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Message
re: Just hit 200k in my 401k
Posted on 2/27/12 at 10:37 am to Mercy Percy
Posted on 2/27/12 at 10:37 am to Mercy Percy
quote:
Right out of college
You must not have any kids.
Once children are introduced, your savings plan will be drastically reduced I feel like I don't have shite in mine reading this thread. I'm 34 and only have about $60K in 401k and IRA accounts, but I do have three kids so I may be doing just fine given the number of kids I have and saving some money for their college funds et al.
This post was edited on 2/27/12 at 10:41 am
0
Posted on 2/27/12 at 2:02 pm to CidCock
quote:
I am at about 50k - 27 years old. But I am forced to contribute 6.5 percent to my pension as well.
50K is awesome. I just turned 26 three days ago and am at just over $24k. I am gonna start maxing it out once I purchase a home. Trying to save up as much as I can before that. Have $95k saved in the bank though
Posted on 2/27/12 at 2:09 pm to Tigerstudent08
quote:
Have $95k saved in the bank though
Once again....another guy that's kid free
Boy, yall are going to be in for a rude awakening once those crumb snatchers come about.
Posted on 2/27/12 at 2:30 pm to Tigerstudent08
quote:
Have $95k saved in the bank though
Wow. I cannot ever keep more than $5K-$7K in the bank. I really try hard to put a set amount each paycheck into savings but something always seems to come up.
A buddy told me he had 56K stashed away and I was blown away because we're the same age.
Posted on 2/27/12 at 2:34 pm to Hammond Tiger Fan
quote:That is why we are waiting. I am waiting to get established for several years before kids.
Once again....another guy that's kid free
Boy, yall are going to be in for a rude awakening once those crumb snatchers come about.
Posted on 2/27/12 at 2:40 pm to jameison125
quote:
Wow. I cannot ever keep more than $5K-$7K in the bank. I really try hard to put a set amount each paycheck into savings but something always seems to come up.
A buddy told me he had 56K stashed away and I was blown away because we're the same age.
This reminds me of a couple we are friends with, the guy is similar age to me. My wife and I have close to 10x the financial assets as them and he DNGAF about investing, although he his somewhat frugal. Got to work at it, starting early is important.
Posted on 2/27/12 at 2:50 pm to saderade
quote:
That is why we are waiting. I am waiting to get established for several years before kids
Well, I thought my wife and I started fairly late. We were 27 when we had our first child. Hell, we didn't want to be in our mid 50's and still had children in the house so that's why we didn't want to have our first in our 30's. Plus she didn't want to have them back to back either. Too much stress on her body. Once their out of and on their own, I'm sure we'll be able to catch up.
Posted on 2/27/12 at 3:14 pm to Hammond Tiger Fan
quote:
Once again....another guy that's kid free
yep no kids. Worked offshore my first year out of LSU and moved back with the parents for the last 8 months while searching/saving for a house. I think I finally found the house I want to buy so most of that money is about to be spent. 
Posted on 2/27/12 at 3:28 pm to Tigerstudent08
quote:
50K is awesome. I just turned 26 three days ago and am at just over $24k. I am gonna start maxing it out once I purchase a home. Trying to save up as much as I can before that. Have $95k saved in the bank though
Jesus.
<--- 26 this year...I thought my $16k in 401k was good.
Posted on 2/27/12 at 3:49 pm to Golfer
quote:
<--- 26 this year...I thought my $16k in 401k was good.
It is good
So someone else is doing better than you? Don't sweat it. You're in a good position.
Posted on 2/27/12 at 4:01 pm to tirebiter
quote:
Got to work at it, starting early is important.
This is what I have learned thus far.
I'm maxing out my 401k thru work and have a separate account for my car loan and student loans with a % of each check going to that account. It's almost as if I don't make that money and those bills get paid for. Even though I have cut back, with my remaining income spent on rent/utilities/fuel/groceries, I still find it hard to achieve.
Posted on 2/27/12 at 4:08 pm to jameison125
It takes a lot of discipline over the long haul to save unless you make a really fat salary
If you're young and making under 60K it's not easy to save a lot of liquid cash if you have loans and are contributing to a retirement fund.
I put 15% of my gross income into our 401K plan and by the time deductions for insurance and the like come out, there isn't exactly a mountain of cash left in each paycheck. My vehicle loan is going to be paid off by the end of the year so that should free up some money in the budget finally.
If you're young and making under 60K it's not easy to save a lot of liquid cash if you have loans and are contributing to a retirement fund.
I put 15% of my gross income into our 401K plan and by the time deductions for insurance and the like come out, there isn't exactly a mountain of cash left in each paycheck. My vehicle loan is going to be paid off by the end of the year so that should free up some money in the budget finally.
Posted on 2/27/12 at 9:16 pm to Powerman
quote:
So someone else is doing better than you? Don't sweat it. You're in a good position.
Well said. As a 42 year old, I offer two pieces of advice. Start early and marry smart.
Posted on 2/27/12 at 9:21 pm to tigerfoot
quote:
Well said. As a 42 year old, I offer two pieces of advice. Start early and marry smart.
Started at 21 and my wife is the cheap one.
Posted on 2/27/12 at 10:03 pm to Golfer
quote:
Started at 21 and my wife is the cheap one.
Mine isnt necessarily cheap, but she is smart and good with our money.
The first one was smart too, smart enough to set me back about 10 years!
Have recovered but got lucky to do it.
Posted on 2/27/12 at 10:12 pm to tigerfoot
Once I get a teaching job they match 100% up to 6% a year.
This post was edited on 2/27/12 at 10:12 pm
Posted on 2/27/12 at 10:27 pm to tigerfoot
Contributed effective 15% to my roth 401k and maxed out my Roth IRA last year. I cut back to 12% (minimum to receive max match) this year, but will still max out my roth ira. I've been able to save up enough for a nice vacation and an emergency fund of 3 months of expenses in only 8 months of work.
The secret: Rent. I don't waste a ton of money on it. Instead of renting a 900-1300 dollar a month apartment like most of my classmates did, I moved in with a pack of college students and pay 450 a month. Freeing up 450-850 a month allows me to have a much higher quality of life while still saving like no one else in my age group.
The secret: Rent. I don't waste a ton of money on it. Instead of renting a 900-1300 dollar a month apartment like most of my classmates did, I moved in with a pack of college students and pay 450 a month. Freeing up 450-850 a month allows me to have a much higher quality of life while still saving like no one else in my age group.
Posted on 2/27/12 at 10:35 pm to TheHiddenFlask
quote:
900-1300 dollar a month apartment l
AYSM? Holy crap that's a ton of money. They paid that themselves?
I pay $225.
Posted on 2/27/12 at 10:42 pm to TheHiddenFlask
quote:
The secret: Rent. I don't waste a ton of money on it. Instead of renting a 900-1300 dollar a month apartment like most of my classmates did, I moved in with a pack of college students and pay 450 a month. Freeing up 450-850 a month allows me to have a much higher quality of life while still saving like no one else in my age group.
I did that until I got married.
Posted on 2/27/12 at 10:45 pm to Golfer
Is the cost of living just that high? College guys around here could rent out a badass house for 900 to 1000 a month. Leaving each only paying 300 a month.
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