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Started By
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re: 78 % of non-OT members live paycheck to paycheck
Posted on 5/17/18 at 7:53 pm to hashtag
Posted on 5/17/18 at 7:53 pm to hashtag
quote:
Or maxing out a 401k, hsa, 2 IRAs
Not really sure what you imply as "maxing out a 401k", since one can put up towards half of your income in one nowadays. I'm all for saving for the future, and if you are struggling (and I mean really struggling, not can't buy another 80 inch flat screen for the back porch) and you are "maxing out retirements", you aren't quite doing it right.
For 401k's, I have always only put in up to the top of the company match. However, I started day 1 years ago and still participate now. I am so surprised to hear how few people partake in a 401k. Especially with free company money.
2
Posted on 5/17/18 at 7:55 pm to East Coast Band
quote:
Not really sure what you imply as "maxing out a 401k", since one can put up towards half of your income in one nowadays
You can put half your income in it if you make 36k.the max you can put in in any one year is 18k
Posted on 5/17/18 at 8:00 pm to Will Cover
Not an OT baller by any stretch, but me and SO have no debt besides the house. We aren't spenders and are accumulating $$ rapidly. Job gave me $10k yesterday for my help on a big project. I probably need investment help. Paycheck to paycheck hasn't been in a long time.
Posted on 5/17/18 at 8:01 pm to East Coast Band
The first priority has to be an emergency fund, then insurance needs (life/disability), then retirement.
For whatever reason, people skip the first two all the time.
For whatever reason, people skip the first two all the time.
Posted on 5/17/18 at 8:02 pm to liz18lsu
quote:
I probably need investment help
Most do.
Posted on 5/17/18 at 8:02 pm to Will Cover
quote:We have about $30k in an Emergency Fund.
live paycheck to paycheck
Our Monthly Bills are less than $3k so I think we are safely in the 20%.
Posted on 5/17/18 at 8:03 pm to Will Cover
No one ever lies in polls.
Hell ask the census. I have 20 Pacific Islanders living with me.
I don't give the government any correct info willingly.
Hell ask the census. I have 20 Pacific Islanders living with me.
I don't give the government any correct info willingly.
Posted on 5/17/18 at 8:04 pm to slackster
quote:
For whatever reason, people skip the first two all the time.
I agree 100%.
Posted on 5/17/18 at 8:04 pm to soccerfüt
quote:
We have about $30k in an Emergency Fund.
Why? You're losing money in real dollars.
Posted on 5/17/18 at 8:07 pm to LNCHBOX
quote:
Meh, the bigger issue is that people feel entitled to "own" things, go on vacation, eat out, drive nice cars...etc.
What's the point of living if you're not gonna do any of that stuff?
Own less pointless stuff, make good meaningful purchases, go on vacation camping or within 8 hours and drive, don't eat out 5 days a week, drive used cars.....?
Posted on 5/17/18 at 8:08 pm to Mingo Was His NameO
quote:
Why? You're losing money in real dollars.
The amount of amateur, wanna be professional financial advisors here is astonishing.
Posted on 5/17/18 at 8:09 pm to slackster
What's the suggested emergency fund?
Posted on 5/17/18 at 8:10 pm to ThatMakesSense
quote:
The amount of amateur, wanna be professional financial advisors here is astonishing.
I just asked a question. I didn't make any speculation. Maybe he plans on making a down payment on a house so he's keeping the cash. Makes perfect sense. Theres no reason to keep 10 months of cash though.
Posted on 5/17/18 at 8:10 pm to Freauxzen
Or be like me and just look at in the bank, because I don't like spending and hate planning. But again, not living paycheck to paycheck.
Posted on 5/17/18 at 8:11 pm to GreatLakesTiger24
6 months income.
Posted on 5/17/18 at 8:13 pm to fishfighter
quote:
6 months income
That's a little high, IMO, but it all depends on your line of work and a million other factors. I generally think about 3 months and then some in a CD or note if you really want more, but again personal preference.
Posted on 5/17/18 at 8:13 pm to Freauxzen
quote:
Own less pointless stuff, make good meaningful purchases, go on vacation camping or within 8 hours and drive, don't eat out 5 days a week, drive used cars.....?
Well there's certainly no in between
Posted on 5/17/18 at 8:13 pm to Mingo Was His NameO
quote:
I just asked a question
Followed by your opinion.
And then justified your opinion.
Posted on 5/17/18 at 8:14 pm to GreatLakesTiger24
quote:
What's the suggested emergency fund?
Depends on job security and things like that, but you really can't go wrong with 6-months of expenses.
Don't forget healthcare premiums - your full premium - should you have to go with COBRA.
Posted on 5/17/18 at 8:14 pm to LNCHBOX
quote:
Well there's certainly no in between
No one said there wasn't, but you couldn't be a fake tough guy without the comment.
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