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People still ask what other people make a month on NT?
NT: Official Personal Finances Thread
- 2,079
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- Apr 27, 2009
Wow starting off your career in that kind of program is GREAT. VERY jealous. I'm about 4 yrs into my career and managed to get into something similar just recently.
GE by any chance? That program turns out A LOT of future leaders. Good for you, man. Hopefully your employer will also sponsor advance degrees, as that combo could be killer!
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- 3,858
- 4,736
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- Apr 5, 2012
Can anyone let me know if my tax calculations are correct (California)? It'll be my first time doing taxes for a full year salaried job in the US.
This is what I expect in 2016 (just going to use 2014 tax rates though):
$58,500 salary
$3,500 certification bonus
-$5,500 Roth IRA contribution
-$12,400 deduction (will get hitched in 2k16)
-$7900 exemptions
=$36,200 Federal Taxable income
$58,500 salary
$3,500 certification bonus
-$5,500 Roth IRA contribution
-$216 deduction
-$7984 exemption
=$48,300 California taxable income
=$4,069 federal tax (based on 2014 rates)
=$1,727 state tax (based on 2014 rates)
Take home = $49,798
Per month = $4,150
*Didn't include student loans, but wtv...too much effort.
*Also realized I didn't take into account Soc. Sec, Health Care, etc. FML.
This is what I expect in 2016 (just going to use 2014 tax rates though):
$58,500 salary
$3,500 certification bonus
-$5,500 Roth IRA contribution
-$12,400 deduction (will get hitched in 2k16)
-$7900 exemptions
=$36,200 Federal Taxable income
$58,500 salary
$3,500 certification bonus
-$5,500 Roth IRA contribution
-$216 deduction
-$7984 exemption
=$48,300 California taxable income
=$4,069 federal tax (based on 2014 rates)
=$1,727 state tax (based on 2014 rates)
Take home = $49,798
Per month = $4,150
*Didn't include student loans, but wtv...too much effort.
*Also realized I didn't take into account Soc. Sec, Health Care, etc. FML.
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- 4,758
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- Joined
- Nov 6, 2012
@ModernDarwin there are paycheck calculators.
Here is one:
http://www.bankrate.com/calculators/tax-planning/hourly-paycheck-tax-calculator.aspx
I'm trying to find the one that compares your paycheck with different withholding, if I can find it I will post it.
Here is one:
http://www.bankrate.com/calculators/tax-planning/hourly-paycheck-tax-calculator.aspx
I'm trying to find the one that compares your paycheck with different withholding, if I can find it I will post it.
- 34,955
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- Joined
- Aug 4, 2005
Appreciate it fam! It is not GE,but I did interview for their Edison program.
I'm fortunate that my company really supports future learning. Right now I have my FE/EIT and I plan on pursuing my PE once I'm eligible. I'm gonna start my masters in mechanical next spring and my MBA in a few years. After that I think I'm done building my resume
My mindset has always been to equip myself with as many things to stand out. Some people might call it being over qualified but I'd rather be that than under qualified
- 4,758
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- Nov 6, 2012
@af1 1982 I agree, there is a pretty clear set of advanced degrees that people in executive positions have obtained. I am on the same path, finishing my MSE in Systems Engineering by 25 then getting an Executive MBA after that hopefully by 28. Knocking out all degrees before life happens.
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- Jul 9, 2011
Guys I need help. I make about 2000 a month working 2 part time jobs over the summer. However I'm trying to go back to school in August with about 5000. However lately I have been naturally tempted to splurge/spend my money on things such as clothes/sneakers,etc. Seeing all these releases go by me is killing me. Do you guys have any tips to keep me from spending frivolously?
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- 10,915
- 2,735
- Joined
- Apr 30, 2011
Grow up
- 918
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- Jul 9, 2011
Fair enough.
