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Author: xraymd Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308230  
Subject: Re: Snowball Date: 7/4/2007 11:43 PM
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Thanks. I really needed that. I knew it but it is good to hear again.

Greetings, janicerand, you're welcome. The flip side, of course, is once you are at the point when the compounding is going your way (as in how it works with respect to your SAVINGS) then picture, instead of bugs, bouquets in bloom giving off a heady fragrance! That's why I am so much in favor of doing some saving even in the midst of debt retirement. I am a fan of the parable book "The Richest Man in Babylon" because it goes so far as to give an actual prescription: 20% of net income to debt, 10% to savings and 70% for the expenses of living, including fun money so long as the first two categories are taken care of. Adjust as appropriate, but these 3 categories have been sacrosanct, at least to me, and I was willing to s-t-r-e-t-c-h to make savings happen even in my leanest times because I could not retrieve those opportunities once the calendar flipped to the following year. It's all a process, anyway, in that even if done imperfectly and not always at the same level of intensity, this type of apportionment of debt payback, savings and expenses of living really does let you get and stay ahead.

xraymd
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