The simplest way to live below one's means is to put away 5 % of their annual income while they are in their 30s, 10% while they are in their 40s, and 20% when they are in their 50s.
This is also related to satisfaction with life overall. There is a highly significant correlation between satisfaction in life and living in a home and neighborhood which are easily affordable.
-Interview with Thomas J. Stanley, PH.D
-Written by Sheyna Steiner at Bankrate.com
See complete interview at: