If there’s something I want to buy I ask myself “is this a want or a need?” Most of the time it’s a “want”. Little tweaks make a big difference with where my money goes. Thank you Jack.
I completed my assignment. I don't like the numbers but it's better to know than to guess. Most disturbingly, for me at least, is that both my income and the majority of my expenses are fixed. Discretionary spending (food/entertainment) accounts for only 25% of my budget. Looking forward to next week's installment!
This is a baseline of finance to start a measurable tally to determine cash/debt outlay that will show households where to start making decisions on how determine future expeditors. Thanks Jack Hold Fast
Indeed, John Smith. I’m genuinely excited about this series...even if, on the surface...it seems like a departure from what I usually write about.
In reality, it’s CENTRAL to it.
Nearly everything about living in the United States over the last decade has been experienced under heightened stress. And...that stress is magnified...when the backdrop of daily life includes the constant sense...of financial insecurity...the feeling that the proverbial wolves are always at your heels.
There are few things more democracy-preserving than financial stability.
When people are worried about meeting their most basic needs...their capacity for resilience shrinks. When their financial situation improves in real...measurable ways...their emotional health...and resilience improve with it.
And that matters...because democracy without resilience doesn’t endure.
I’m reading the comments and feedback here...and I appreciate them more than you know.
For reasons that will become clear soon...I’m going to wait a bit longer before responding. Just know that I’ve read every word...and doing so has only reinforced my belief that the people engaging with this series...and applying it...are going to be glad they did.
My strong suspicion...is that by the time you finish this series (if it hasn’t already happened), you’ll stop seeing your $148 annual subscription as a “cost” and start seeing it as a smart investment...one that could pay dividends for the rest of your life.
That’s the goal. And I believe those who do the work...will experience it that way.
Well, at least I’m ahead of the game in this step. Why? I left home at the tender age of 17… right out of high school. It. Was. Terrifying! But.. there really was no good.. safe.. alternative. I won’t go into details because that’s not what this is about. I was lucky… I found a great job with AMAZING benefits and excellent pay but I had bills and no one to depend on but myself. NO ONE! I found the cheapest apartment I could, started work and then I… guess what? Wrote. Everything. Down! Pencil and paper. Every single bill and the minimum I knew I would get paid. I worked every second of overtime I could and took every bad shift (which actually were good shifts for me) because they paid a lot more. I got paid every 2 weeks. There were times when I had $5 left over after bills.. which always got paid first.. for food and gas. Was it hard? Yes it was. Can it be done? It can… I did it. It was the 70’s so things were cheaper. It was still hard.
Guess what? I’ve never stopped writing down my monthly bills. It became a habit. Later and when I was married we owned 2 businesses so the budgeting was different but so was our income. I was my own bookkeeper so things still got wrote down. Just in a different form and business separate from personal. Life was pretty darn good…
…27 years later… BOOM! Disaster beyond my control… No dependable income… some assets… no health insurance… sick and disabled. 12 year old daughter stayed with me (child support until 18 + incredibly small alimony.) Definitely still writing it all down. It was survival. Took me 6 years to get disability… I love when people claim the government just hands that out… uh huh… and I had an attorney. Seventeen years passed..
Situation changed again to current time… Still writing down every bill.. I fill in the variables (like electricity, etc) as soon as I know them. I do this monthly. Still use a legal pad and pen/pencil.. It works for me. My income is small and fixed.. I have a mortgage.. but it was cheaper than rent but.. maintenance and repairs are scary. Possibly losing Social Security is terrifying!
I have no credit card debt. I sometimes use them because you almost have to in some cases… online purchases and I get cash back… but only what I know I can pay off in full. I have one subscription which is my music for playlists which helps keep me sane. My credit score is excellent. I’m proud of that because I worked hard and sacrificed to keep it that way… I helped my then (not now) fiancé pay off his 3 credit cards and his car. Idiot.. I know people do that but it’s a bad idea and he was paying the minimum or just a tiny bit more on each. All are now paid off… None had my name on them. We own our home together. Yeah, I know… If you’re thinking stupid I beat you to it..
I had no intention of writing this much… none… and sorry but it just spilled out I guess..
Step 1 done for a lifetime… and I’ll write down the statement you have here right now.
I 100% will do everything you assign… Coach Jack.. that is within my power.
