I'm now out of the seasonal funk. I didn't but the lamp last night.
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Exengineer
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I'm sure the Indian engineers who designed this structure would be welcomed with open arms by the immigration authorities of the U.S. or Canada as it increases the "diversity" of society and of course increases the supply of engineers to keep salaries down.
I'm sure the Indian engineers who designed this structure would be welcomed with open arms by the immigration authorities of the U.S. or Canada as it increases the "diversity" of society and of course increases the supply of engineers to keep salaries down.
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*cries in financial debt and poor decisions of my youth and not getting married, so making due on a single income*
Not going to lie, moving to a lower COL area with a similar salary to home (NY-area) has made a world of difference!
Not going to lie, moving to a lower COL area with a similar salary to home (NY-area) has made a world of difference!
Orchid PE
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https://www.timesfreepress.com/news/local/story/2019/dec/10/study-predicts-chattanoogwill-be-countrys-hir/510288/
Let's hope my property value goes up! I'm thinking I should buy a rental....
Let's hope my property value goes up! I'm thinking I should buy a rental....
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So, random question, when did you get financially 'all right'. I feel like I'm struggling with the whole single income, but I really don't want to get in a relationship/roommates/married if I don't have to. I know it'll be slow going, but I don't really know if I ever want to buy a house/a rental/whatever. I'd rather throw that money into the market or IRAs and ignore it.https://www.timesfreepress.com/news/local/story/2019/dec/10/study-predicts-chattanoogwill-be-countrys-hir/510288/
LyceeFruit PE
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For anyone, tbh. I get so many conflicting answers.
Definition of 'all right' - Able to pay bills, put maybe 10% of paycheck into regular savings, maaaaaaybe max out the 401k, take a semi-nice vacation each year (like $3k/person max?).
LyceeFruit PE
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Under your definition, I was probably there 2 years after I graduated college.
BUT my mother helped me pay for college a lot more than I was expecting and I got 80% of her GI Bill benefits so I was able to pay off what student loans I had. Plus no car payment. and a small apartment and being pretty thrifty. then lifestyle creep happened and I spent a bit like an asshole. and while I don't have debt now, I don't know if I'd be comfortable with a 3k$ vacation (financially, i'd be ok with it but mentally, no) [but also my idea of a vacation is going backpacking so...]
Master slacker
Something awesome.
Don't guess I'll ever be "all right". I can do all the savings and retirement stuff, but I will never be able to justify $3k / person for vacation, especially every year. And that's "semi-nice"? Sh*t, I don't think we've spent a TOTAL of $3k on vacations over the past 5 years. I can't even imagine what we would do with that budget for a vacation. Maybe you guys making fatty money can weigh in and let me know what I'm missing.
Road Guy
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Seems that things go up the more you make. Mathematically I should be in a very good place , but we are currently helping 2, soon to be 3 through college. Luckily they are going to cost effective schools, but its "always something'" - and note we are "helping" not paying all not really even paying half) We have maxed out our 401K most of the last 15 years, mainly because of the tax benefit you dont really miss the money if you do it early.
We have opted for maxing out 401K over vacations also. Now that the kids are semi grown the wife and I are going to do something like either a live a board or diving the South Pacific, but that is after 27 years of marriage, growing kids, helping with college, etc. I think that will run $10G's and am not looking forward to it, but I am going to try and enjoy it
Instead of vacays when they were younger we did stuff like buy a $6K boat, put it at a marina so we could use it easier, kept it for a few years, used the hell out of it, sold it for $4K, etc.
We have opted for maxing out 401K over vacations also. Now that the kids are semi grown the wife and I are going to do something like either a live a board or diving the South Pacific, but that is after 27 years of marriage, growing kids, helping with college, etc. I think that will run $10G's and am not looking forward to it, but I am going to try and enjoy it
Instead of vacays when they were younger we did stuff like buy a $6K boat, put it at a marina so we could use it easier, kept it for a few years, used the hell out of it, sold it for $4K, etc.
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See, after college I had a ton of debt, and I tried to pay it down, but it's only...5ish years after that I started getting good traction where I could actually afford to throw a little extra to it, and 2 years late (aka: now), I'm seeing the light at the end of the tunnel for a majority of my debt being gone by 2022. I really want to max out my 401k in the future, but not sure how easy that will be until I pay down a majority of this debt. I mean, I know I'm kinda young (31), but I really want to get more serious about this since my 20s were working a job where I wasn't getting paid what I was worth and financially I'm really feeling it now.
As for the vacations....I was talking $3k/person which includes all flights/hotels/everything. Tbh, I don't think I've ever had a vacation like that, but my recent vacation is kinda getting close (but it's a 16-day cruise that requires travel to/from Europe that I really wanted to do with my family). I've always grown up with...realistic vacations with my family. Mostly museums and cheaper stuff, which is fine. I have done a couple vacations that kinda got close to that number, but those were on my own, usually international, as horseback riding vacations (which are ultra specialized/not the norm).
Idk. I just want to feel comfortable saving for retirement, but also being able to...live?
Reasonable definition of all right, however “all right” 2 years out of school doesn’t mean “all right” for life. Marriage/dependents, house vs apartment, etc. can shift things quite a bit. I wish I could plan/budget vacays. Lately our trips are semi-spontaneous trips to see the kids. I end up footing the bill for everything/everybody while we’re there. Not complaining really but I keep telling Mrs MA it’s not a bottomless well of money.
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I make 2 1/2 times my original starting salary, and somehow manage to save considerably less every year than I did back in the day. Even if I exclude hobbies, wife, kid, and home ownership really take its toll.
Road Guy
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But really 31 isnt young in terms of retirement, for us it took us to the 20 year point of where we saw some big gains in our retirement accounts. I bitched when my wife would strongly encourage us to do the max, but now when I look at my accounts I am very glad we did.
However if the student loans and other debt is high interest then defin pay that off first - But usually the pre tax advantage of the 401K doesnt result in as big a hit to your take home pay as it seems..
However if the student loans and other debt is high interest then defin pay that off first - But usually the pre tax advantage of the 401K doesnt result in as big a hit to your take home pay as it seems..
Cost of living plays a huge role. I was able to pay off my student loans and max out my 401k fairly quickly since the mortgage on my first house (with insurance and taxes) was about $800/month. But the tradeoff was living in a 120 year old house (not a quaint charming house either) in a not-great neighborhood. But I can't comprehend how people can get ahead paying $2k+ in rent in a big city.
JayKay it sounds like you're on the right track. You've lowered your expenses, so now you can put enough in your 401k at least to get the match, then focus on paying off your debt (and build an emergency savings) before you try to max out your retirement savings.
And you have to have something budgeted for fun money, otherwise you'll go crazy. If $3k vacation is your thing then go for it! Or have avacado toast every day!
JayKay it sounds like you're on the right track. You've lowered your expenses, so now you can put enough in your 401k at least to get the match, then focus on paying off your debt (and build an emergency savings) before you try to max out your retirement savings.
And you have to have something budgeted for fun money, otherwise you'll go crazy. If $3k vacation is your thing then go for it! Or have avacado toast every day!
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I've always contributed at least the match to my 401k, so I do have some money socked away, but the grind of paying off loans and other stupid debt from my youth is just getting me frustrated. I also lived on LI/Suffolk County, which according to numerous studies, is one of the most expensive places to live in the US...it was the COL + rent + gas prices + the fact that I had to travel everywhere that were slowly eating away at anything I tried to save. When fillups for your car costs $500+ a month due to driving almost 5k miles for work, and your rent is around $1200/month for a crappy illegal basement apartment with a single window, a starting salary of $55k isn't going too far not even counting the student loan repayment.
The move to a new city/new job with a lower COL is really giving me some breathing room so I'm planning on using this year to 'breath'/get finances in order/make a serious plan, but I just...get angry at myself for making these choices when I was younger. Plus, it doesn't help that I have friends who are getting married/have the double income and are complaining about 'not having money' when they're splurging.
I know, I know, slow and steady wins the race, but...I just wish I could have figured this out sooner when I was young.
The move to a new city/new job with a lower COL is really giving me some breathing room so I'm planning on using this year to 'breath'/get finances in order/make a serious plan, but I just...get angry at myself for making these choices when I was younger. Plus, it doesn't help that I have friends who are getting married/have the double income and are complaining about 'not having money' when they're splurging.
I know, I know, slow and steady wins the race, but...I just wish I could have figured this out sooner when I was young.
Just keep in mind, it seems like the majority of people you meet are way over their head in debt, but don't let anyone know about it. We live across the street (literally) from a very well-to-do part of the city, and I was stunned to see that our household income was nearly 50% HIGHER the average income of that area. We're talking half million dollars for a "starter home" in that area (we paid nowhere near that price and bought during the recession), cheapest car you see is a BMW, etc. These people just live off credit card debt and minimum payments. A handful of them seem to be gifted a golden egg (inheritance/trust fund), but that seemed to be the minority (based on the blabbermouths who go to my wife's salon).