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- Jul 29, 2012
Just looking at it Roth IRA aren't deductible, only traditional IRAs are. ROTH IRA you put money in, and it's taxed immediately, so when you're making 100k when you're 60+ yrs/old you can take it out and be taxed at 0%. While a traditional IRA, you get the tax break immediately, the gov't says "Okay, this guys putting his money into an investment account, we're not going to count it against you". But when you take that money out, and you're making 100k, you'll be taxed at the 33% (hypothetical that depends on future income bracket/limits). Student loans just count the interest and it's fully deductible dollar for dollar under 65k, if you make 65k+-80k it is gradually phased out, and completely phased out over 80k+ income.
My big suggestion to everyone is to have your $ make $. Don't just have it sit in the bank account or in the safe, you'll lose to inflation. Inflation has been about 2-3% every year, meaning your $ isn't worth as much by 2% every year. Invest in something, anything that beats that. Stock Market if you invest in any of the index funds. Dividend paying stocks. You can pick a fund filled with Dividend aristocrats (Coca-cola, ATnT, electric companies etc.) which have been upping their dividend every year for more then 30 years. Dividends are a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits, or you can have it reinvested in the dividend stock = compound interest.
Invest in your 401k to companies match, it's free $ provided by the company.
Real estate- Buying a house is an investment because you get equity, all the $ you put into your monthly payments you can take out at a later date. You can "cash out refinance" and get cash along with better loan terms after certain timeframes/amounts paid (and depending on interest rates). Find properties that pay for themselves and give you cash at the end of the day. There are areas where it is cheaper to buy a house, than it is to rent. If you don't want the hassle of being a landlord, hire a good property manager, and have them do it all (for about 10% of rents).
If you're not into finding the properties, and just have cash you want to invest in real estate, you can look into REITs, which are a type of stock that invests into real estate and pays dividends (often around 10%). The downside is since the dividend is so high, they are taxed at whatever your tax bracket is. So, if you're making 400k (Top income bracket, taxed at 39.6%-->~40%), and make 1000$ in dividends, they are taxed at that top income bracket thus you are making roughly 600$. (Note: This is the most extreme example, it is a very viable strategy to invest in REITs, especially if you have tax shelters or if they are in an IRA account, the dividends will be tax-deferred.)
If you want to get into real estate with lump sums of $, but not the REITs. You can look into turn-key real estate investments. The idea is that the investor buys a property and cash flows day 1 of purchase because the cost of the rental is > than cost of mortgage, thus creating a stream of income. The turnkey companies will find a property, "Flip it" (make repairs, renovations, etc.), then they rent it out and become your property manager (If you choose). How do they make money? They make money on the flip, the cost of the house is of the refurbished house, so they're charging you a premium to start off (They buy at wholesale, fix it up, charge you retail, then rent it out). Then they make money as the property managers.
I make 4k a month, "take-home". I thought I made a decent wage here in California, but it seems like the norm around here
-250$ auto-deposits in Roth
-~300$ Auto-pay student loans
-30$ gym, 70$ car insurance auto-pay
-1000$ rent (looking to get me a condo)
-~700$ food/entertainment
Save ~1.5k
- 10,915
- 2,735
- Joined
- Apr 30, 2011
No, but for real. Stop caring about superficial things like that. Look at things on a grander scale. Be content with what you have now. Even though you don't get instant gratification when it comes to stacking your chips, have faith that the money you didn't spend this past weekend on the low breds will save yourself from hardship in the future.
Splurging gets the best of us sometimes, but splurging isn't splurging when you're throwing money away on a regular basis.
Only thing I'm gonna say is that the time to get into the stock market was 4-5 years ago. You guys will be buying the top and buying overbought stocks.
I would avoid the stock market for now. As always, do your own research and due diligence. As you do your research, review historic returns in the market and historic PE ratios compared to the current market.
I would avoid the stock market for now. As always, do your own research and due diligence. As you do your research, review historic returns in the market and historic PE ratios compared to the current market.
- 4,758
- 1,409
- Joined
- Nov 6, 2012
I am trying to decide what best case scenario would be for me when it comes to 401K , roth & traditional IRA contributions.
"Company matches 100% of employees’ contributions up to the first 3% of eligible compensation they save for the first five years. After five years, Company
matches an additional 1%, for a total contribution of 4%. You are immediately 100% vested in the company match."