Note: Have I ever made stupid financial decisions? Sure… impulse purchases? Sometimes? I don’t anymore. I’ve made mistakes but I’ve learned from them. I just have to keep my head above water for my remaining years… my biggest problem? I need to move… that’s no longer optional for both my mental and physical well-being… and I need a reliable car.. also not optional..
I hope somewhere in this series there will be something that will help me figure those things out.
Thank you for this series and I apologize to you and your subscribers… any who might try to read this.. for the length. I know it was unnecessary and in paragraph one I said I wouldn’t go into detail but here we are..
PS. I forgot a subscription… Your newsletter. I pay annually but I’ll break it down and add it so I can budget for when it comes due. This is non-negotiable for me until I can’t eat lol
My husband and I retired in October 2024, about a year after I was diagnosed with stage 4 MIBC. We had owned and operated his family business over 40 years, consequently we have had to face hard financial decisions through 9/11, 2008 recession, 2021 Covid. It taught us to be lean and mean. We still just squeak by with the recent Trumpflation, but we are very thankful we own our home and have a place in which to retreat for respite and rejuvenation. We are looking forward to learning more financial information. Thank you Jack, you’ve done it again, once again! #HOLDFAST
I’m in Jack. I have a feeling this is going to be a big eye opener for me, but trust me, I NEED this!!! Thank you so very much for making me realize I need something but fooling myself the whole time on this issue. 48 hour countdown begins tonight. Thank you again!!!
Breaking my “lurking” streak (consuming?) since I actually did my numbers over the weekend, and “you can’t unknow what you know” is absolutely a factor. So much so that it was a sleepless night afterward.
And yet, breaking out of that passive state is something everyone needs to do once in a while — I thought I was “good with money” and all those other little things of self comfort Jack mentions, but seeing the numbers in Excel told me a whole different story than I was expecting to read. But, as the great Robert Frost (I think?) said: the only way out is through. Time to buckle up (or “lock in” as my younger coworkers are fond of saying)
Before I retired I did an extensive dive into my expenses and where I could make positive changes in them. I have only 1 credit card and I set the credit limit low and make sure that I can and do pay off the balance every month. My sister and I were taught by my mother who had to make sure that everything we needed not wanted after my father left was appropriate. She created an emergency fund by putting aside small sums of money that grew. We continue that to this day. As a result we have no debt and always discuss what is necessary to go forward. As I have said before your articles have and continue to be a touchstone for me. I intend to do what you have stated and revisit my expenses. Good thing I love writing stuff down and have numerous notebooks covering a wide variety of topics. Thank You Jack.
Great minds! I actually started something very much like this recently.
I’m going to start again following your instructions this weekend when I have a chance to sit quietly with a new notebook I found in my little book corner. 📓
Focus on assets and needs. Once in a while a want is okay to nourish, but not until you get the urge to buy, buy, buy under control. I think a big problem with spending is very little is actually cash transaction now. Most is at the tip of a card. Eons ago, I was paid with a check from my employer. I had to go to the bank where I set up an account, deposit it, and possibly get cash back if needed. I usually did, because the cash back was my money for buying groceries and gas. I rarely used a credit card and there was no debit. I set a $10 per check to pay into a savings account, no wavering. I also conditioned myself to pay extra on whatever debt I had such as house loan, car loan, etc. It is where your focus is and the priorities you set. I still try to use cash as I can, but it’s not fashionable. Often the seller will say, I use a cash app of some sort. My reply is, “I don’t.” It is too easy to just buy whenever you see something without caution. That is where the trouble lies. This is a great refresher to money management and taking care of business.
My spouse and I saved and are retired. We own our house. About half our investments are in the stock market. I am terrified that it will all disappear due to this regime’s reckless behavior. What do you think? 👹 #HoldFast
I started using YNAB (You Need a Budget) back in 2013, and it's been terrific. We were already far beyond the financial desperation years, but I wanted to make sure I understood our spending before we retired. Now that he's gone and it's just me, the best part of having a budget is making sure my spending is consistent with my values and priorities.
If there’s something I want to buy I ask myself “is this a want or a need?” Most of the time it’s a “want”. Little tweaks make a big difference with where my money goes. Thank you Jack.
Oh, they do...Lori. They really do.
Thank YOU.
-Jack
My parents subscribed to this philosophy…. I try to carry that tradition on.
It’s saved me a lot of money by not buying things I really don’t need.
I don't feel financial stress (yet) but I've got another 30 years of life and my circumstances are likely to change. So I'm in!
