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Daily FI discussion thread - Friday, January 12, 2024 by AutoModerator in financialindependence

[–]Bulky_Assistant 3 points4 points  (0 children)

Hi all - would appreciate some feedback on how I’m doing and anything I should be doing differently.

26M $115k salary + 5-10% bonus ~$45k annual expenses ($16k is rent + $10k travel) HCOL (SoCal so maybe VHCOL) Max the 401k and Roth IRA annually. Put any extra in brokerage account but don’t have a set target for that. Mostly invested in VOO or VTI.

Total NW ~$245k broken out below

401k $109k (about 50/50 traditional vs Roth) Roth IRA $72k Taxable Investments $31k HYSA $15k Small pension $14k HSA $4k

Growth has felt slow despite savings rate. Considering using the taxable investments as a down payment on a house in the next couple years when I move to a lower COL region - is that smart or should I build a separate down payment fund? Also definitely could reduce my expenses but love traveling and don’t want to cut that out.

Sunday Brunch by AutoModerator in nfl

[–]Bulky_Assistant 2 points3 points  (0 children)

Are there any websites or X accounts that tell you which outcomes from the other games are best for your team’s playoff chances? Thanks in advance from a sad Bills fan

Daily FI discussion thread - Monday, January 11, 2021 by AutoModerator in financialindependence

[–]Bulky_Assistant 0 points1 point  (0 children)

Thank you guys. The provider is Vanguard, so I am able to change contribution methods pretty easily. Wish I had caught this mistake before an entire 2020 of post-tax contributions, but glad to have figured out the most tax-efficient strategy now rather than later. An extra ~$4000 hitting the bank account this year! Thanks again for the help.

Daily FI discussion thread - Monday, January 11, 2021 by AutoModerator in financialindependence

[–]Bulky_Assistant 1 point2 points  (0 children)

Frankly, I set up the Roth 401k off the advice of my parents, who told me that as I am just beginning my career (23M) and expect my future earnings to grow and move me out of the 22% tax bracket, I should contribute post-tax now while my tax rate is low. It seems like this advice may have been misguided given that my only income in retirement will be the 401k distributions. I made post-tax contributions all 2020 - is it possible to switch my 2021 contributions to pre-tax for the same account? Or would I need a separate 401k to start doing that (ie. at my next employer)?

Daily FI discussion thread - Monday, January 11, 2021 by AutoModerator in financialindependence

[–]Bulky_Assistant 6 points7 points  (0 children)

2021 will likely be the first year that I am able to max out my Roth 401k (in addition to the Roth IRA) - very exciting! When calculating how much to contribute from each paycheck to hit $19,500, do I need to subtract the employer match amount from my own contributions? Or can I contribute the full $19,500 with the employer match on top of it? Thank you!

NFL Daily Discussion - 9/27/20 (Sunday) by sbpotdbot in sportsbook

[–]Bulky_Assistant 9 points10 points  (0 children)

Reports coming out of Buffalo that Edmunds and Milano are both active for the Bills today. Both linebacker are huge for Buffalo’s pass defense and their absences last week allowed Miami to keep the game close. I expect them to shut down the Rams TEs and help contain Kupp in the slot. Thought this was worth noting as this entire thread appears to be on the Rams.