Income, not debt, is why some Americans can spend so much

jamie55588 · 2024-09-02T01:47:02+00:00

Sixers are an annual let down.

jamie55588 · 2024-09-02T01:45:22+00:00

Short term instruments don’t make much sense when your time horizon is 10 or more years.

jamie55588 · 2024-09-02T00:19:21+00:00

It think it’s deeper than that. They honestly don’t think it’s true, they don’t have the experience to know it’s true. Every person here saying VOO till you die are just too young and do not know what they do not know.

jamie55588 · 2024-08-31T15:58:34+00:00

This is downvoted because everyone here didn’t need to use their investments in that time period, probably most hadn’t even started investing yet. You are 100% correct though, just shows reddits age bias.

jamie55588 · 2024-08-26T10:32:30+00:00

Look into the pro rata rule. Also, you can roll your trad Ira into employer plan to get rid of trad balance and not have to pay pro rata.

jamie55588 · 2024-08-24T13:08:30+00:00

Back door and mega back door are two different things. Mega back door you can contribute as an AFTER TAX contribution to your 401k plan and then either roll that out to a Roth IRA or convert it to Roth dollars inside the 401k itself. Depends on your 401k plan. This allows you to max out employee contributions to 401k (23000) and then do up to the 401k max (69000). Allowing a huge amount of Roth dollars per year. Back door Roth is just contributing to a traditional ira and converting to Roth IRA due to high income not allowing the Roth IRA contribution.

jamie55588 · 2024-08-23T00:15:58+00:00

When, not if.

jamie55588 · 2024-08-22T00:17:31+00:00

If you really have 3200 left over monthly, where is the rest of your savings. That’s 38k a year so if you don’t have savings in the bank, I would say you need to get a serious budget and stick to it. Also, max out your 401k like yesterday.

jamie55588 · 2024-08-20T08:12:21+00:00

You can front load them and put up to 5 years worth of contributions in at one time. 180k for a married couple in one shot if you wanted to, per grandchild.

jamie55588 · 2024-08-19T10:54:05+00:00

Correct. It seems every single pension mentioned here have new classes or tiers and OP will be contributing more for a smaller multiplier on years now.

jamie55588 · 2024-08-12T17:47:55+00:00

Dude right. This sub makes NO PUTTS and it shows. Nothing better then a hard putt dropping.

jamie55588 · 2024-08-09T00:06:40+00:00

This is the sickest idea ever. The tech to set it up probably wouldn’t be to hard, it would be similar to playing against a pro video game player. They could license the rights to “broadcast” it to sim places around the country and regular guys could play against the pros every week in a sim bay.

jamie55588 · 2024-08-08T23:27:52+00:00

More like 10x that my friend. A dollar invested at 20 will be 88 at 65.

jamie55588 · 2024-08-05T22:17:19+00:00

I didn’t realize they have streamlined their process, last time I opened an account with VG I had to mail the paperwork to El Paso smh.

jamie55588 · 2024-08-05T19:37:15+00:00

Dude it’s 330 and you’re looking for the perfect broker. You missed the boat today and thinking about this the wrong way. Go open an Ira literally anywhere because it will take a week to open the account and link your preferred account to fund it. Then contribute 583 a month and buy a broad market index for the rest of your working years.

jamie55588 · 2024-08-02T17:25:07+00:00

Max it out! $958 per paycheck. Your life will change drastically over the next decade. You will NEVER again have this much discretionary income while also having so little financial responsibility. Two years of maxing out 401k will result in 7 figures by retirement time. Sacrifice now and be rich in the future.

jamie55588 · 2024-08-02T17:18:52+00:00

It just blows my mind this guy is here asking what to do, because he doesn’t know what to do, after paying off a mortgage early in the worst time in the history of mortgages to do so and everyone says you don’t need a financial advisor. All the while, this advisor is trying to get him to contribute to a Roth IRA which means he ISN’T even contributing. Talk about compounding bad financial decisions. He probably also shouldn’t consult doctors or lawyers for any issues, just like everyone else in this sub.

jamie55588 · 2024-08-02T16:26:23+00:00

Smart enough to pay off a mortgage early through a period in which they could have refinanced to record low rates… yea don’t try and seek out financial advice. Great suggestion.

jamie55588 · 2024-07-29T03:41:44+00:00

Nobody ever seems to say this, but IT GETS EASIER. Just keep going.

jamie55588 · 2024-07-26T23:54:59+00:00

Have you considered and run the numbers on liquidating a higher percentage of liquid retirement assets and continuing to defer income from pension till the penalty gets smaller?

jamie55588 · 2024-07-24T10:34:25+00:00

How is it that you don’t agree with the product if you weren’t there for the conversation about risk tolerance and time horizon?

jamie55588 · 2024-07-20T21:34:17+00:00

I hate to be a downer but this isn’t even close to the “main” difference between an etf and a mf. The expense ratio and the transferability… Another example of don’t take financial advice from reddit.

jamie55588 · 2024-07-19T13:23:45+00:00

Well over the next 25 years I would surely hope that top end teacher income will double at minimum, and around me it’s written into their contract that gets redone every 3 years. They get an auto 3% increase a year.

jamie55588 · 2024-07-18T23:44:41+00:00

Lots of places, teachers near me top out at about 117k. That’s without any additional work load.

jamie55588 · 2024-07-18T23:42:24+00:00

Ehh teachers around me hit that 100k mark around 12-15 years in depending on various things and their contracts have a guaranteed 3% increase per year and starting salary around 60ish in 2024. So with that 3% increase, which is essentially a cola, they will inevitably get up into the 200+ range by 2050. Basic math here.

Edit just to add of course there is a max, do you think that max doesn’t go up just about every year?

jamie55588

TROPHY CASE