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Numbers to Live By

Numbers to Live By. Lifetime Budget Planning. 10-25-10 Plan. Bill Bullington http://www.bullingtoncapital.com Spend no more than these percents of your income on … 10% Automobiles 25% Housing Spend at least this percent of your income on: 10% Retirement. 20 – 10 Rule on Credit.

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Numbers to Live By

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  1. Numbers to Live By Lifetime Budget Planning

  2. 10-25-10 Plan • Bill Bullington • http://www.bullingtoncapital.com • Spend no more than these percents of your income on … • 10% Automobiles • 25% Housing • Spend at least this percent of your income on: • 10% Retirement

  3. 20 – 10 Rule on Credit • Vince Digirolamo • VP National City Bank • Bank made money every year for 164 years • Bought by PNC in 2008 • Credit – ability to repay • Capacity – willingness to repay • Collateral – second way out of the loan • Borrow less than 20% of yearly net income • Borrow less than 10% of monthly net income

  4. Baby Steps • Dave Ramsey • http://www.daveramsey.com • Small, smart steps will get you to security • A place where your money is working for you • Not you working for your money • Be Radical • In decision making, not spending • Be Intentional • On paper, on purpose

  5. Steps • $1000 Emergency Fund • $0 of Personal Debt • 3 Months of Living Expenses • 10 % in a Retirement Account • 15 x Annual Salary in Insurance • 20/20 Down Payment/Life of the Loan • 50/50 Expenses/Investments

  6. Additional Thoughts • What adviceis missing from these lists? • Why don’t more people follow these plans? • What will keep you from budgeting wisely? • Be Honest • Be specific • Be thoughtful

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