| — The states with the highest ‘sin taxes’ — Taxes From A to Z (2016) Color of Money columns
Here are my columns for the past week: — How to score a slam-dunk Final Four bracket — for your finances — The super-rich are also vulnerable to elder financial abuse Live like you’re broke
In a recent Sports Illustrated profile of San Antonio Spurs player Kawhi Leonard, we learned that he’s driving a car worth about $1,100. And why does he drive such an old car despite reportedly having signed a $90 million, five-year contract? “It runs,” Leonard tells writer Lee Jenkins. “And it’s paid off.” So my most recent Color of Money Question of the Week for you was: Do you agree that living like you’re broke can help you prosper? Here’s what some of you had to say. “Live like you’re broke — no. Live beneath your means — yes,” said Gloria Lloyd of Alexandria, Va. “Best advice I had (from my grandmother) was “give 10 percent, save 10 percent, spend the rest with thanksgiving and praise.” Kathryn Krumm of Las Vegas wrote: “I think living like you’re broke can help you prosper. Many years ago when I got my annual raise, it occurred to me that I was living just fine already; so I decided to continue to live on my previous salary and save the rest. I did this for years (also saving bonuses and raises due to promotions). It got to be such a habit that about a decade after I came up with the idea, I found that I was saving over half of my gross income every year. This way of life gave me the freedom to quit a job that I had grown to dislike, move to a city where I’d always wanted to live, and take a year off from work. When I went back to work, I took a less demanding job that paid less than I had been earning, but still more than I was accustomed to living on.” “The only way to save money is to consistently spend (far) less than you have at your disposal,” wrote Caitlin Kelly of Tarrytown N.Y. “The words ‘disposable income’ are misleading and unhelpful. Your money is not Kleenex!” Henry Cohn of Gaithersburg, Md., wrote: “Rather than ‘living like you are broke’ I think people, regardless of their income or net worth, should always live carefully within their means. Living carefully includes slowly saving and carefully investing for the future, including unforeseen events, and trying as much as possible to avoid unnecessary debt.” Readers may write to Michelle Singletary at The Washington Post, 1301 K St. NW, Washington, D.C., 20071, or michelle.singletary@washpost.com. Follow her on Twitter (SingletaryM) or Facebook www.facebook.com/MichelleSingletary. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read previous Color of Money columns, go to washingtonpost.com/business. | 