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    Posted November 27, 2012 by
    Sugar Land, Texas
    This iReport is part of an assignment:
    The fiscal cliff: Messages to Washington

    Living your dream within your means


    CNN PRODUCER NOTE     JamesKX believes that President Obama and Congress will have to come to an agreement regarding the fiscal cliff because many people would like the issue to be resolved. As a retiree with most of his money in an IRA, he says taxes being raised will not affect him much but he would most likely cut back on spending when it comes to travelling and purchasing new gadgets. He says the best financial lesson he has learned as an adult is to spend within your limits. On financial advice to Congress: 'Look at the big picture, do what is best for the country as a whole, stop being so narrow minded and constrained by ideology.' He says regardless of political affiliation, Americans want Congress to do what’s best for the entire country.
    - Jamescia, CNN iReport producer

    I am from India. Came to USA in 1976 with no money, the small amount of money I was allowed to take with me was pit-pocketed at the an Indian air port.
    Now I am 67, retired RN and has over a million asset. My family lived always comfortably. My financial plan was simple:
    1. Live with in your means - e.g. when I could not afford a 25" color TV, I bought 19" black and white TV.
    2. Put away an affordable portion of income into IRA. I started it in 1981 with $18 a month contribution.
    3. Pay off your debt as soon as you can, especially the credit cards. The only debt I have now is my home mortgage.
    4. Before you buy, ask if you need it or want it. If needed it I would buy it as soon as I can, If I wanted it, I would wait until I could afford. My children follow the same rule now.
    5. Get a job, even if it is low paying, you can always move up. My first job paid $100 a week, when I retired I was making $150,000 a year.

    As for the Government budget.
    1. Cut the loopholes. My favorite one - many wealthy immigrants get government aid when they come here because their income here is at poverty level, while they have wealth back home.
    2. Monitor government aid programs closely for abuse.
    3. Yes, spend within means, spend only if it is needed, not just because you want it. e.g. aid to wealthy countries, health research fund in Defense budget etc.
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