Comments on: 2006 Makeover, Step #2: Budgeting and Saving http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 8 Nov 2009 06:09:27 -0800 http://wordpress.org/?v=abc hourly 1 By: Fred http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-74800 Fred Tue, 23 Sep 2008 20:19:03 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-74800 Hi Ramit, thanks for the article! Note that the "nice picture" you linked to, is no longer available. Hi Ramit, thanks for the article! Note that the “nice picture” you linked to, is no longer available.

]]> By: Jamie http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-58069 Jamie Sat, 05 Apr 2008 18:26:54 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-58069 I know this article is 2 years old, but I just found it! Thanks so much - your advice is SO helpful. I know NOTHING about finance (much to my husband's chagrin) and am TERRIBLE at budgeting and saving, let alone investing. Thanks for starting at the beginning for novices like myself! I know this article is 2 years old, but I just found it! Thanks so much – your advice is SO helpful. I know NOTHING about finance (much to my husband’s chagrin) and am TERRIBLE at budgeting and saving, let alone investing. Thanks for starting at the beginning for novices like myself!

]]> By: Patrick http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-14583 Patrick Wed, 09 May 2007 17:26:55 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-14583 Excellent article. I enjoy showing people the joys of compounding interest. The Vanguard slide show is great. I've seen something similar before that had a year by year breakdown of how much money each investor had accumulated, but I cant find it to add here. If anyone knows where to find that or something like it, please post. Thanks Ramit You information is worth a million dollars. Excellent article. I enjoy showing people the joys of compounding interest. The Vanguard slide show is great. I’ve seen something similar before that had a year by year breakdown of how much money each investor had accumulated, but I cant find it to add here. If anyone knows where to find that or something like it, please post. Thanks Ramit You information is worth a million dollars.

]]> By: Terry http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-9556 Terry Thu, 29 Mar 2007 17:15:04 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-9556 I earn minimum wage and am paying $44/mo on student loans. The student loans are negatively amortizing. How much should I be investing? I earn minimum wage and am paying $44/mo on student loans. The student loans are negatively amortizing. How much should I be investing?

]]> By: Vish http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1090 Vish Mon, 08 May 2006 18:11:34 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1090 Hey, Great article. Enjoyed reading it. Just wanted to see what you think about how do you decide how much to save when you mostly aware of the fact that a dollar spent when you are young sinlge brings you more joy than when you are old and tied down, spending money on drugs to keep you body running??? Hey,

Great article. Enjoyed reading it. Just wanted to see what you think about how do you decide how much to save when you mostly aware of the fact that a dollar spent when you are young sinlge brings you more joy than when you are old and tied down, spending money on drugs to keep you body running???

]]> By: m@t http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1089 m@t Wed, 29 Mar 2006 03:05:55 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1089 I did a clever variation of the 'get the HR dept to split my salary' system. When negotiating my contract, I agreed with management to split my salary into a salary component and a 'consulting fee'. I set up an offshore company in Hong Kong (took about 3 hours and I travel there regularly), and invoice quarterly a fee that is essentially the rest of my salary. The benefit of this comes with the taxman. I have lowered my taxable income in my country of residence into a lower bracket, reducing this portion, and then my company (set up in Hong Kong) incurs no tax. Plus - of course - it forces me to save. I did a clever variation of the ‘get the HR dept to split my salary’ system.

When negotiating my contract, I agreed with management to split my salary into a salary component and a ‘consulting fee’.

I set up an offshore company in Hong Kong (took about 3 hours and I travel there regularly), and invoice quarterly a fee that is essentially the rest of my salary.

The benefit of this comes with the taxman. I have lowered my taxable income in my country of residence into a lower bracket, reducing this portion, and then my company (set up in Hong Kong) incurs no tax. Plus – of course – it forces me to save.

]]> By: Mike http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1088 Mike Fri, 27 Jan 2006 19:54:06 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1088 Bout time for step three? Bout time for step three?

]]> By: Leng http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1087 Leng Thu, 26 Jan 2006 07:30:49 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1087 Great advice and very well written articles. I suggest for those who don't like keeping budgets in Excel, there are a lot of freeware alternatives at <a href="http://www.softpedia.com" rel="nofollow">http://www.softpedia.com/</a>. Some of them even support Quicken/MS Money formats and will allow you to use downloaded bank statements. Great advice and very well written articles. I suggest for those who don’t like keeping budgets in Excel, there are a lot of freeware alternatives at http://www.softpedia.com/. Some of them even support Quicken/MS Money formats and will allow you to use downloaded bank statements.

]]> By: gRegor http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1086 gRegor Sat, 21 Jan 2006 21:23:29 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1086 www.budgettracker.com is a nice budgetting application I discovered recently. It's free. http://www.budgettracker.com is a nice budgetting application I discovered recently. It’s free.

]]> By: Steve http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving/comment-page-1/#comment-1085 Steve Fri, 20 Jan 2006 22:41:04 +0000 http://www.iwillteachyoutoberich.com/blog/2006-makeover-step-2-budgeting-and-saving#comment-1085 Just an FYI in case you haven't been to the site. ING Direct will be paying 4.75% on deposits made b/w 1/19/06 and 4/19/06. Just an FYI in case you haven’t been to the site. ING Direct will be paying 4.75% on deposits made b/w 1/19/06 and 4/19/06.

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