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Originally Posted by raging moderate
(one caveat: I am not counting the 10% of my income that goes straight into a savings account that I use exclusively for lump-sum payoffs of my consumer debt ie car payment.)
Anyway, question is, how much of your regular income is flexible, percentage-wise? Am I the only one stuck in this irritating situation?
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As an older member, I have a lot more disposable income than the younger crowd who are dealing with school costs (either current or student loans), mortgages/car loans, young children, and trying to establish a good life. I won't give you a percentage because it varies from time to time.
I used to do financial counseling of people with real money problems. So, unsolicited, I'm going to offer some advice (worth what you pay for it, of course). In all the time I did that, I only found one book that was really worth buying. I really suggest everyone buy and read The Wealthy Barber, by David Chilton. Not because Chilton is right about everything, but he gets most things right, and it's readable. It's funny. And it's a novel, not a textbook.
The other thing is that there are really only 2 times in your life when you shouldn't be accumulating wealth (ideally)... when you are a student, and when you are retired. I personally think that your situation is very much on the edge, and it's not uncommon. I read a recent article that 70% of Canadians would be very hard pressed if they missed a single paycheck. That amazed me because it's so high, and in general Canadians have traditionally been better savers than Americans.
Other than unsolicited advice, the only comfort I can offer is the assurance you're FAR from alone, and it's not unusual for a younger, single person to feel this pressure. It usually does get better with age (one of our few advantages over you).