first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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RooseveltL touched on something I want to reiterate - Living close to work. Commuting sucks. I have a 45 minute commute on a good day, 2 hours on a bad day, each way, and I hate it.
Living close...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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another late night newbie with a ### ID
and advice that really isn't
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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i'd be wondering how much she really loves me if im paying all her bills. maybe her love is 40% you and 60% getting everything free. of course if she is really hot it might not matter
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Thats really a sweet deal with the 401k.
With that sort of setup I wouldn't contribute anything to the 401k and just let that employer contribution accumulate.
Open a Roth IRA and contribute...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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As you are at a young age - still put in 10% or more if you can afford it. Why?
401K reduces your tax requirements
If you get into the habit it is automatic savings (if you plan to live until...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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But when I retire, won't my taxes be very low since I have no income other than how much I decide to remove from a 401k?
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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I originally thought this guy had a few good points but the more I read the more I wish he would stay out of the finance forum. He is giving terrible advice and is spewing on about his made up world...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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lol, nah, just occasionally. These discussions have a greater purpose. They are opening minds to new possibilities other then overconsume, work, and be taxed on both while you barely have a say to...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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And sometimes both are happening at the same time.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Student loan interest, and mortgage interest rates will rise each year.
They are tax deducted for now, but what about in 1-10 years? (i don't think so, not with all this national debt we are in.)
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Forgot to add; In regards to paying off the girlfriends student loans, only do that after you're married if you want to. Not before.
From a homeowners point of view, it isn't all that it's...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Lots of great advice.
My experience that I wish more college students would follow: Start saving as much as you can as early as you can. It really isn't "how much do I need to save for X" it's...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Not sure what this means. Will you be paying off her debt for her?
You have the savings, so I'd suggest buying a used car and owning it.
The rest is highly individualized.
If you learn to...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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So I'm graduating with a B.S. in computer engineering and am going to start working at ~$75k pretax in California (not in a major city so it won't be too expensive). I am, for the first time, going...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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If you want to retire at age 40, then socking all your money into a 401k or IRA won't help you very much.
It will help the Billionaire 401k Hedge Fund Managers make more Billions with no risk to...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Can we keep political crap out of this conversation/advice.
The allowed or unallowed deduction of upper middle class is limited by AMT. read on AMT (alternate minimum tax) which has survived...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Ignore this fool. Your AGI is already on the border of receiving a partial deduction for student loan interest (phase out 70k AGI for single person) while the mortgage interest rate deduction is...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Thanks everyone. I ran through what I expect to be spending every month and it comes to $2900. That's including apartment, insurance, car payment, groceries, eating out, gas, 401k, utilities, cell...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Good question. I keep mine in my checking account, but only because I earn 3% interest on it through a local credit union (it's a great deal).
The funds need to be easily accessible. A savings...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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IF neCessary buy yourself a car and allow her to use your current vehicle. You won't feel resentful if you get the vehicle you want later in life if things dont work out but if you get that pink vw...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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It may be of some use to have a tax deduction since you are single, have no dependents, and dont own a home.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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My family's combine income is only 75K a year. We can afford to buy a house in CA and still save 50% of our income. The secret? It's not how much you make, it's how much you SPEND. Learn how to...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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What others have said is accurate however I will reiterate that giving money to your GF is a bad idea, including paying off her SL's and even buying her a car. I am sure you anticipate she is...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Each person is responsible for their own debts, regardless of what the sorry state of the world is in.
Her $15k was her investment in herself for a degree and better education/experience.
...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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I wouldn't pay off her student loan at this point. I'd maybe spend a few thousand $ of what you have in savings and buy yourself a decent economical car and avoid having a car payment. Keep the car...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Don't have kids.
Don't pay her debt unless you are married.
Max out 401k.
Max out IRA- Roth if possible
Don't have kids.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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I know the difference between a Roth IRA and a 401k but I am not sure which is better since I've heard conflicting statements. Once I'm retired, is my tax bracket lower or higher? Which do I get...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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You should make a clear spread sheet of all your expenses you expect that it would happen and enlist your income ..i hope this will help you.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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If they don't offer a match above the 6% they straight out give you then don't contribute anything at first to your 401(k) until you've maxed out a Roth IRA.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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It depends on if you think taxes will be higher, lower, or the same once you retire as well as if your income will be higher, lower, or the same once you retire.
Right now, believe it or not, our...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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If you're concerned about taxes and inflation eating your future savings, then you need to hold assets outside the financial system. Copper, land, silver, rare art, etc. That's financial...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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You'll get better answers if you can give a breakdown of how much you spend per month or expect to such as rent, utilities, car insurance, groceries, eating out, etc.
For 401k, as much as you can...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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I don't know. That's up to you to decide how much income you'll have when you retire. But, remember, the other part of the equation includes the tax rate itself.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Well depending on how much money you need to be happy and how much your expenses are per month on needing and wanting materials to make your life happy, will determine how much you need for FI and...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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In your case, it would be spending all day on slickdeals.
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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Nothing wrong with spreading it out. At one point, I think I had 6 IRA accounts in addition to money market, passbook savings and cash. This was when you could earn a return by lending to a bank, but...
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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See above
first time financial independence help
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Thread created 10-12-2012 by omghaxcode
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1) $10k/year/person in passive income. I never said the entire family is supported, only you. Your Wife can work for her savings too and contribute to her retirement, or you both can save/invest...
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