CLF...and that's the best time to do so...before you need to. Glad to know!
-Jack
I completed my assignment. I don't like the numbers but it's better to know than to guess. Most disturbingly, for me at least, is that both my income and the majority of my expenses are fixed. Discretionary spending (food/entertainment) accounts for only 25% of my budget. Looking forward to next week's installment!
This is a baseline of finance to start a measurable tally to determine cash/debt outlay that will show households where to start making decisions on how determine future expeditors. Thanks Jack Hold Fast
Indeed, John Smith. I’m genuinely excited about this series...even if, on the surface...it seems like a departure from what I usually write about.
In reality, it’s CENTRAL to it.
Nearly everything about living in the United States over the last decade has been experienced under heightened stress. And...that stress is magnified...when the backdrop of daily life includes the constant sense...of financial insecurity...the feeling that the proverbial wolves are always at your heels.
There are few things more democracy-preserving than financial stability.
When people are worried about meeting their most basic needs...their capacity for resilience shrinks. When their financial situation improves in real...measurable ways...their emotional health...and resilience improve with it.
And that matters...because democracy without resilience doesn’t endure.
It collapses into autocracy.
-Jack
Hello everyone.
I’m reading the comments and feedback here...and I appreciate them more than you know.
For reasons that will become clear soon...I’m going to wait a bit longer before responding. Just know that I’ve read every word...and doing so has only reinforced my belief that the people engaging with this series...and applying it...are going to be glad they did.
My strong suspicion...is that by the time you finish this series (if it hasn’t already happened), you’ll stop seeing your $148 annual subscription as a “cost” and start seeing it as a smart investment...one that could pay dividends for the rest of your life.
That’s the goal. And I believe those who do the work...will experience it that way.
-Jack
Well, at least I’m ahead of the game in this step. Why? I left home at the tender age of 17… right out of high school. It. Was. Terrifying! But.. there really was no good.. safe.. alternative. I won’t go into details because that’s not what this is about. I was lucky… I found a great job with AMAZING benefits and excellent pay but I had bills and no one to depend on but myself. NO ONE! I found the cheapest apartment I could, started work and then I… guess what? Wrote. Everything. Down! Pencil and paper. Every single bill and the minimum I knew I would get paid. I worked every second of overtime I could and took every bad shift (which actually were good shifts for me) because they paid a lot more. I got paid every 2 weeks. There were times when I had $5 left over after bills.. which always got paid first.. for food and gas. Was it hard? Yes it was. Can it be done? It can… I did it. It was the 70’s so things were cheaper. It was still hard.
Guess what? I’ve never stopped writing down my monthly bills. It became a habit. Later and when I was married we owned 2 businesses so the budgeting was different but so was our income. I was my own bookkeeper so things still got wrote down. Just in a different form and business separate from personal. Life was pretty darn good…
…27 years later… BOOM! Disaster beyond my control… No dependable income… some assets… no health insurance… sick and disabled. 12 year old daughter stayed with me (child support until 18 + incredibly small alimony.) Definitely still writing it all down. It was survival. Took me 6 years to get disability… I love when people claim the government just hands that out… uh huh… and I had an attorney. Seventeen years passed..
Situation changed again to current time… Still writing down every bill.. I fill in the variables (like electricity, etc) as soon as I know them. I do this monthly. Still use a legal pad and pen/pencil.. It works for me. My income is small and fixed.. I have a mortgage.. but it was cheaper than rent but.. maintenance and repairs are scary. Possibly losing Social Security is terrifying!
I have no credit card debt. I sometimes use them because you almost have to in some cases… online purchases and I get cash back… but only what I know I can pay off in full. I have one subscription which is my music for playlists which helps keep me sane. My credit score is excellent. I’m proud of that because I worked hard and sacrificed to keep it that way… I helped my then (not now) fiancé pay off his 3 credit cards and his car. Idiot.. I know people do that but it’s a bad idea and he was paying the minimum or just a tiny bit more on each. All are now paid off… None had my name on them. We own our home together. Yeah, I know… If you’re thinking stupid I beat you to it..
I had no intention of writing this much… none… and sorry but it just spilled out I guess..
Step 1 done for a lifetime… and I’ll write down the statement you have here right now.
I 100% will do everything you assign… Coach Jack.. that is within my power.
