100k household income

[marysmith89]

@oneiric1975

100k combined income

Track your net worth instead (assets minus liabilities).
And work on improving it every month. Even if you have 100k income, but spend all of it, that means you would increase your net worth by zero for that month.

Make increasing your net worth by x pesos a monthly challenge.

 

[freddiealgon]

@marysmith89 Hi have a question, what do you think of double entry for personal finance tracking instead of single entry - income vs expense? I think i want to migrate my data from single entry to double entry

 

[marysmith89]

@freddiealgon I don't track expenses.

What I track is my net worth once a month, where I add the amounts in my accounts, investments, etc and then subtract any liabilities (loans, etc). And then I compare this month's net worth with the previous month.

 

[rightrevgreg]

@oneiric1975 I agree. Pahirap na nang pahirap even for us na medyo nasa bigger income bracket. Husband and I have combined 150k monthly income net. Pero ganun, wala pa rin masyadong savings but we are both enjoying our married life as childless couple. Couldn't imagine how difficult it would be when the time comes na there's a kid running na.

For groceries, we like to buy in bulk initially para may stock then as we go on with the month, bili bili nalang pa onti-onti nga mga fresh grocery items sa supermarket near us. Plus points for convenience talaga if maganda location nang tinitirahan nyo. In a week, we eat out once or twice kasi weekends lang kami nagkikita since his work entails him to be in Pampanga on weekdays. Tipid din sa kuryente kasi if it's just me at home, no aircon unless mainit na mainit na talaga. Hangga't kaya ng electric fan, electric fan. Haha! Sa aming dalawa, ako nag pinaka kuripot. If you can get the same item at a cheaper price then go for the cheaper price.

As long as wala kayong utang, life is good -- for me.

 

[carlab80]

@oneiric1975 120k net kami. pero nakakapag save kami ng 50k every month. no car, no debt. wala ding gala. kain sa labas lng minsan. my hinuhulugan din na 16k a month na bahay. Siguro kailangang mamuhay ng simple lalo ang mahal ng bilihin.

 

[franki]

@oneiric1975 our combined net income is 140k. can even afford buying a car. with three kids 1 sr high, 1 jr high and 1 in middle school, life insurance for most of us, although we indulge in what we want but still. it's crazy to think that even a second hand car about 1m would leave us second guessing buying a car.

 

[godbeliever1980]

@franki Drop the life insurance. If you do enough reading you’ll see you only need term insurance for the income earners. Insurance for kids are useless and only make money for the company.

 

[franki]

@godbeliever1980 i was thinking the same. it's the wife that needs convincing.. do you any links you can recommend to read through?

 

[musicismyreligion]

@franki Maybe you can afford a car but having 3 kids all high schoolers and 2 about to enter college? Maybe you can't really afford it with a 140k net, sobrang mahal maintenance ng car. Unless sa state u magcollege ang kids nyo.

 

[noahmark]

@franki Interested to see how your finances look. We have the same net income, but have a 9yr old and a 2yr old.

I can't even buy a car, because it will eat up the 30% saving we put away. How do you manage and how do you save

 

[saintscruiser]

@oneiric1975

Ang hirap gumapang pataas pag ambilis at anlakas ng humihila sau pababa.

Ang sakit OP haha. There's this piece of land na gusto kong bilhin bago mag pandemic. It was 1.8m back then. Sadly, puro cash lang ang bentahan sa area doon. Nung nakaipon na ko pang bili, nagtaas na presyo. Naging 2.1m na siya ngayon. Ayun, sana makabili pa ko ng bahay o lupa ko eventually sa isang decent na neighborhood. Sana mahabol ko pa huhuhu o kaya bawi na lang sa next life

 

[nicole888]

@oneiric1975 When you graduate from the income mentality to the networth mentality, things will get better

 

[dariusc93]

@nicole888 Can someone help me understand this? im curious.

 

[sophiew41]

@dariusc93

networth mentality

mag invest, financial literate. yun lang pinaganda lang tawag.

yung income mentality is living paycheck to paycheck

 

[marysmith89]

@sophiew41 To add:

Net worth mentality means tracking your net worth (accumulated money, investments minus debt).

Even if you have a salary of 100k, if you spend all of it, you would end up with zero... and you would still be poor.

Track your net worth and compare versus your goals (ex: how much you need when you retire).

 

[nicole888]

@dariusc93 Being "rich" is a function of income, being "wealthy" is a function of net worth. You can be either, or both. A lot of people here want to get rich first before they build up they're wealth. Good luck with that

 

[ali89]

@nicole888 based from that, parang imposible maging wealthy before being rich since most sa atin ay walang generational wealth or imposibleng manalo sa lotto. Sa panahon kasi ngayon you can't really build wealth kung di ka rich in the first place since may needs(and wants) ang mga tao that is resources intensive.

Kumbaga, you can't fill a bucket with a drop of water each day kahit pa gaano kalaki ang bucket mo or kahit gaano pa kadami yung source ng tubig.

 

[nicole888]

@ali89 But you can fill a bucket with a drop of water each day, ikaw na nagsabi "generational wealth", if you're doing it for yourself then maybe no, pero if you start building that generational wealth now and have your family pass on the culture then think how many buckets you can fill (no longer a drop each day because compound interest happens)

 

[ali89]

@nicole888 First, you can't. If we are going to follow this metaphor, that drop of water will just evaporate within the day(can be equated to spending money for food, shelter, water, etc).

Second, nagcocontradict na yung sinabi mo.

"A lot of people here want to get rich first before they build up they're wealth"

"..pero if you start building that generational wealth now" -

meaning through income, then you really need to be rich first before being wealthy, hence what I said earlier.

Third, kung minimum wage, you just can't live comfortably. Minimum wage now is the minimum amount for you to not die. Dati ang minimum wage is the minimum amount for you to live decently.

You are thinking as if walang needs ang tao na kailangan ma meet like food and shelter. If you know scarcity and poverty like other people do, then you'd agree na its just not possible to build wealth without having a large income(rich being a function of income, as per your statement).

 

[nicole888]

@ali89 No man, you're just still too fixated on income. You can always start to build your wealth regardless of your income. By all means, do your best to be rich, it may or may not happen. But do yourself a favor, start building on your wealth now