LIFE asset allocation question/opinions

[MStangRacer]

I'm not sure how to word my question so please bear with me. 

I'm looking for ideas/experiences from those pre and post FIRE about living/life allocations.  Like allocations for  Home Cars Hobbies etc ? 

Example; Dave Ramsey says you shouldn't own cars that value exceed 50% of yearly income. (To me that seems a bit much)

What about other areas of ones life ?  Any and All ideas or any links to articles welcome please and thank you

[erae]

Sounds like you're looking for rules of thumb (save X% of your income, rent shouldn't be more than X% of your take-home pay, don't spend more than $X on a car, monthly grocery budget should be $x*#of people, a healthy portfolio is X% mutual funds and X% bonds, etc).

While these can be helpful for folks getting started, they often create dogmatic thinking and give people license to cherry-pick strategies without developing good critical thinking skills and the knowledge needed to make good financial decisions that are sensitive to nuance. For that reason, you'll see folks gravitate towards case studies rather than rules of thumb or fixed benchmarks.

[Laura33]

So, first, most rules of thumb are not designed for folks focusing on FIRE.  But second, boy, I don't even know how to come up with a rule of thumb for things like hobbies -- I mean, if your hobby is hiking, you might spend $100 on hiking boots every couple of years; if it is, say, racing Mustangs, that is a whole different animal.

Best you can do is, I think, try one budget and live it for a while, and then see if that needs adjustment.  While you're still in the accumulation phase, you want to start your budget with sufficient savings to get you to FIRE by your target date; then you can split the rest between your needs and wants.  So once you know your net after savings and your other fixed expenses, allocate X to hobbies, and see how that feels.  Adjust, rinse, repeat.