no reason for asingle guy to have life insurance. youa re wasting yoru money.

but i am willing to bet you are gay

You're right

The life insurance is only $60 per month and I'm ok with it because it will go to my little cousin whose college tuition I plan to contribute heavily to later in life. If anything happens to me, I want to make sure he is ok. His parents are horrible with money.

[Anonymous]

Any educational or other debt?

[Anonymous]

Anonymous wrote:

Anonymous wrote:dude you have to be gay.

a single guys budget should be this

pizza 250
going out to bar 700
cab rides home 1000


there is no reason for asingle guy to have life insurance. youa re wasting yoru money.

but i am willing to bet you are gay

You're right

The life insurance is only $60 per month and I'm ok with it because it will go to my little cousin whose college tuition I plan to contribute heavily to later in life. If anything happens to me, I want to make sure he is ok. His parents are horrible with money.

you are nto smart with yoru money, if you putt that $60 a month into an acocutn to grow or a mutual fund your cousine will be better off. assuming he is 1, for him to get the life insurance you have to die, chances of a healthy male dying in that time frame is slim.

sure $60 isn't a lot but will gorw more and you don't have to die.

[Anonymous]

14:10 here, sorry for the double post but you should disaggregate the retirement (401k) vs. saving amounts. Also, how much in savings do you currently have (cash, stocks, etc.)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:dude you have to be gay.

a single guys budget should be this

pizza 250
going out to bar 700
cab rides home 1000


there is no reason for asingle guy to have life insurance. youa re wasting yoru money.

but i am willing to bet you are gay

You're right

The life insurance is only $60 per month and I'm ok with it because it will go to my little cousin whose college tuition I plan to contribute heavily to later in life. If anything happens to me, I want to make sure he is ok. His parents are horrible with money.

you are nto smart with yoru money, if you putt that $60 a month into an acocutn to grow or a mutual fund your cousine will be better off. assuming he is 1, for him to get the life insurance you have to die, chances of a healthy male dying in that time frame is slim.

sure $60 isn't a lot but will gorw more and you don't have to die.

If he was my child, you would suggest I have life insurance to take care of him if something happened to me, right?

I think of him as mine as least as far as the insurance is concerned. I don't miss the $60mo

[Anonymous]

Anonymous wrote:14:10 here, sorry for the double post but you should disaggregate the retirement (401k) vs. saving amounts. Also, how much in savings do you currently have (cash, stocks, etc.)?

No debt whatsoever. I have about $215k saved so far. $50k of that I consider emergency funds.

All of my savings is transferred into my Betterment account and it re-balances the amounts based on my goals.

[Anonymous]

Anonymous wrote:

Anonymous wrote:10K a month, net? At 29? What do you do for a living?

I founded/run an online retail business

Then bank all the extra money you can, because you ain't gonna be making this amount of money for the rest of your life.

[Anonymous]

A family of 4 could live comfortably on your budget.

[Anonymous]

Anonymous wrote:

Anonymous wrote:14:10 here, sorry for the double post but you should disaggregate the retirement (401k) vs. saving amounts. Also, how much in savings do you currently have (cash, stocks, etc.)?

No debt whatsoever. I have about $215k saved so far. $50k of that I consider emergency funds.

All of my savings is transferred into my Betterment account and it re-balances the amounts based on my goals.

I'd say you're probably doing fine then. While you could spend less, you work hard/smart to earn money so you should be able to enjoy it provided you're putting away enough for retirement and emergencies which it looks like you're doing.

[Anonymous]

This site is so funny to me.

Every time a woman asks what she should wear, people are like "BODEN!" (Price of standard Boden work dress - $130.)

Every time grocery stores come up, people are quick to say that they love to shop at Safeway/whatever, except for produce and meat "because the prices for organic are much better at Whole Foods/the farmer's market".

There are plenty of discussions about this luxury resort or that cosmetic enhancement (everything from botox to regular highlights and waxing).

Yet when a young man comes on here, notes that he's saving 1/3 of his takehome income at age 29 and mentions that he's got a life insurance policy for his little cousin, he must be gay because he spends money on clothing (which he should clearly buy at TJ Maxx, instead of Boden) and organic food (which is apparently bullshit, unless you have kids).

OP, your budget sounds fine. It seems like you could be putting away some money for a down payment on a house, if you end up wanting to go that direction. Other than retirement/savings, are there long term things you budget for? Do you ever want to have children of your own (adoption and surrogacy are expensive)? Are there long term travel goals or professional development goals that might have significant costs associated with them? You could save for those things with your income what it is with relatively little trouble.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:10K a month, net? At 29? What do you do for a living?

I founded/run an online retail business

Then bank all the extra money you can, because you ain't gonna be making this amount of money for the rest of your life.

I reasonably expect to make much more based on some recent partnerships we've struck as well as our projected revenues. My income is likely to go up considerably over the next 5 years. Business is great. I'll reassess things as time goes on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:14:10 here, sorry for the double post but you should disaggregate the retirement (401k) vs. saving amounts. Also, how much in savings do you currently have (cash, stocks, etc.)?

No debt whatsoever. I have about $215k saved so far. $50k of that I consider emergency funds.

All of my savings is transferred into my Betterment account and it re-balances the amounts based on my goals.

I'd say you're probably doing fine then. While you could spend less, you work hard/smart to earn money so you should be able to enjoy it provided you're putting away enough for retirement and emergencies which it looks like you're doing.

Yeah, I'd agree. I mean obviously OP you could be saving/investing a lot more if you wanted to, there's plenty to cut in your budget and a lot of it you probably wouldn't miss much. But overall your savings rate and net worth are solid.

[Anonymous]

I don't quite understand the rough times and having to move back home wiht your parents for 6 months and the amount you have saved lining up.

[Anonymous]

Anonymous wrote:This site is so funny to me.

Every time a woman asks what she should wear, people are like "BODEN!" (Price of standard Boden work dress - $130.)

Every time grocery stores come up, people are quick to say that they love to shop at Safeway/whatever, except for produce and meat "because the prices for organic are much better at Whole Foods/the farmer's market".

There are plenty of discussions about this luxury resort or that cosmetic enhancement (everything from botox to regular highlights and waxing).

Yet when a young man comes on here, notes that he's saving 1/3 of his takehome income at age 29 and mentions that he's got a life insurance policy for his little cousin, he must be gay because he spends money on clothing (which he should clearly buy at TJ Maxx, instead of Boden) and organic food (which is apparently bullshit, unless you have kids).

OP, your budget sounds fine. It seems like you could be putting away some money for a down payment on a house, if you end up wanting to go that direction. Other than retirement/savings, are there long term things you budget for? Do you ever want to have children of your own (adoption and surrogacy are expensive)? Are there long term travel goals or professional development goals that might have significant costs associated with them? You could save for those things with your income what it is with relatively little trouble.

Hey thanks. I thought I was being OK with the ratios but people recoil at the idea of spending some money on clothes are what I consider better food.

I'm not sure about children. I don't think its in the cards within the next 10 years or so and I will probably buy a house at some point but haven't set aside money specifically for that purpose. For now its just "all purpose" savings.

My company right now is in the process of raising outside capital but it doesn't require a personal investment from me. I feel like I'm in a decent position but wasn't clear about whether or not the budget ratios were ridiculous. Of course, my level of savings will go up significantly as my income rises. Being single and gay has some advantages.