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1
Posted on 12/4/12 at 2:32 pm to Motorboat
quote:
I'm on straight commission so when I have a good month, ill drop in a couple thou but it works out to about $500/month
i put 100% of my money in an ally savings account and then have a "salary" set up to transfer from my ally.com to schwab account once a month... i use that to cover my op exp.
Posted on 12/4/12 at 3:29 pm to TheHiddenFlask
quote:
I thought you were retired? He probably is talking about a pension check.
My pension + wife's salary. She's a lot younger than me and earns a lot more. But she cannot handle money.
Posted on 12/4/12 at 3:55 pm to Zach
quote:
My pension
Who did you work for?
Posted on 12/4/12 at 4:12 pm to Too Frat To Care
The rule of thumb that I see most quoted is 10% of disposable income. As a nation, that hasn't been achieved since the mid 1980's.
I (1) max out my HSA, (2) max out my Roth IRA, (3) 15% of gross goes into my 401k, and (4) sweep what amounts to another 15% of gross into a self directed brokerage account. My personal savings rate is about 43%. Gains/interest/dividends get reinvested. Bonuses go to the single mother scholarship fund. It's my goal to grow my net worth by 5% to 8% per quarter for the next two years.
I (1) max out my HSA, (2) max out my Roth IRA, (3) 15% of gross goes into my 401k, and (4) sweep what amounts to another 15% of gross into a self directed brokerage account. My personal savings rate is about 43%. Gains/interest/dividends get reinvested. Bonuses go to the single mother scholarship fund. It's my goal to grow my net worth by 5% to 8% per quarter for the next two years.
Posted on 12/4/12 at 7:57 pm to Hand
I put 6% in 401K to get the company match. I do not have any other retirement accounts set up.
I have $11.5K in student loans to pay off at roughly 5% interest. Should I put all my extra money towards them to get them paid off ASAP and then start saving or try to do them both?
I'm currently trying to pay them off ASAP and am not saving much.
Just looking for an outside opinion.
I have $11.5K in student loans to pay off at roughly 5% interest. Should I put all my extra money towards them to get them paid off ASAP and then start saving or try to do them both?
I'm currently trying to pay them off ASAP and am not saving much.
Just looking for an outside opinion.
Posted on 12/4/12 at 8:11 pm to notiger1997
quote:
Are you buying land, or investing into a fund, etc?
I buy rental properties in high rental markets all over. Not too mention equity capture(if bought correctly), market appreciation, positive cashflow, principle paydown, tax advantages like the depreciation deduction and last but not least.... if you decide to sell, you can roll the profits into a 1031 tax exchange to defer the capital gains tax. When you pass the properties down to your children, they take over the property at the new cost-basis, wiping out all the capital gains tax.
I already have a REIT in my ROTH IRA but I am not using that as an example here.
Posted on 12/4/12 at 10:07 pm to Too Frat To Care
>30% effective savings rate
No kids, but expensive rent (fiancee's fault), student loans (my fault), and new car (also my fault) keep it from being much higher
No kids, but expensive rent (fiancee's fault), student loans (my fault), and new car (also my fault) keep it from being much higher
Posted on 12/4/12 at 10:22 pm to jclem11
quote:
I put 6% in 401K to get the company match. I do not have any other retirement accounts set up. I have $11.5K in student loans to pay off at roughly 5% interest. Should I put all my extra money towards them to get them paid off ASAP and then start saving or try to do them both?
Absolutely keep contributing up to the match on your 401k. That is free guaranteed money.
Put every other dime you can towards knocking those student loans out.
Posted on 12/4/12 at 11:14 pm to jso0003
quote:
Absolutely keep contributing up to the match on your 401k. That is free guaranteed money.
Put every other dime you can towards knocking those student loans out.
That's what I plan to keep doing. Hoping to have them gone within the next 12-18 months.
Posted on 12/5/12 at 5:38 am to Too Frat To Care
1000.00/mo in IRA, 2-3 grand month in bank (2.75%) high yield checking. Don't have savings account cause I can't make as much interest.
Posted on 12/5/12 at 9:47 am to ItNeverRains
Do you use an internet bank for your high yield checking?
Posted on 12/5/12 at 9:59 am to Too Frat To Care
about $2000.00 a month
Posted on 12/5/12 at 10:01 am to ItNeverRains
quote:Very curious where you get this rate.
grand month in bank (2.75%) high yield checking.
Posted on 12/5/12 at 10:04 am to saderade
quote:
Very curious where you get this rate.
I would like to know that also, Im gett about .9%
Posted on 12/5/12 at 10:06 am to BamaScoop
quote:
I would like to know that also, Im gett about .9%
Yea the highest I've seen barely even breaches 1%
Posted on 12/5/12 at 10:39 am to RickAstley
I don't know how in the hell some of y'all save so much money. Those who have an aggregate savings over 30% must do not have any kids.
My wife and I are only able to comfortably save 20%
My wife and I are only able to comfortably save 20%
Posted on 12/5/12 at 10:44 am to Too Frat To Care
I actually save about 65% of what I clear on my paycheck. Most goes into my checking but I also have an auto deposit linking my checking account to my brokerage account. Typcially I invest about 15-20% of what I save.
Posted on 12/5/12 at 12:09 pm to braindeadboxer
I max 401k for my wife and I. We own the company and are both over 50 so I think that works out to $22500 each a year.
I also set aside $1000 a paycheck for savings. Payroll is every two weeks so that's another $26000 a year.
An additional $5k goes into IRAs for each of us every year.
Then I save cash and stick it in a drawer in my office. $100 every two weeks and I don't spend $1 bills so all those go into the drawer as well.
I'm looking for more ways to put cash away for us. I want to get to well over $100k a year but I have a ways to go to get there. One just out of college and one in college right now. There's over $1000 a month more I'll put away once he's done.
I also set aside $1000 a paycheck for savings. Payroll is every two weeks so that's another $26000 a year.
An additional $5k goes into IRAs for each of us every year.
Then I save cash and stick it in a drawer in my office. $100 every two weeks and I don't spend $1 bills so all those go into the drawer as well.
I'm looking for more ways to put cash away for us. I want to get to well over $100k a year but I have a ways to go to get there. One just out of college and one in college right now. There's over $1000 a month more I'll put away once he's done.
Posted on 12/5/12 at 3:47 pm to VABuckeye
Cash is king for sure, I like your plan!! 
W.C Fields once said, "the best way to double your money is to fold it and put it back in your pocket"
W.C Fields once said, "the best way to double your money is to fold it and put it back in your pocket"
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