Newbie here, How do I calculate percentage amount to save?
Hello, I'm in the stage of figuring out where my money is going. When I hear people say, "Live off 50% of your income, invest/save the rest" how would I calculate that amount? I know the difference between GROSS and NET, but my NET income has a deduction of contributions to my employer IRA fund so I think I'd add that back into the NET amount, right? I calculated that 33% of my gross is being pulled off the top for taxes and insurance. So, if I work with the 67% amount and take 50% of the 67% = my savings goal?