[quote]malonetd wrote:
Schwarzenegger wrote:
Rock, perhaps their career automatically included a retirement or 401k plan, so they never see the money from their paycheck for that and don’t count it. Then again maybe they just suck at life.
Exactly. I don’t see it and don’t count it as income.[/quote]
Oh yeah fine…get all logical and shit.
I’m in Australia but our dollar is pretty close to the US at the moment, and the figures below are in USD
Rent - 670
Entertainment & clothes etc. - 500
Food - 460
Paying off Credit card - 370
Car loan - 150
Supplements - 150
Fuel (gas) - 70
utilities - 60
gym - 60
health insurance - 45
mobile phone - 40
internet - 30
car insurance - 20
total - $2625
yearly - $31500
income (before tax) - $50k
ok, shit that looks really bad. credit card will be paid off in roughly 6 months though, and hopefully the car loan not too long after that. I’m looking at purchasing my first house next year so I might have to look at cutting some of that down!
[quote]cevet wrote:
i live on $354 (aus) a forthnight…[/quote]
How do you live on $354 a fortnight? Are you still at home?
Seeing these expenses hope I get at least a $40,000+ job when I graduate in the next 2 or 3 semesters. And hopefully my parents will be gracious enough to let me stay with them while I get out of debt, or at least make it manageable.
And if this doesn’t happen…
[quote]Rockscar wrote:
Doesn’t anybody have an IRA or 401k they deposit money in each month or am I the only one? I don’t see any future retirement saving expenses here.
Or am I just too fkg old?[/quote]
I included it in “Planned Savings” along with kids’ college funds.
DB
when do people usually start saving for retirement? im 25, so i figured it is a little early, plus i know fuck all about that whole deal.
[quote]mazilla wrote:
when do people usually start saving for retirement? im 25, so i figured it is a little early, plus i know fuck all about that whole deal.[/quote]
It’s never too early to start to save for retirement. If you’re with a company that offers a 401k, get set up into that and at least contribute the percentage they match. Companies match dollar for dollar from 3% to as much as 10%. So whatever you put in up to their percentage match is free money. Do it.
If you’re not with a company that offers such, start an IRA and contribute as much as you can to it.
I’m trying to boost my contribution as high as I can.
[quote]mazilla wrote:
when do people usually start saving for retirement? im 25, so i figured it is a little early, plus i know fuck all about that whole deal.[/quote]
Yeah, Bigragoo is right.
Check out Dave Ramsey’s work. He does a good job of explaining financial stuff, how to get out of debt, and how to retire with a nice sum of money.
[quote]mazilla wrote:
when do people usually start saving for retirement? im 25, so i figured it is a little early, plus i know fuck all about that whole deal.[/quote]
I started at 20.
[quote]Rockscar wrote:
Doesn’t anybody have an IRA or 401k they deposit money in each month or am I the only one? I don’t see any future retirement saving expenses here.[/quote]
I have 10% automatically deducted from each paycheck (pre-tax) and placed into my IRA. I am going to increase it in the new year. I sure wish I had started when I was younger.
My parents take care msot house debt.All I got is a car note ($250 roughly, it’s used) an $200 on food, I buy alot @ farmers markets an eggs in the country an frEsh meat from farmers and I hunt.
weed - $1200/mo.
[quote]VanderLaan wrote:
Rockscar wrote:
Doesn’t anybody have an IRA or 401k they deposit money in each month or am I the only one? I don’t see any future retirement saving expenses here.
I have 10% automatically deducted from each paycheck (pre-tax) and placed into my IRA. I am going to increase it in the new year. I sure wish I had started when I was younger. [/quote]
can you designate the percentage you deduct?
[quote]mazilla wrote:
VanderLaan wrote:
Rockscar wrote:
Doesn’t anybody have an IRA or 401k they deposit money in each month or am I the only one? I don’t see any future retirement saving expenses here.
I have 10% automatically deducted from each paycheck (pre-tax) and placed into my IRA. I am going to increase it in the new year. I sure wish I had started when I was younger.
can you designate the percentage you deduct?
[/quote]
That’s generally how its done. Most companies outsource the benefits to a third party contractor. You start by selecting the percentage you want deducted pre-tax from your paycheck. I believe the pre-tax deductions max out at 20%. Generally you would want to deduct at least the amount that your company will match you for. So if “Bob’s Widgets” offers 4% 401k matching, then it would behoove you to set your own deductions to 4%. As you adjust to the new job and the new pay then increase it as you desire.
Once the initial deduction is set you can select which markets to invest in. Which are again broken down by percentages rather than absolute values. If your young then I would invest heavily into the most aggressive markets with the greatest potential for growth. With youth you have less money to lose and more time to recover. For older gents they have more money to lose and less time to recover, so for them bonds/funds offer more security, but less potential growth.
[quote]APE. wrote:
My parents take care msot house debt.All I got is a car note ($250 roughly, it’s used) an $200 on food, I buy alot @ farmers markets an eggs in the country an frEsh meat from farmers and I hunt.[/quote]
Why do your parents pay your house debt? and what exactly is house debt? a mortgage?
Bujo is on the money (pun intended).
I can elect a percentage of my income that is taken pre-tax and it is automatically invested into several mutual funds that I have chosen. However, there is a limit to the amount that you can put into the fund pre-tax. I work for the state and under their program, I can elect to invest up to $8k a year pre-tax. This is $3k more than what the Feds allow. Sadly, the funds that are available to me under the state program are a bit limited. While they do run the spectrum of risk, some of them are good and some are dogs. That said, I invest in the good ones and find alternatives to the dogs outside of my work program (as you would expect). I also invest in a Roth IRA.
rent- $315
Utilities(which also includes net and cable)- $40-$70
Food- $150
Gas- $45
Video games- $100
Insurance- $90
so i could live on about $9300 for a year… gotta love living in a tiny room in a guys basement… even comes with access to a nice weight room so i save even more on it.
[quote]neally87 wrote:
rent- $315
Utilities(which also includes net and cable)- $40-$70
Food- $150
Gas- $45
Video games- $100
Insurance- $90
so i could live on about $9300 for a year… gotta love living in a tiny room in a guys basement… even comes with access to a nice weight room so i save even more on it.[/quote]
"Everybody spread the word’
“I live in my sisters basement”
I couldn’t help but think of the wedding singer…sorry dude.
[quote]Nate Dogg wrote:
Cable/Internet: FREE (paid for by my job since we handle the advertising for Cox Media in our area - a nice perk of my job valued at $150 a month).
[/quote]
That would explain why digital max has a BBer type of physique… It’s a shame I hate him… especially the one where he dances
[quote]Oblag wrote:
Nate Dogg wrote:
Cable/Internet: FREE (paid for by my job since we handle the advertising for Cox Media in our area - a nice perk of my job valued at $150 a month).
That would explain why digital max has a BBer type of physique… It’s a shame I hate him… especially the one where he dances[/quote]
LOL!
Digital Max is actually a corporate thing used all over the country. We don’t make those commercials. We do use that artwork for some of the print ads and billboards we create. Otherwise, everything we do is localized for the community.
Our TV spots actually use Danny Wuerffel as the “Cox Guy.” They are pretty funny. He was the representative for Cox Cable in 2006 as part of a new campaign. During that year, people began referring to him as “the Cox guy.” So we followed up the commercials for 2007 with him only being recognized as “the Cox guy” rather than a former Heisman-winning quarterback and national champion for the Gators and former Pro quarterback.
They are not my client, but it’s still a nice perk for me though! HD, all the movie channels, movies on demand, phone, internet, etc. all paid for each month.