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For The Trolls
Posted on 2/28/20 at 4:14 am
Posted on 2/28/20 at 4:14 am
This post was edited on 11/30/23 at 4:34 pm
8
Posted on 2/28/20 at 5:54 am to EarlyCuyler3
What Mark Cuban blog post? I’d like to read it.
Posted on 2/28/20 at 6:50 am to EarlyCuyler3
Max out your 401k. Put it in the high risk fund. You can still retire at 60, but you are way behind so there will need to be some strict discipline.
Posted on 2/28/20 at 7:01 am to EarlyCuyler3
quote:
Quick rundown. Mid to late 30's, was very financially irresponsible early on in life, learned some hard lessons.
Right now we have 2800 or so in a 401k, 2.5% match, so doing 7.5% there total. 5% just now going into a 457b. Have it all in stocks right now, just index funds. Going to meet with a Fidelity rep next month to see what he says to do. I'm guessing I'm going to want to be more aggressive than he would want, in my mind I was to be a bit riskier to try and make up some ground over time. There's just no way to make up 18 years of time lost.
You can make it up just fine you simply have to decide to do so and be willing to do what it takes.
step 1 is treat debt like an aids infected hooker
Posted on 2/28/20 at 7:07 am to cave canem
quote:
step 1 is treat debt like an aids infected hooker
step 1 is treat debt like it has Coronavirus
This post was edited on 2/28/20 at 7:08 am
Posted on 2/28/20 at 7:23 am to prostyleoffensetime
Posted on 2/28/20 at 7:24 am to AUCE05
quote:
Max out your 401k.
It will be a while before I can afford to do that unfortunately.
Posted on 2/28/20 at 7:54 am to EarlyCuyler3
Put a plan in place to pay off debt by 40. Then you go HAM on your 401k.
Posted on 2/28/20 at 8:33 am to EarlyCuyler3
quote:
It will be a while before I can afford to do that unfortunately.
Wrong attitude
You need to bring in more money and shed debt.
Reading between the lines you have more wrapped up in a vehicle at a likely unattractive rate than you do set aside for your future, start there.
A person does not have to have a shite car necessarily but renting combined with no savings says you need to GTFO of the one you have and spend far less on a vehicle for starters.
Today the both of you need to find more income even if it is just one shift a week waiting tables and SAVE IT.
Posted on 2/28/20 at 5:11 pm to cave canem
The rate is pretty good actually. I do have some cash saved and I'm already pulling OT to generate the cash to pay off the debt pretty fast.
Posted on 2/28/20 at 5:27 pm to AUCE05
quote:
Max out your 401k. Put it in the high risk fund.
So he should put it in UPRO???
Posted on 2/28/20 at 5:54 pm to EarlyCuyler3
No offense intended, Dave Ramsey was meant for you. Follow it like you are a true blue believer for next 3-5 years.
This post was edited on 2/28/20 at 5:56 pm
Posted on 2/28/20 at 5:56 pm to cave canem
quote:
step 1 is treat debt like an aids infected hooker
Pay extra hush money?
Posted on 2/28/20 at 9:55 pm to EarlyCuyler3
I encourage you to seek out mediums to gain information, knowledge and most importantly motivation - books, magazines, podcast, radio, blogs, etc.
For me, when I got my act together right out of college, I focused on gaining knowledge and motivation to change how I viewed the financial world around me, my relationship with money and my lifestyle/habits.
For me, when I got my act together right out of college, I focused on gaining knowledge and motivation to change how I viewed the financial world around me, my relationship with money and my lifestyle/habits.
Posted on 3/1/20 at 9:44 am to EarlyCuyler3
Given your situation, I would take as many tax breaks now and maximize your current monies. You won't likely be retiring early and probably won't be retiring with a higher income. I would go traditional over Roth.
There will still be ways to minimize your tax burden in retirement.
There will still be ways to minimize your tax burden in retirement.
Posted on 3/1/20 at 5:26 pm to notsince98
quote:
I would go traditional over Roth.
The reason being just to lower the tax burden now so I can stockpile faster?
Yeah, I assume I'm not retiring early, but I can increase my ceiling over the next few years salary wise, so I should be able to put more in on just a few years.
Posted on 3/1/20 at 11:45 pm to EarlyCuyler3
quote:
Mid to late 30's, was very financially irresponsible early on in life, learned some hard lessons
quote:
There's just no way to make up 18 years of time lost.
Are you suggesting you should have started investing when you were 20?
Posted on 3/2/20 at 4:07 am to notsince98
quote:
You won't likely be retiring early and probably won't be retiring with a higher income.
not necessarily
I was in worse shape than him in my early 30's and have done pretty damn well digging out if I must say so, but it took hard work, aversion to debt, and a career change.
Posted on 3/2/20 at 7:35 am to EarlyCuyler3
quote:
The reason being just to lower the tax burden now so I can stockpile faster?
that, eliminate debt faster and reduce your total tax burden over your lifetime. You seem like the situation where Roth doesn't really provide you any significant benefits and there isn't a need to hedge your bets.
Does your 401k have a Roth side? If so, you will have the opportunity to catch back up quickly on the Roth side if your situation changes making the Roth more beneficial.
This post was edited on 3/2/20 at 7:36 am
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