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Author: FoolStreet Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5069  
Subject: UAW or PAW Date: 8/15/2003 12:43 AM
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Remember……..two quotes by which I live my life:

“It has nothing to do with how much you make, it's how much you save.”

“Invest until it hurts.”

**************


Ooh, I like the first one, but as a person who often has trouble taking time to smell the roses, I'm going to pretend I didn't hear the second one.

I need to remember that there's a point where you just have to live your life. Yes, save for tomorrow, but remember that tomorrow is not guaranteed, so don't put off ALL of life's enjoyment until then.

There has to be a balance between uber-consumerism and being stingy and cheap. (Is there an -ism for that?)

FC



How many of us think in binary terms like I do, that you are either a UAW or PAW? And that we *have* to be PAWs?

I would *really* love to hear stories about people who are kickin' butt in the savings dept but have a good balance and/or faced a decision in their life which caused them to skip PAW and maybe be *just* and AW.

Then again, maybe I just want to hear about balance because i'm beat and I'm about to go on much needed vacation.

...ahhh...cabanas on the beach, walking distance to mayan ruins, tropical drinks, ceviche, free daily yoga every morning, and at a price that won't break the bank: $35/night and free flights due to frequent flyer miles...

ah, i feel better now.

back to work! it's only 9:40pm, ton o' time left to get crankin!


Foolstreet
...remembering his posture...
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Author: cyberisme Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 406 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 8:16 AM
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I think DH and I fit in the AW category - we used to be UAW and we aren't willing to sacrifice enough to be PAW's....

We put 15% of our gross into our employer sponsored retirement accounts, we put an additional 13% gross into various accounts: efund, freedom fund, vacation fund, IRA, brokerage, etc and we tithe 10% gross to our church.

So technically we are saving closer to 20% (as the other 18% is tithe and future purchases savings) it's not enough (in our minds) to allow us to retire super early.

With that said, within the next 12 months our combined income should increase 25% and we decided we would increase our standard of living only 5% of that, the other 20% will be taxes and savings (taxes always take a big bite out of life).

So, we are AW - not PAW's.

Especially since we haven't hit our annual income in net worth yet... (I guess that's ok because we just started 2 years ago, with a very heavy student loan debt load - started 2 years ago cause we screwed around for the first 8 years and got ourselves into debt and had to dig out of it).

My expectations are that we will hit net worth = annual income within 3-5 years with a combination of savings and student loan payments.

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Author: JustPaulATL One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 407 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 8:33 AM
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How many of us think in binary terms like I do, that you are either a UAW or PAW? And that we *have* to be PAWs?


For the uninitiated (like me): what are UAW, PAW, and AW?

Thanks,
Paul


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Author: cyberisme Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 408 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 9:22 AM
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UAW - under accumulater of wealth
PAW - prodigious accumulater of wealth
AW - (which should actually be AAW) - average accumulator of wealth.

C.

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Author: GusSmed Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 409 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 9:29 AM
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UAW - under accumulater of wealth
PAW - prodigious accumulater of wealth


These sound like CGA's - Cryptic Gratuitous Acronyms.

- Gus


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Author: tdxUVA Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 9:32 AM
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These sound like CGA's - Cryptic Gratuitous Acronyms.

- Gus


Blame Tom Stanley and William Danko. They coined these terms in The Millionaire Next Door.

-tdx

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Author: MainiacJoe Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 412 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 10:17 AM
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The kind of accumulator of wealth is a combination of your income and your spending habits. You can bring in tons of income, spend it like there's no tomorrow, and be just as much a UAW as someone whose income is beneath the poverty line. In the same way anyone who makes a surplus beyond their basic needs can become a PAW through LBYM, although obviously increasing your M makes it easier. After all, aren't we talking about the percentage of your income that you save being important for FIRE instead of the actual dollar amount you need to save?

Furthermore, being a UAW, AAW or a PAW does not even affect whether you can retire or not, it just affects whether or not you will have a lifestyle change forced upon you when you do retire ot whether you will retain options at that time. UAWs, especially those that have been big spenders as opposed to those who have been unfortunate, face a huge adjustment to their new income level when they find no one will hire them anymore. PAWs on the other hand have the options of increasing, decreasing of continuing their lifestyle at retirement and can furthermore choose when to retire.

UAW, AAW, and PAW then are a continuum of how the choices made among present options affects the number of options that will be available in the future. You reap what you sow: make bad choices now, you'll have few options later; make good choices now, you'll have lots of options later, FIRE among them.

- Joe

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Author: JustPaulATL One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 413 of 5069
Subject: Re: UAW or PAW Date: 8/15/2003 10:19 AM
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Cyberisme, thanks for the definitions.

So not having read The Millionaire Next Door yet, I'll have to take a stab and say that my DW and I are probably AAW.

Since we're recently married (last November) and recently moved into a house (3 months ago), there seems to be so much to spend on! :( But, even with that, we still manage to:
- contribute to our 401(k)s, although I'd like my DW to contribute more than she is currently
- put away 10% of our after-tax income into an account specifically for investing
- put away another 15% of our after-tax income into accounts ear-marked for long term expenditures (e.g. our next car when mine dies, a vacation fund, house stuff, etc.). Not exactly wealth accumulation, but at least it's debt avoidance.

I'd really like to increase the amount going into the investment fund to be 15%. I think by next year that will be possible, because our major move-in expenses will have subsided by then (furniture & some remodeling). We should also, hopefully, both have raises. If we manage that, I think we'll be closer to PAW.

--Paul

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Author: Stetson20 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 613 of 5069
Subject: Re: UAW or PAW Date: 9/1/2003 11:26 PM
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I wish I could rec this one 100 times.. lol

Really made my day!

Stetson20

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Author: VesperLynd Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 616 of 5069
Subject: Re: UAW or PAW Date: 9/2/2003 10:26 AM
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<<These sound like CGA's - Cryptic Gratuitous Acronyms.>>


Otherwise known as catchy phrases to differentiate and sell your book :)

Just like the goofy jester caps :) ya gotta have a hook!


VL



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Author: buckaroobonzai Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 618 of 5069
Subject: Re: UAW or PAW Date: 9/2/2003 1:18 PM
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<<These sound like CGA's - Cryptic Gratuitous Acronyms.>>


Ugh! Curse of the TLA's (three letter appreviations. ;-)

Buckaroo

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