Is is a good financial plan if a couple lives off one salary and save/invest other.?
Answers:
Whichever way you manage to accomplish this, it's probably a good thing. You can look at it several ways and accomplish the same thing, though - it just depends how you look at it.
If, for example, one person earns $60M and the other earns $30M, and you're living off the $60M and saving the $30M, then you're really earning a total of $90M and saving 33% of that. You could accomplish the same thing by saying that you're going to save 33% of $60M ($20M) and 33% of $30M ($10M).
Doesn't matter though - whatever works for you is what you should do. Still, you should figure out how much you're saving on a percentage basis so that you understand what it is you're really doing. Good luck.
Hell yeah! If you're lucky enough to be able to do that. Go for it and stick to it. And if I need to borrow a few bucks, can I call you?
Yes
It really depends on your debt/asset ratio, credit card debt, age, etc. Since my honey and I are older we save/invest my whole check because we can live nicely off of his, but we don't have huge credit card debt. If you have a large credit card debt and the interest is running you 3% or higher, then maybe you should use half of the paycheck to pay off debt and the other half invest/save.
Depends on your life goals and what you want. It also depends on what you mean by save/invest.
If you are happy living on one salary... FANTASTIC.
I would have 401K plans setup on both to start. But invest less in salary 1. Then pay as much as possbile toward the house and car notes out of salary 2. More left over... Planning on having children or have them already... start the college fund going pronto.
Then play it from there vacations other more risk related investments.
Sure
Yes it can be, however one thing to consider is if you both have companies that offer matching on your 401K plans, make sure you are taking full advantage on both plans. After all that is extra money your companies are paying you. If that doesn't apply then it really doesn't matter how you split up the savings if you are married. If you are not married then you may want to have separate savings as it can be more difficult to have it legally split up if you are not together.
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