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re: How does a family do it financially
Posted on 6/5/22 at 6:05 pm to fallguy_1978
Posted on 6/5/22 at 6:05 pm to fallguy_1978
quote:
When you are young and your expenses are high not really. Unless your match sucks. If it's 6% that's probably pretty sufficient for awhile but you'll be able to pay in more as you get older most likely. We were never more broke than being in our late 20s with kids paying daycare etc.
Your expenses have nothing to do with your arguement that you don't need to contribute more than your company match, especially when your income is low because the absolute number being matched is lower.
1
Posted on 6/5/22 at 6:06 pm to tigerbacon
Make a similar to wage as y’all do and it’s not difficult at all. Just don’t live above your means. My wife said she wants an SUV a month ago which would be around $400 a month and I had to tell her no. We have two paid off vehicles that are in great condition so it makes no sense.
Posted on 6/5/22 at 6:06 pm to tigerbacon
quote:Self control
How do they afford life?
Posted on 6/5/22 at 6:06 pm to deeprig9
quote:
I guess working in the mortgage business for years as a loan officer
Sick brag
Posted on 6/5/22 at 6:07 pm to tigerbacon
They’re poor. The median American is just that.
Posted on 6/5/22 at 6:09 pm to Mingo Was His NameO
quote:
Your expenses have nothing to do with your arguement that you don't need to contribute more than your company match
I'd never contribute more than the company match. Not $1. You are pigeonholed into their investments unnecessarily at that point. I'd put that in a Roth if you qualify for one.
Posted on 6/5/22 at 6:09 pm to Mingo Was His NameO
quote:
Sick brag
He said "18% of monthly income"
Who here besides Mingo thinks "monthly income" "obviously" means "take home pay"?
Posted on 6/5/22 at 6:10 pm to PhiTiger1764
quote:
But what if you want to retire before age 67 and do more than just “exist” during retirement?
I’d suggest not making $80k/year household with two kids.
Posted on 6/5/22 at 6:10 pm to tigerbacon
Wife and I combined $79K/yr. Two kids in private school. We live just outside Lafayette and we do pretty well.
Posted on 6/5/22 at 6:10 pm to fallguy_1978
quote:
I'd never contribute more than the company match. Not $1. You are pigeonholed into their investments unnecessarily at that point
What an odd difinitive statement.
This post was edited on 6/5/22 at 6:11 pm
Posted on 6/5/22 at 6:11 pm to fallguy_1978
quote:
I'd never contribute more than the company match. Not $1. You are pigeonholed into their investments unnecessarily at that point. I'd put that in a Roth if you qualify for one.
I agree.
And if a family still has money left to save after that, head to money board.
When I hear someone say "maxing out 401k" I just automatically assume they mean the amount the employer will match. I think most assume the same thing. Maybe not Mingo though. Nobody knows what's going through that guy's head.
This post was edited on 6/5/22 at 6:13 pm
Posted on 6/5/22 at 6:11 pm to deeprig9
quote:
Who here besides Mingo thinks "monthly income" "obviously" means "take home pay"?
I read the rest of the post and used context. Something, I guess, you don't have the ability to do
Posted on 6/5/22 at 6:11 pm to tigerbacon
quote:
How do they afford life?
Ramen noodles for dinner but them new Jason Tatum Jordan’s fire fr
Posted on 6/5/22 at 6:11 pm to deeprig9
quote:
18% of income on mortgage is kinda high imo, unless you bought recently where you have no choice but to get ripped off.
Agreed. At about 2400 that buys a big arse house. That could also buy an average house in a very "nice" area.
My mortgage is around 1500 and it's plenty big enough for the 6 of us. Plus we have a guest apartment off of the garage for anyone to come stay with us. We live out in the country though on about 6 acres with a 1/2 acre stocked pond.
To go with op and the financial part...haven't yet put up the shop I want, haven't done a couple of remodel projects yet, etc. Obviously with more money, everyone would do things differently. As another poster said, don't spend more than you make/live within your means. Life is overall pretty good here.
Posted on 6/5/22 at 6:12 pm to cheobode
quote:
Wife and I combined $79K/yr. Two kids in private school. We live just outside Lafayette and we do pretty well.
How much is private school? Good for you all but that sounds like a pretty low income to be putting kids into private school
Posted on 6/5/22 at 6:13 pm to cheobode
quote:
Wife and I combined $79K/yr. Two kids in private school. We live just outside Lafayette and we do pretty well.
Damn, that’s impressive. Especially in todays economy. Do y’all already have house/cars pretty well paid off?
Posted on 6/5/22 at 6:13 pm to Steadyhands
quote:
Agreed. At about 2400 that buys a big arse house.
Maybe 1,800 sq ft an hour away from downtown in a metro area
quote:
My mortgage is around 1500 and it's plenty big enough for the 6 of us. Plus we have a guest apartment off of the garage for anyone to come stay with us. We live out in the country though on about 6 acres with a 1/2 acre stocked pond.
Ahh, I see you have no idea
Posted on 6/5/22 at 6:14 pm to tigerbacon
What you do is slowly start scaling your 401k contributions back a little and don’t tell your wife, you’re already saving plenty. Then you start direct depositing that extra paycheck money into a separate account so you can do hood rat things with your friends like roll into Vegas with 15k gambling money and when you lose it all you just keep that sorrow locked up deep inside, it leaves a scar, but you will avoid being shanked upon returning home as the responsible husband who knew when to quit.
Posted on 6/5/22 at 6:14 pm to Steadyhands
quote:
Agreed. At about 2400 that buys a big arse house. That could also buy an average house in a very "nice" area.
In Florida right now, $2,400 isn’t a big arse house unfortunately. Unless you had a fat deposit to put down.
Posted on 6/5/22 at 6:14 pm to kywildcatfanone
quote:
1/3 of people making $250K a year are living paycheck to paycheck. No idea how that is remotely possible.
Gimme a $250k salary and I'll show you
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