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post #1021 of 1117
Spent the past handful of years catching up on my retirement savings. But I'm treating next year as a gap year, want to focus on self fulfillment and betterment before I make some hard life choices. Still gonna save, but want to focus on experiences as well.
post #1022 of 1117
Went through my yearly records and I took off 73 days of work this year laugh.gif. Just people asking me if they can have my shift etc .. Definitely cost me between $7300-$9000 sick.gif .. Can't lie I saved a little money and got lazy embarassed.gif

Saved $11,000 but I spent like $17,000 mean.gif

This was my first full year of keeping records of my income and it's pretty eye opening. I didn't know I spent THAT much. I still live at home so my only expense is like $3500/year for car insurance and like $600 for my gym. Should definitely be saving closer to $17k and not SPENDING that much

I made no less than $2000 and no more than $3000/month in 2016. I would just save $1000 then spend the rest on bills and "living. " Not gonna do that this year. Just gonna save up the whole month, then at the end of the month I'll pay off my cc, insurance, bills, etc, and save the rest. There's no way I should be making $2800 a month and only saving $1000 if my mandatory expenses are only like $800 max


Overall I'm happy. I wanted to save $12,000 (1k a month) but I made a conscious decision to spend and not save in December laugh.gif. I started saving in August of 2015 and I have close to 20k saved up. Goal this year is to change my spending habits (not spend as much) and also my saving strategy (MINIMUM of $1000 saved per month from now on) oh and not to take so many days off laugh.gif
Edited by cs02132 - 1/2/17 at 11:36am
post #1023 of 1117
Quote:
Originally Posted by ModernDarwin View Post

I think people are misinterpreting - simply saying as a single man you have a lot more flexibility of choice with your time, money and responsibilities. You don't have to consider the comforts or feelings of others when you make tough fiscal decisions. In a relationship you are oftentimes adding not just a girl, but a family. That means more Xmas presents, more random trips, more more more. While that is not always the case it is a a generalization. If you meet a girl and all she wants to do is save money then of course it'd be easier with two incomes. Also, 3k for a 1 bedroom in San Francisco is not living expensively - it's like pretty much bottom of the price list unless u can snatch a rent controlled place somehow.

 

you and your gf should have a talk about your two needs/wants vs financial goals. if she's the spender, you will have to (try) teach her about (show her) finances. my favorite exercise is to shock them with having them figure out their monthly costs and multiple that by how long they plan to live when they retire. that will be how much they need to save for retirement. After they get a shock from that figure, you tell them wait, you didn't add medical costs.

 

I had to teach my gf (now wife) about saving/finances. Regarding your need to have our own place as a couple, my gf and I shared a rental with another person for over 5  years before we got married. I'm not going to lie and say it was easy (women and their nesting territorial natural) but in the end, she understood and we were able to save a good amount for our down payment. I can say unlike most people who are tapped out after purchasing a home, our savings are still well. That's actually another line I would use - do you want to pay a lot to rent our own place or rent cheap so we buy our own place.

 

The keyword above is try. It's up to them to decide if that important for them as a couple. If she doesn't care, then it's back on you if you're willing to accept that. 

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post #1024 of 1117
Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account
post #1025 of 1117
Quote:
Originally Posted by Shorty Doo Wop View Post

Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account
How comfortable are you with your knowledge of the markets? Do you want to be hands on or stash it and forget it?
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post #1026 of 1117
Quote:
Originally Posted by Noskey View Post

Quote:
Originally Posted by Shorty Doo Wop View Post

Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account
How comfortable are you with your knowledge of the markets? Do you want to be hands on or stash it and forget it?
not really knowledgeable at all would be best if i stash and forget
post #1027 of 1117
Quote:
Originally Posted by Shorty Doo Wop View Post

Quote:
Originally Posted by Noskey View Post

Quote:
Originally Posted by Shorty Doo Wop View Post

Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account
How comfortable are you with your knowledge of the markets? Do you want to be hands on or stash it and forget it?
not really knowledgeable at all would be best if i stash and forget
Look into Betterment or something like that. Focus on fees and management expenses (these can kill your returns if you're not careful) and find the best investment that fits your plan.

That or just sink your money into a SP500 indexed ETF. And do not ever pull your money out. Ever.
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post #1028 of 1117

Go long on:

 

- S&P 500

- Russell 2000

 

You can't go wrong.

post #1029 of 1117

stash and forget - personally i would open a vanguard account and throw it into a target fund. 

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post #1030 of 1117
Personally I like VTSMX $3000 minimum / VTSAX $10,000 minimum.

I invest in the Institutional shares in my 401K , VITPX. I just put in 100% and forget about it.
post #1031 of 1117
How long term are these investmenthe options you guys are talking about. I already have a 401k and tda account from my job so my retirement is set. I'm thinking more along the lines of a 10 yr investment Idk if that qualifies as long term or not.
post #1032 of 1117
Quote:
Originally Posted by cs02132 View Post

Went through my yearly records and I took off 73 days of work this year laugh.gif. Just people asking me if they can have my shift etc .. Definitely cost me between $7300-$9000 sick.gif .. Can't lie I saved a little money and got lazy embarassed.gif

Saved $11,000 but I spent like $17,000 mean.gif

This was my first full year of keeping records of my income and it's pretty eye opening. I didn't know I spent THAT much. I still live at home so my only expense is like $3500/year for car insurance and like $600 for my gym. Should definitely be saving closer to $17k and not SPENDING that much

I made no less than $2000 and no more than $3000/month in 2016. I would just save $1000 then spend the rest on bills and "living. " Not gonna do that this year. Just gonna save up the whole month, then at the end of the month I'll pay off my cc, insurance, bills, etc, and save the rest. There's no way I should be making $2800 a month and only saving $1000 if my mandatory expenses are only like $800 max


Overall I'm happy. I wanted to save $12,000 (1k a month) but I made a conscious decision to spend and not save in December laugh.gif. I started saving in August of 2015 and I have close to 20k saved up. Goal this year is to change my spending habits (not spend as much) and also my saving strategy (MINIMUM of $1000 saved per month from now on) oh and not to take so many days off laugh.gif


I'm in the same boat man. I only saved $25k and spent $20k. NO IDEA what I spent that money on. mean.gif
post #1033 of 1117
Posting for later and gonna read in this thread.

