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Started By
Message
Savings question -- what am I missing?
Posted on 7/8/20 at 8:10 pm
Posted on 7/8/20 at 8:10 pm
Trying to actually calculate my income and expenses.
Here's what I have so far:
$250,000 gross income
$4,875 business expenses
$2,755 personal expenses
Minus taxes
My net is $134,000.
If I max my SEP IRA contribution and match with my S Corp, let's say I'm down to $100,000 net with $34,000 saved in SEP.
I'm 32, single, no kids. What should I be doing with the $8k/month that I can save? Do my #s look right?
Here's what I have so far:
$250,000 gross income
$4,875 business expenses
$2,755 personal expenses
Minus taxes
My net is $134,000.
If I max my SEP IRA contribution and match with my S Corp, let's say I'm down to $100,000 net with $34,000 saved in SEP.
I'm 32, single, no kids. What should I be doing with the $8k/month that I can save? Do my #s look right?
4
Posted on 7/8/20 at 8:14 pm to TheOcean
quote:Saving $5k of it
What should I be doing with the $8k/month that I can save?
Posted on 7/8/20 at 8:22 pm to jimbeam
fricked up the calculation...my net takehome is $6,100/month without including the $34,000 contributed to my SEP.
So if I can save half of my takehome of $6,100/month, that comes out to $70,600 saved per year. Is that a good # to aim for savings wise?
So if I can save half of my takehome of $6,100/month, that comes out to $70,600 saved per year. Is that a good # to aim for savings wise?
This post was edited on 7/8/20 at 8:24 pm
Posted on 7/8/20 at 8:34 pm to TheOcean
Are you trying to back hand brag or are you retarded?
Posted on 7/8/20 at 8:35 pm to TheOcean
Sometimes I can't tell if this place is full of shite. I mean, a guy making $250k a year, run his own business, can't determine if he's saving enough?!?
Posted on 7/8/20 at 8:37 pm to TheWiz
Nah this is a no BS post. I've never sat down and figured out the math savings wise. I only hit the six figure income club three years ago. Career student so savings hasn't really been a priority, although I have about $300 saved now.
Posted on 7/8/20 at 8:42 pm to TheOcean
Have you considered ramming the $300 up your arse?
Posted on 7/8/20 at 9:03 pm to RPtoDoubleT
Gonna need at least $50 more than that.
Posted on 7/8/20 at 9:21 pm to RPtoDoubleT
Why the hostility? I eat, sleep, and breathe work to the detriment of other things.
Money is money. If it makes you feel any better, there's almost no quality of life increase when you go from making $70k to $250k.
Just trying to get an idea of whether I'm on the right track savings wise and calculating how much I'm saving.
This post was edited on 7/8/20 at 9:22 pm
Posted on 7/8/20 at 9:25 pm to TheOcean
You have $300 saved. You're good. Most Americans dont have $1k in savings so you're keeping pace.
Quality of life increased for me when I crossed $500k. Bumped my savings up to $800.
You'll get there
Quality of life increased for me when I crossed $500k. Bumped my savings up to $800.
You'll get there
Posted on 7/8/20 at 9:30 pm to TheOcean
quote:
Money is money. If it makes you feel any better, there's almost no quality of life increase when you go from making $70k to $250k.
GTFO
Posted on 7/8/20 at 10:12 pm to TheOcean
Must be a M.D.(stands for money dumb).
If you were my son I would advise you to open separate checking account with Charles Schwab (pays a little interest) for emergencies,put $20,000/ year and let it build up to about $100,000.
I would put about $10,000/ year into a C.D.
I would put remaining $40,000/year into index ETF’s.
Hopefully you have long term disability insurance.
If you ever have time to find a wife it will be nice to have a good nest egg for large down payment for a house,furniture,etc.
I think it’s good that you are thinking ahead,don’t get so caught up on saving that you don’t take some time and money to enjoy life.I’ve seen too many people develop a catastrophic illness or injury,or even die before their time.
Good luck!
If you were my son I would advise you to open separate checking account with Charles Schwab (pays a little interest) for emergencies,put $20,000/ year and let it build up to about $100,000.
I would put about $10,000/ year into a C.D.
I would put remaining $40,000/year into index ETF’s.
Hopefully you have long term disability insurance.
If you ever have time to find a wife it will be nice to have a good nest egg for large down payment for a house,furniture,etc.
I think it’s good that you are thinking ahead,don’t get so caught up on saving that you don’t take some time and money to enjoy life.I’ve seen too many people develop a catastrophic illness or injury,or even die before their time.
Good luck!
Posted on 7/8/20 at 10:44 pm to TheOcean
quote:
$250,000 gross income
$4,875 business expenses
$2,755 personal expenses
Wtf do you do?
If you run a business, how do you have so little overhead and expenses with such high income?
Posted on 7/8/20 at 10:46 pm to TheOcean
quote:
$70k to $250k.
wtf Posted on 7/9/20 at 5:54 am to HailToTheChiz
Law firm. My biggest expense is SEO/AdWords.
Posted on 7/9/20 at 5:57 am to LSUA 75
How much is disability insurance? I've definitely thought about it.
I deal with death almost weekly in my line of work. So definitely want to save as much as possible and enjoy the rest.
Posted on 7/9/20 at 6:32 am to TheOcean
it’s all billboards these days
billboards, plastics and ball bearings
billboards, plastics and ball bearings
Posted on 7/9/20 at 8:25 am to TheOcean
quote:
Just trying to get an idea of whether I'm on the right track savings wise and calculating how much I'm saving.
You're asking if you're on the right road/track, correct? No one can answer that for you. You haven't mentioned where you want to go, have you? Do you know? Think about it this way, if you don't know where you're going, any road will get you there.
Put more thought into the desired destination, and then maybe you'll get some constructive advice on the best path.
Posted on 7/9/20 at 9:26 am to TheOcean
You work from home? You don’t have an office or what?
First off, you need to completely separate your business and your personal income. The only time you need to have them together is to determine how much you are paying yourself.
I would pay yourself a reasonable salary, then subtract other expenses, the put a certain percentage of what’s left into a business savings account for growth and what not. Then what’s left over pay yourself in distributions down the line.
Then determine your actual personal income.
Once you have your personal income figured out, then yes I would try to save 20-25%. Place 15% into retirement and 5-10% into savings for awhile. Once you have a nice comfortable personal savings set up, then you take the 5-10% and add it to your retirement.
ETA: it’s never an actual numerical amount it should always be a percentage.
First off, you need to completely separate your business and your personal income. The only time you need to have them together is to determine how much you are paying yourself.
I would pay yourself a reasonable salary, then subtract other expenses, the put a certain percentage of what’s left into a business savings account for growth and what not. Then what’s left over pay yourself in distributions down the line.
Then determine your actual personal income.
Once you have your personal income figured out, then yes I would try to save 20-25%. Place 15% into retirement and 5-10% into savings for awhile. Once you have a nice comfortable personal savings set up, then you take the 5-10% and add it to your retirement.
ETA: it’s never an actual numerical amount it should always be a percentage.
This post was edited on 7/9/20 at 9:27 am
Posted on 7/9/20 at 9:37 am to TheOcean
quote:
almost no quality of life increase when you go from making $70k to $250k.
Lmao
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