1. Writer Mitchell D. Weiss suggests a “bare-bones” approach to budgeting. Take your before-tax income and divide it into four general categories: taxes, housing, debts and living expenses.
- Taxes: 25 percent is a general number for taxes, but for most of us, it’s pretty accurate.
- Housing: Weiss suggests that your monthly rent or mortgage payment shouldn’t be more than one week’s worth of salary.
- Debts: According to Weiss, your monthly loan payments shouldn’t be more than 25 percent of your pretax monthly salary.
- Living Expenses: Weiss says the remainder of your budget should include all of your living expenses, which includes saving for an emergency fund.
2. About Bruce Lee: “He was a natural athlete and I witnessed some things I can give testament to such as his remarkable speed. When I first met Bruce he was with his cousin, Jimmy Lee and I was teaching at a Shotokan Karate School in Oakland Ca. as the school’s Sensei. They dropped by one evening as I was wrapping up my last class and Bruce talked about boxing in Seattle while going to college along with his experiences in Hong Kong and how other techniques were being incorporated into his evolving and as yet unnamed fighting style. He then said to me almost nonchalantly, “Are you ready?” I did not know what he meant but I was in my prime for martial arts and spent a few hours a day working out and sparring so I said sure. With that he easily jumped over 5 feet that separated us, tapped me on the chest, and jumped back before I could move or even blink. I became his student the next week. He was the real deal.” Bill Vick