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re: what is a good amount to have left over each month after bills etc?
Posted on 5/28/18 at 12:14 pm to Tiguar
Posted on 5/28/18 at 12:14 pm to Tiguar
I’m in a similar boat as you, gross a little more. I don’t keep track of savings that much as I max out 401k and a company discounted stock plan (which I sell every 3 months after it is distributed). Anything else is extra and I generally try to enjoy life without thinking about it too much.
I just checked the checking account, and this year so far I’ve transferred out $14k to TD Ameritrade with the balance being around the same. So that is about $14k over 5 months.
You were vague on finances so I don’t know how this compares. But I have $750 of rent, plus a phone bill and utilities. No car or boat note or mortgage.
I just checked the checking account, and this year so far I’ve transferred out $14k to TD Ameritrade with the balance being around the same. So that is about $14k over 5 months.
You were vague on finances so I don’t know how this compares. But I have $750 of rent, plus a phone bill and utilities. No car or boat note or mortgage.
This post was edited on 5/28/18 at 12:16 pm
1
Posted on 5/28/18 at 12:16 pm to TheIndulger
Where do you live that rent is $750 and you don't need a car? I'm not saying your lying I just can't think of any metro where you could get around without a car and rent is that low.
Posted on 5/28/18 at 12:50 pm to Mingo Was His NameO
He said he doesn’t have a car note...you can still have a car without a note on it.
Posted on 5/28/18 at 12:53 pm to ATLdawg25
quote:
He said he doesn’t have a car note...you can still have a car without a note on it.
Ahh just read right over that. Looking back I see what he's saying, I read it as no car.
Posted on 5/28/18 at 3:41 pm to Mingo Was His NameO
Yeah I meant car note. I live really close to work and could survive without a car, but it wouldn’t be very fun as the town is prettt spread out
Posted on 5/29/18 at 6:49 am to lynxcat
quote:
He is close to Roth IRA phase out.
This is another area where OP hasn't provided much info. He didn't state his AGI, just his gross. We have no idea what his deductions are so he might not be anywhere close to the Roth phase out limits.
Posted on 5/29/18 at 6:51 am to Tiguar
No rules of thumb but as a minimum, after all the bills, groceries, restaurants, clothes, etc. I have a rule of keeping a minimum $1k/month free.
I like to have enough discretionary budget left each month to cover decent size car repair bills, appliance replacement, etc. w/out having to buy on credit.
I like to have enough discretionary budget left each month to cover decent size car repair bills, appliance replacement, etc. w/out having to buy on credit.
Posted on 5/29/18 at 9:14 am to foshizzle
quote:
This is another area where OP hasn't provided much info. He didn't state his AGI, just his gross. We have no idea what his deductions are so he might not be anywhere close to the Roth phase out limits.
Single guy is reasonable to assume he is filing standard deduction. Agree that he hasn't provided enough details to give a yay or nay on the phase out, but he is in the ballpark of where it needs to be considered.
Posted on 5/29/18 at 9:33 am to notsince98
quote:
No rules of thumb but as a minimum, after all the bills, groceries, restaurants, clothes, etc. I have a rule of keeping a minimum $1k/month free.
Thanks. I just don't know what I'm supposed to be doing so hearing what others do is helpful.
Posted on 5/29/18 at 9:42 am to Tiguar
quote:
Thanks. I just don't know what I'm supposed to be doing so hearing what others do is helpful.
I personally have excess rolling into a checking account but I am about to open a high yield savings account to become a nest egg for a home purchase. I may also wipe out the remaining bit on a car loan albeit it is low interest and lets me stay more liquid.
Max 401k
Max HSA
Max Roth IRA (or backdoor if phased out)
Build home purchase nest egg
Pay down car debt
Personal investing
This is basically where I am in the journey...for retirement, I focus on maxing the tax efficient vehicles and then track my spending habits to make sure I am not expanding my lifestyle too much with the excess funds. I'm fortunate to be in a strong financial position and I'm trying to just enjoy life as a young guy without kids. In particular, I have a lot of trips planned (Ireland, Cancun, couple weddings, Portland, Sonoma, Central Europe, LSU games, etc.) which is how I prefer to spend my disposable income.
This post was edited on 5/29/18 at 10:06 am
Posted on 5/29/18 at 10:09 am to Tiguar
quote:
I gross 100-125k range in the south east. No wife, no kids
Ah this would explain having the extra income
This post was edited on 5/29/18 at 10:10 am
Posted on 5/29/18 at 10:51 am to FLObserver
quote:
Ah this would explain having the extra income
I honestly think I could retire by 45 if I didn't ever get a wife or kids.
However, a few years of being DINKs (dual income, no kids) has the potential to be the absolute best years of life in the 30s.
Posted on 5/29/18 at 12:10 pm to FLObserver
I am being extremely selfish by avoiding those scenarios, but it is what it is
Posted on 5/29/18 at 12:25 pm to Tiguar
I wouldn’t say it’s selfish by default. I’m the same way.
Posted on 5/29/18 at 12:34 pm to Tiguar
about tree fiddy
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