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Started By
Message
Posted on 5/26/16 at 7:36 pm to Fat Bastard
quote:
to achieve goals that were not possible just working bankers hours.
The frick are these "bankers" hours?! I've heard this a few times, but in my ten years of banking / bank consulting career we've always worked 50+ hour weeks.
ETA: Where are these banks?
This post was edited on 5/26/16 at 7:37 pm
Posted on 5/26/16 at 8:37 pm to Tiger4life306
The Roth 401K is good advice, especially for someone starting out. Something else that his company may offer is an employee stock ownership plan (ESOP). It's important to have a good feel for the financial health of the company before putting significant money in. But with most of the ones I've been in offering a nice discount to market price (usually in the 20% range), a financing plan that allows the interest to go back to the employee and getting to keep the dividends on the stocks (prior to the loan being paid off), it's possible to make a very nice return on SOME of them.
And like someone else said, ain't nothing wrong with $50K a year for a young, single fellow. You're doing well.
And like someone else said, ain't nothing wrong with $50K a year for a young, single fellow. You're doing well.
Posted on 5/27/16 at 1:55 am to Jag_Warrior
First off, thank you for all the responses. Again, it's why I come to you guys, undoubtedly the best board on this site by far. I am definitely going to open up a Roth 401 and will definitely watch my spending. Used to be a bouncer, so clubs have definitely run their course with me and I'm a bargain shopper as well. I also do have questions regarding a new car but I'm gonna hang put until everything is done and I've got a firm grasp on the gig.
Posted on 5/27/16 at 8:49 am to Sho Nuff
quote:
Do they have a 401k? Do you have to wait or can you join now? Put as much as you can to grab as much match from them as possible. Open a Roth IRA and max that out. The great thing about a Roth is you can pull out your contributions without penalty if you need them so this is a great place to park your money and earn interest.
OP glad you started this thread, I'm in pretty much the same boat.. Graduated December and making around the same.
Where is the best place to open a Roth IRA? How does it differ from a 401k? My company puts in a percentage of my salary and I can match the 401k.
Posted on 5/27/16 at 8:50 am to schexyoung
quote:
The frick are these "bankers" hours?!
Lol I know how you feel, times have definitely changed and it is not like the old days. "Bankers hours" refers to the historical time when banks used to operate from 10am to 3pm.
So where are these banks... in the past lol so whenever banks are ready to change back I'll be waiting!
Posted on 5/27/16 at 8:54 am to DeboseKnows
quote:
Where is the best place to open a Roth IRA? How does it differ from a 401k
Vanguard or Fidelity (I do Vanguard)
Main difference is the tax advantage. 401k is deferred on your taxes now, but taxed later when you withdraw. Roth isn't deferred on your taxes now, but is tax free when you withdraw (assuming you follow the rules and they don't change).
This post was edited on 5/27/16 at 8:58 am
Posted on 5/27/16 at 9:32 am to xxKylexx
May not be oilfield type money, but 50k is pretty dam good in this country. Congrats.
Just don't be like the stupid MFer I watched on Periscope the other night talking about how you should buy $10k dinners just so people notice you. Fkn moron.
Live reasonably and you'll be fine with that income.
Just don't be like the stupid MFer I watched on Periscope the other night talking about how you should buy $10k dinners just so people notice you. Fkn moron.
Live reasonably and you'll be fine with that income.
Posted on 5/27/16 at 10:06 am to AnonymousTiger
quote:
Don't sell yourself short. You make more than the majority of people On the OT.
Fixed it for you.
Posted on 5/27/16 at 10:17 am to The Seaward
quote:
Where is the best place to open a Roth IRA? How does it differ from a 401k? My company puts in a percentage of my salary and I can match the 401k.
quote:
Main difference is the tax advantage. 401k is deferred on your taxes now, but taxed later when you withdraw. Roth isn't deferred on your taxes now, but is tax free when you withdraw (assuming you follow the rules and they don't change).
While this is true, I would first check to see if the retirement plan through your employer offers a Roth401k.
A Roth401k (after-tax) has the same tax advantages as a Roth IRA and there are no income limitations with a Roth401k, also the contribution limit is 18k annually with a Roth401k. With a Roth IRA it is only 5500 annually.
However, if you do not have the Roth401k option through your retirement plan, then your best bet is to put in the % amount your company will match in a traditional 401k (pre-tax) and then open up a Roth IRA
ETA:
Contribute to ROTH401k first (up to match + contribute whatever you can afford after that).
If not available,
THEN
Trad. 401k to match amount and open Roth IRA, goal should be to max out roth every year asap
Just felt the need to emphasize this because this is what you should do.
This post was edited on 5/27/16 at 12:09 pm
Posted on 5/27/16 at 11:32 am to Tiger4life306
I remember the feeling like it was yesterday. Broke in college --> 32k salary and then a few years later getting a 50k salary. The advice thus far has been great. Max Roth, 401k to match, set aside for emergencies and short/long term goals. Don't forget to live a little!
Congrats!
BTW - you will quickly adjust to your new income, don't let your "lifestyle inflation" exceed your income inflation. If you can bank half of every raise you get from here on out you will be in good shape. Keep your fixed expenses low and don't live beyond your means
Congrats!
BTW - you will quickly adjust to your new income, don't let your "lifestyle inflation" exceed your income inflation. If you can bank half of every raise you get from here on out you will be in good shape. Keep your fixed expenses low and don't live beyond your means
Posted on 5/27/16 at 7:50 pm to DeboseKnows
Buy an Infiniti for status w them ladies
3 hookers and 1 blow for just one weekend for shits and giggles
Rent cheaply and live the dream
3 hookers and 1 blow for just one weekend for shits and giggles
Rent cheaply and live the dream
Posted on 5/27/16 at 8:49 pm to xxKylexx
I remember making the jump from 33k to 50k years ago. That's the first jump where I was able to really start saving.
Congrats, and you make more than the average household (2 workers) in the American South.
Congrats, and you make more than the average household (2 workers) in the American South.
Posted on 5/27/16 at 9:35 pm to StringedInstruments
quote:
Make a budget and post it here.
These threads always lead to the same ole generic responses, but I feel like unless we know what you're allocating your money for, we can't really help you. You also need to have a budget that you stick to. Having some short term and long term plans helps as well.
This.
Plus let us know where you live. That will affect the answers.
Posted on 5/29/16 at 6:42 pm to xxKylexx
I would hold off on buying a car. Build yourself a decent savings and emergency fund. Amounts depend on you living cost. Have enough in the bank to where you can live at least 3 months on it. 401K, try to put a lot early on, compound interest will help build your nest egg faster
Posted on 5/29/16 at 9:41 pm to xxKylexx
Don't buy a house or a new car.....have some drinks, bang some chix.
Posted on 5/29/16 at 9:46 pm to xxKylexx
I see a lot of overly specific advice after going through the thread. I'll keep it even more simple than my previous post. Don't buy shite. If you spend, spend on having a good time - food, drink, travel (all within reason). Keep that simple approach an you'll be cool.
Posted on 5/30/16 at 12:51 pm to Croacka
quote:Can't possibly improve on this advice, just wanted to point out that this post has the most onesided upvotes-to-downvotes tally I've ever seen on all of TD. 51-0 including mine.
Live like you're making 30 K
Congrats on the new gig!
Posted on 5/30/16 at 8:00 pm to FearlessFreep
Thanks a-hole
Now somebody downvoted me
Now somebody downvoted me
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