Note: Have I ever made stupid financial decisions? Sure… impulse purchases? Sometimes? I don’t anymore. I’ve made mistakes but I’ve learned from them. I just have to keep my head above water for my remaining years… my biggest problem? I need to move… that’s no longer optional for both my mental and physical well-being… and I need a reliable car.. also not optional..
I hope somewhere in this series there will be something that will help me figure those things out.
Thank you for this series and I apologize to you and your subscribers… any who might try to read this.. for the length. I know it was unnecessary and in paragraph one I said I wouldn’t go into detail but here we are..
I appreciate you!
#HOLDFAST
~Susan
We’re with you, Susan.
#HoldFast
Thanks Cherae!
PS. I forgot a subscription… Your newsletter. I pay annually but I’ll break it down and add it so I can budget for when it comes due. This is non-negotiable for me until I can’t eat lol
My husband and I retired in October 2024, about a year after I was diagnosed with stage 4 MIBC. We had owned and operated his family business over 40 years, consequently we have had to face hard financial decisions through 9/11, 2008 recession, 2021 Covid. It taught us to be lean and mean. We still just squeak by with the recent Trumpflation, but we are very thankful we own our home and have a place in which to retreat for respite and rejuvenation. We are looking forward to learning more financial information. Thank you Jack, you’ve done it again, once again! #HOLDFAST
I’m in Jack. I have a feeling this is going to be a big eye opener for me, but trust me, I NEED this!!! Thank you so very much for making me realize I need something but fooling myself the whole time on this issue. 48 hour countdown begins tonight. Thank you again!!!
Breaking my “lurking” streak (consuming?) since I actually did my numbers over the weekend, and “you can’t unknow what you know” is absolutely a factor. So much so that it was a sleepless night afterward.
And yet, breaking out of that passive state is something everyone needs to do once in a while — I thought I was “good with money” and all those other little things of self comfort Jack mentions, but seeing the numbers in Excel told me a whole different story than I was expecting to read. But, as the great Robert Frost (I think?) said: the only way out is through. Time to buckle up (or “lock in” as my younger coworkers are fond of saying)
You went from my political analyst to my financial advisor.😁
I haven’t read the entire post. Taking it in bites and I will read it in its entirety and apply it.
Thanks
Oh Jack…… you're so validating for me. Thanks! 👍
Before I retired I did an extensive dive into my expenses and where I could make positive changes in them. I have only 1 credit card and I set the credit limit low and make sure that I can and do pay off the balance every month. My sister and I were taught by my mother who had to make sure that everything we needed not wanted after my father left was appropriate. She created an emergency fund by putting aside small sums of money that grew. We continue that to this day. As a result we have no debt and always discuss what is necessary to go forward. As I have said before your articles have and continue to be a touchstone for me. I intend to do what you have stated and revisit my expenses. Good thing I love writing stuff down and have numerous notebooks covering a wide variety of topics. Thank You Jack.
Great minds! I actually started something very much like this recently.
I’m going to start again following your instructions this weekend when I have a chance to sit quietly with a new notebook I found in my little book corner. 📓
Tally-ho! Heavy on the tally. 😉
#HoldFast
Thanks, Jack.
Thanks, Jack!
Focus on assets and needs. Once in a while a want is okay to nourish, but not until you get the urge to buy, buy, buy under control. I think a big problem with spending is very little is actually cash transaction now. Most is at the tip of a card. Eons ago, I was paid with a check from my employer. I had to go to the bank where I set up an account, deposit it, and possibly get cash back if needed. I usually did, because the cash back was my money for buying groceries and gas. I rarely used a credit card and there was no debit. I set a $10 per check to pay into a savings account, no wavering. I also conditioned myself to pay extra on whatever debt I had such as house loan, car loan, etc. It is where your focus is and the priorities you set. I still try to use cash as I can, but it’s not fashionable. Often the seller will say, I use a cash app of some sort. My reply is, “I don’t.” It is too easy to just buy whenever you see something without caution. That is where the trouble lies. This is a great refresher to money management and taking care of business.
My spouse and I saved and are retired. We own our house. About half our investments are in the stock market. I am terrified that it will all disappear due to this regime’s reckless behavior. What do you think? 👹 #HoldFast
I started using YNAB (You Need a Budget) back in 2013, and it's been terrific. We were already far beyond the financial desperation years, but I wanted to make sure I understood our spending before we retired. Now that he's gone and it's just me, the best part of having a budget is making sure my spending is consistent with my values and priorities.