I know that I have contributed $1347 and the company has contributed $577. Which seems to be much more than matching the first 3% , so I am confused as to the the max I should contribute to get the 100% match.
My plan is to contribute 3% (max for 100% match) into my 401k I can go traditional or roth. Not sure which one to go with here, I am thinking traditional because of the match.
Then to place an additional 7% into an outside Vanguard account also not sure if I should do roth or traditional here.
"Company matches 100% of employees’ contributions up to the first 3% of eligible compensation they save for the first five years. After five years, Company
matches an additional 1%, for a total contribution of 4%. You are immediately 100% vested in the company match."
I know that I have contributed $1347 and the company has contributed $577. Which seems to be much more than matching the first 3% , so I am confused as to the the max I should contribute to get the 100% match.
My plan is to contribute 3% (max for 100% match) into my 401k I can go traditional or roth. Not sure which one to go with here, I am thinking traditional because of the match.
Then to place an additional 7% into an outside Vanguard account also not sure if I should do roth or traditional here.
- 497
- 91
- Joined
- Feb 15, 2012
I wish I could rep you a million times. Thanks for this man.
Just looking at it Roth IRA aren't deductible, only traditional IRAs are. ROTH IRA you put money in, and it's taxed immediately, so when you're making 100k when you're 60+ yrs/old you can take it out and be taxed at 0%. While a traditional IRA, you get the tax break immediately, the gov't says "Okay, this guys putting his money into an investment account, we're not going to count it against you". But when you take that money out, and you're making 100k, you'll be taxed at the 33% (hypothetical that depends on future income bracket/limits). Student loans just count the interest and it's fully deductible dollar for dollar under 65k, if you make 65k+-80k it is gradually phased out, and completely phased out over 80k+ income.
My big suggestion to everyone is to have your $ make $. Don't just have it sit in the bank account or in the safe, you'll lose to inflation. Inflation has been about 2-3% every year, meaning your $ isn't worth as much by 2% every year. Invest in something, anything that beats that. Stock Market if you invest in any of the index funds. Dividend paying stocks. You can pick a fund filled with Dividend aristocrats (Coca-cola, ATnT, electric companies etc.) which have been upping their dividend every year for more then 30 years. Dividends are a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits, or you can have it reinvested in the dividend stock = compound interest.
Invest in your 401k to companies match, it's free $ provided by the company.
Real estate- Buying a house is an investment because you get equity, all the $ you put into your monthly payments you can take out at a later date. You can "cash out refinance" and get cash along with better loan terms after certain timeframes/amounts paid (and depending on interest rates). Find properties that pay for themselves and give you cash at the end of the day. There are areas where it is cheaper to buy a house, than it is to rent. If you don't want the hassle of being a landlord, hire a good property manager, and have them do it all (for about 10% of rents).
If you're not into finding the properties, and just have cash you want to invest in real estate, you can look into REITs, which are a type of stock that invests into real estate and pays dividends (often around 10%). The downside is since the dividend is so high, they are taxed at whatever your tax bracket is. So, if you're making 400k (Top income bracket, taxed at 39.6%-->~40%), and make 1000$ in dividends, they are taxed at that top income bracket thus you are making roughly 600$. (Note: This is the most extreme example, it is a very viable strategy to invest in REITs, especially if you have tax shelters or if they are in an IRA account, the dividends will be tax-deferred.)
If you want to get into real estate with lump sums of $, but not the REITs. You can look into turn-key real estate investments. The idea is that the investor buys a property and cash flows day 1 of purchase because the cost of the rental is > than cost of mortgage, thus creating a stream of income. The turnkey companies will find a property, "Flip it" (make repairs, renovations, etc.), then they rent it out and become your property manager (If you choose). How do they make money? They make money on the flip, the cost of the house is of the refurbished house, so they're charging you a premium to start off (They buy at wholesale, fix it up, charge you retail, then rent it out). Then they make money as the property managers.
I make 4k a month, "take-home". I thought I made a decent wage here in California, but it seems like the norm around here.