I'm just under 25, Take home around 2.9K a month after tax and 401k distribution, rent student loans are my fixed costs so around 900 for rent and 900 for student loans.
Just refinanced a 7.625 interest loan to a 5.11 percent (going to save me around 2K with the same terms) FU salliemae/navient

Paid bi weekly soo triple paycheck months go straight to savings.

Just under the 60K mark for student loans looking to be done by 2020.
post #1034 of 1117
900 a month for student loan is crazy. That's almost a third of your take home.
post #1035 of 1117
Quote:
Originally Posted by Shorty Doo Wop View Post

How long term are these investmenthe options you guys are talking about. I already have a 401k and tda account from my job so my retirement is set. I'm thinking more along the lines of a 10 yr investment Idk if that qualifies as long term or not.
There's no lockup period for any of these. You can take your money out whenever you want depending on what sort of account you decide to invest in (taxable vs retirement), and with a time horizon of ten years you wouldn't be considering any sort of retirement account anyways.

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post #1036 of 1117
Quote:
Originally Posted by Antidope View Post


There's no lockup period for any of these. You can take your money out whenever you want depending on what sort of account you decide to invest in (taxable vs retirement), and with a time horizon of ten years you wouldn't be considering any sort of retirement account anyways.

This. I believe you want retirement accounts for 20-30 years .

post #1037 of 1117
New year, new money to max out that Roth IRA boys pimp.gif
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post #1038 of 1117
Quote:
Originally Posted by Based Mod View Post

New year, new money to max out that Roth IRA boys pimp.gif


This.

post #1039 of 1117
Quote:
Originally Posted by nrg1604 View Post

900 a month for student loan is crazy. That's almost a third of your take home.

I'm in same boat. Pay about $800 a month in student loans. Thankfully I have VERY cheap rent in apartment outside of Chicago. That's what saves me and fiancee.
post #1040 of 1117
Quote:
Originally Posted by anaturalwonder View Post

Quote:
Originally Posted by Based Mod View Post

New year, new money to max out that Roth IRA boys pimp.gif


This.
Speaking of Roth's, if I'm going to just dump money into a Vanguard ETF in an IRA, should I open an IRA directly through them? Other option is opening an IRA through Scottrade (where my brokerage acct is). Advice needed please!
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post #1041 of 1117
I sound like a shill for Betterment at this point but their portfolios are basically all Vanguard products. That plus the fact that they can buy partial shares so every dollar gets put to work.

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post #1042 of 1117
Why not go directly with Vanguard if you're going to purchase Vanguard funds?
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post #1043 of 1117
I would just open vanguard ira account
post #1044 of 1117
I currently max out my 401K, and am looking to open a Roth IRA and maybe a few index funds via Fidelity.

My 401K is currently set up through principal.com. Do I want to leave it separate, or would it be wise to move it over to Fidelity? Is it easier to manage your savings under one brokerage?

And my second question is, would a 10% contribution to a Roth IRA be a good start? Or should I invest 10% in an index fund before contributing to an IRA?
post #1045 of 1117


I'm also at the bookstore right now reading the new Consumer Alerts issue and came across this. Thought it was relevant to everyone in this thread.
post #1046 of 1117
Thanks yall. Just wanted to make sure I wasn't missing anything laugh.gif Gonna see how much I can actually put away separate from my other savings/investment accounts this year.
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post #1047 of 1117

Thinking about starting an IRA myself

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post #1048 of 1117
Quote:
Originally Posted by anaturalwonder View Post

I currently max out my 401K, and am looking to open a Roth IRA and maybe a few index funds via Fidelity.

My 401K is currently set up through principal.com. Do I want to leave it separate, or would it be wise to move it over to Fidelity? Is it easier to manage your savings under one brokerage?

And my second question is, would a 10% contribution to a Roth IRA be a good start? Or should I invest 10% in an index fund before contributing to an IRA?

are you still working there?

 

it you're not working there, it's defin easier to keep track with one account. once i leave the job, after the waiting period, I move everything over into my vanguard IRA. Most company 401/403/IRA selections are often load with fees. 

 

 

if you're still working there, you will have to check your 401k plan and see if they allow a 401k/IRA rollover while still employed. max out, rollover, repeat. I thought about doing this but the yearly paperwork, I decided not too. 

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post #1049 of 1117


Yup, I'm still working there. This is what I'm trying to contribute to in order of importance:

 

1) Build Emergency Fund (should get to my goal around spring 2017)

2) 401K

3) Roth IRA

4) Index Funds (if there's any $ left)

 

Any advice?

post #1050 of 1117

Anyone having issues with Lending Club loans defaulting now? I went several months without a loan defaulting at first. Now, I've had 3 with 3 more about to default and another in grace period over the past year. That 1.6% net return isn't so appealing now. At this point, I'm not sure if I should just stick it back in the bank or look to Prosper.

 

It seems like more loans are defaulting all the time. They pay about half and then just stop. It's like once people think they've paid back the face value of the loan they're done. Pretty strange...

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