Reply to Does anyone here live very well on very little?

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[quote=Anonymous]It really is quite easy: the natural tendency is to keep increasing one's spending as income goes up. If one used to own a Honda or a Toyota when one was earning less, making more money just causes most people to upgrade to an Infiniti or Lexus - or maybe a Mercedes or BMW.

If one equates a higher standard of living with success, you will definitely not be able to live on less.

I retired in my late forties, put five children through college without financial aid - although when it came to grad school and medical school, they had to fund themselves. We still have a decent lifestyle but we are not ostentatious. When I was earning significant money we maintained a comparatively modest lifestyle without stinting. At least 80% of my bonuses went into either retirement or deferred compensation funds. This is over and above the contributions from our regular salary.

We still maintain a comparatively modest lifestyle in relation to our net worth - but we always have the money to spend on anything we choose to buy.

It can be done but it needs a different mindset. We are reaping the rewards of watchful spending and absent any financial catastrophe we have enough savings and income to last us for the rest of our lives.

BTW, I see postings about people not being able to manage on $250K or more and it just blows my mind that people have problems managing on that sort of income.[/quote]

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