-250$ auto-deposits in Roth
-~300$ Auto-pay student loans
-30$ gym, 70$ car insurance auto-pay
-1000$ rent (looking to get me a condo)
-~700$ food/entertainment
Save ~1.5k
- 8,333
- 216
- Joined
- Feb 6, 2011
From another area of the Internet I frequent:
SomethingAwful Business, Finance, and Careers forum... I have spent a lot of time reading there.
SomethingAwful Business, Finance, and Careers forum... I have spent a lot of time reading there.
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- Jul 26, 2002
Truth.
- 1,346
- 426
- Joined
- Oct 10, 2012
Which Roth IRA/IRA accounts are good/best to open for a part time worker who's salary isn't "balling" yet? Or which ones are advisable? I was looking at Wells Fargo and one through the credit union a couple of days ago but I waited - thread came at the right time.
- 34,955
- 16,851
- Joined
- Aug 4, 2005
Who do ya'll invest with?
I have about $800 from my tax refund I was just going to invest. Vanguard, who my parents have good experiences with, requires a couple thousand to open an account while other places only require a couple hundred.
Should I go Vanguard and wait? Or invest immediately?
I have about $800 from my tax refund I was just going to invest. Vanguard, who my parents have good experiences with, requires a couple thousand to open an account while other places only require a couple hundred.
Should I go Vanguard and wait? Or invest immediately?
- 10,748
- 14,738
- Joined
- Aug 12, 2013
Your agency matches the first 3 percent of YOUR SALARY (not your contribution) on a dollar for dollar basis, which effectively doubles your contribution. So say you make $70k. Once you have contributed $2100 (3%), the agency has contributed $2100 of their own, they will not provide any additional money. It would be stupid to not contribute at least $2100 a year since that is free money they are giving you.
Someone can correct me if I'm wrong here since I'm a bit confused as well. But for example I've saved $2,220 to date this year and my company has matched $886. It's almost the same ratio as you have right now (40-42% of the savings have been matched by the company). I am not sure why this wouldn't be exactly the same amount matched at the moment since I know we are both making more than $30k.
It may be they match 40% of your contributions, up until 3% of your salary. Damnit, now I have to go look at my own accounts more carefully to understand this
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- 4,758
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- Joined
- Nov 6, 2012
@Hennessy thanks so just contributing 3% per paycheck is enough? Which is what I plan on doing next year.
- 10,748
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- Joined
- Aug 12, 2013
I believe so. But what you're getting right now they haven't matched your contributions 100% and you are definitely under 3% salary. It's the same way for me too, though.
So I don't know if 3% every paycheck is enough since right now you're only matched 42%.
Gonna look into it more to try to understand better.
I guess take 3% of salary to get that magic number. Then look at the trend on your paystub as to what you have saved and how much they have matched, in this case 42%, to figure out how effectively hit that ceiling spread evenly across all your paychecks.
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- 4,271
- 267
- Joined
- Oct 28, 2005
$2400 after taxes for the month
$800 rent
~$200 gas
~$250 food
~$300-500 for entertainment/going out
save between $500-$1,000 per month, really just depends on the month
$800 rent
~$200 gas
~$250 food
~$300-500 for entertainment/going out
save between $500-$1,000 per month, really just depends on the month
- 12,734
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- Jul 3, 2012
This Thread is GOLDEN.
sneaksoy
Supporter
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- May 11, 2007
Your confusion had me all confused
if your employer is matching 3% of your total salary, you have to contribute 3% to get that. If the total match is only 40% of what you've contributed, then you're contributing much more than 3% of your salary. Henny it looks like you're contributing ~7.5% of your salary right now (of which 3% is being matched)Out of curiousity, do you know what firm is in charge of your company's 401k plan? For instance our company uses Merrill Lynch and I've found their online platform extremely easy to use. I can adjust my investment selections, contribution rate, etc etc online in a couple clicks. Extremely handy if you need to adjust your contribution rate especially.
- 10,322
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- Apr 28, 2010
@Fontaine @crcballer55 I enjoy reading your guys's posts so much. Same goes for a bunch of other posters in this thread!
Can you guys tell me what are some signs we're seeing now that were also present pre '07.
Can you guys tell me what are some signs we're seeing now that were also present pre '07.
