Therzdayz Thread

Win TWINS!!! said:
That couldn't be further from the truth....

I have clients hitting their 30s now, that began working with me out of college. Some had student loans, others were fortunate and without.... They are all well into the 6 figures in their 401(k)s and other retirement vehicles.

The ONLY reason? They started early.
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I put about 14% of my gross into a mixture of 401k, Roth IRA, and Roth 401k (not including my employer match), and 2% ESPP. I have this, in addition to my insured pension... Then just "play money" in Robinhood.

I just don't see the value of seeking professional help until my assets are built up enough, or I get into more tricky tax scenarios.

Make sure I have 3 - 5 months expenses, max my employer match, put at least 10% (bare, bare minimum) into retirement accounts.
 
gobucks0409 said:
I put about 14% of my gross into a mixture of 401k, Roth IRA, and Roth 401k (not including my employer match), and 2% ESPP. I have this, in addition to my insured pension... Then just "play money" in Robinhood.

I just don't see the value of seeking professional help until my assets are built up enough, or I get into more tricky tax scenarios.

Make sure I have 3 - 5 months expenses, max my employer match, put at least 10% (bare, bare minimum) into retirement accounts.
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I for one think you should follow the advice of the financial planner telling you to get yourself a financial planner.
 
Win TWINS!!! said:
That couldn't be further from the truth....

I have clients hitting their 30s now, that began working with me out of college. Some had student loans, others were fortunate and without.... They are all well into the 6 figures in their 401(k)s and other retirement vehicles.

The ONLY reason? They started early.
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I SHOULD have more, though, right now... Not because of any planning. Just less bars
 
Win TWINS!!! said:
Say you have a mortgage (i'm only gonna use round numbers for simplicity's sake) of 3%, and you are able to deduct the mortgage interest from your earnings, making your NET INTEREST around 2%.

All you need to AVERAGE in gains each year, is 2.01% and you are ahead.

The ONLY benefits of paying off early, is peace of mind, and "freedom" from not having to make the monthly payments.

Most people fail to plan. Others plan, to fail.

You are halfway to the first. Congrats on at least putting consideration into it. What people fail to do, though, is to consider tax implications, on BOTH sides of that retirement line.

Whether you'd want to listen to this or not, you'd be better served to take excess $$$ paid towards debt obligations (UNLESS it's credit/revolving), and shifting it towards a Roth IRA to build up tax free retirement income, while still having it somewhat liquid during your earning/working years.

Now - if you don't have a rainy day fund, get one of those before anything.... regardless of what interest rates are.
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at this juncture I have a 15 year mortgage, I'm not paying extra and would probably shift extra into retirement. I'm not going to do 30 year mortgage to have lower payment in put different into roth

I'm saving aggresively for retirement and paying off debt aggresively.

not having kids moved up retirement 10 years, at least

Again, I get the logic of people who do it different, it's the path I chose

Only debt I have is mortgage and the wifes car

also due to change in tax law, i no longer itemize. I previously itemized, but it came out to same as the now standard, so for me it was no change. also resulted in me not getting a tax cut, but 2/10 PF to continue that
 
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gobucks0409 said:
I SHOULD have more, though, right now... Not because of any planning. Just less bars
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i always like here is a trick to do this faster

the "trick" is always same, save more or pay down debt faster. There is no magic bullet
 
gobucks0409 said:
I put about 14% of my gross into a mixture of 401k, Roth IRA, and Roth 401k (not including my employer match), and 2% ESPP. I have this, in addition to my insured pension... Then just "play money" in Robinhood.

I just don't see the value of seeking professional help until my assets are built up enough, or I get into more tricky tax scenarios.

Make sure I have 3 - 5 months expenses, max my employer match, put at least 10% (bare, bare minimum) into retirement accounts.
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Feel free to hire me. I can do manage your money on the side
 
Guy Incognito said:
Choice of soups for lunch here, my mom gave us kale and bean soup, and we made autumn chowder last night. Probably will give the kale one a whirl just for the hell of it.
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i'm having beer and fried chicken for lunch
 
PnkPanther said:
not having kids moved up retirement 10 years, at least
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THAT is saving you hundreds of thousands right there.....

My oldest just got her license.... :facepalm:

So not only that added expense, but also the added worries....
 
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gobucks0409 said:
Make sure I have 3 - 5 months expenses, max my employer match, put at least 10% (bare, bare minimum) into retirement accounts
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I have my clients save at least 12%, to account for the fees you're paying for having access to those buckets.

I never understood where the "save 10%" for retirement came from.
 
Win TWINS!!! said:
I have my clients save at least 12%, to account for the fees you're paying for having access to those buckets.

I never understood where the "save 10%" for retirement came from.
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Well, the goal is to save 20%, but I can't quite get there yet (at least not at the moment... When I move in with the gf, I should)
 
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