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Hey when you buy that condo you can put in a countertop with firefly lights too!
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Mar 26, 2014 22:41
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Slow Motion posted:I was using all 2014 dollars. We're getting way off track. Do you think my $13,000 in combined annual 401k contributions is insufficient? If you really do I'm interested in knowing why. If not this is just a sophistry pissing match. Yes; with your income level you should be maxing it out. There's no excuse to shortchange future-slomo and there's definitely no excuse to pass up free money from your matching (I don't know the details of your match but I doubt it is capped given that you work in ~finance~)
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Mar 26, 2014 22:46
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C'mon guys, the condo is barely $200k. Slomo can save that much in what, 5 years?
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Mar 26, 2014 22:46
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Quite frankly, I'm not sure why he has a 401k for a future SloMo he cares nothing about.
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Mar 26, 2014 23:16
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SloMo, dude... That condo looks like a dump. Look at the floors and countertops and the freaking FREEWAY VIEW! Dude. Dude. Impulse control, please. Save up more money. Get debt free and have a decent 5 figure emergency fund by Xmas. Buy an actually nice condo next summer with a 10-20% down payment. Just bill the hours, keep living like a 'baller' but DON'T TOUCH A loving PENNY OF YOUR BONUSES. And move into your friends place for 14 months. SloMo Fall-2015 will thank you so much, man... Shadowhand00 posted:C'mon guys, the condo is barely $200k. Slomo can save that much in what, 5 years?
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Mar 26, 2014 23:16
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That condo sucks. Is that was passes for ballin' in Seattle these days?
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Mar 26, 2014 23:30
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If I see one more person write advise when they meant advice I will have a stroke, kill slomo with my remaining good arm, then myself.
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Mar 26, 2014 23:54
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Slow Motion posted:Do you think my $13,000 in combined annual 401k contributions is insufficient?
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Mar 26, 2014 23:54
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Slow Motion posted:I'll only be 28 once. Ten years from now I still wont get a second chance at it.
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Mar 26, 2014 23:58
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I can't wait to see the hours billed and studied this month. I know Slomo wouldn't be talking about his basically limitless future earning potential while totally slacking off at work.
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Mar 27, 2014 00:07
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The mortgage thing just makes you even more fragile. It follows the same logic as the 401k loan - in the better-than-average case scenario, it's an okay decision.
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Mar 27, 2014 01:44
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greazeball posted:I can't wait to see the hours billed and studied this month. I know Slomo wouldn't be talking about his basically limitless future earning potential while totally slacking off at work. When he stops voluntarily posting about it (aka bragging about how awesome he's doing), you know it's going to be a good times at the end of the month. My guess, "budget" is completely hosed, billed hours are OK but nothing great and hours studied isn't so great.
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Mar 27, 2014 01:54
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Grand Theft Autobot posted:That condo sucks. Is that was passes for ballin' in Seattle these days? No, that's way on the cheap end for a condo. And yes, having actually seen it in person it's not that great.
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Mar 27, 2014 02:25
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You know who is really bad at their job? Slomo's therapist.
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Mar 27, 2014 02:32
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Therapists can't help someone who doesn't want to change, plus therapists aren't financial advisors.
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Mar 27, 2014 02:45
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The dude who said that this thread is sad is right on the money. SloMo, your capacity for self-delusion is breathtaking. You are pitiful. Edit: I just realized you are the Benny the Snake of BFC, minus the adult baby fetish (that we know of).
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Mar 27, 2014 03:23
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Slow Motion posted:f you really wanted to debate retirement you'd note that the examples foolishly assume zero growth in the monthly contributions. Who saves the same at 25 as they do at 35? Nobody I've ever known. There's a limit to how much you as an individual can contribute in any given year to retirement accounts, so the fact that there's nobody you know who saves the same at 25 as they do at 35 just means that you don't know many wealthy 25 year olds with high paying jobs who can afford to save the $17.5k for their 401k and $5.5k for their IRA. They definitely exist though and you can never really make up a year of missed contributions later on. I also know that I save slightly less at 31 than I did at 28 because I switched jobs and took slightly less pay for better standard of living and less stress, which many individuals do. And I don't know if you are ever planning on marrying again or how you feel about children, but there are plenty of people who can afford to save more in their 20s while single then they can in their 30s because their salaries don't change drastically and they begin putting their children first and have increased expenses. The nice thing is that because they saved in their 20s, they are still often better prepared for retirement than someone who starts later because they waited for a larger salary. I also have a hard time believing that at 65, you'd be happy living on 40k/yr. People live for longer now, a life at $40,000 for 20 - 30 years sounds like you're not doing much. Most people still like to travel and have a life that is fulfilling in retirement. Also, retirement homes can be outrageously expensive. You're not doing the worst job saving for retirement thanks to a generous employer contribution but It would be really easy to save more than you are right now. We make about the same salary-wise, not counting your bonus, and I manage to save $20,000/yr myself (not counting my employer contributions) in a 401k and IRA, while living in a nice apartment, traveling and spending way too much on restaurants and alcohol. It's very doable if you just set your contribution level at somewhere between 10% and 20% of your salary (so savings increases with each raise) and you never tangibly see the money in your hand ever. And then you just take $5.5k immediately from one of your bonuses and throw it in an IRA. This will all be so doable for you once you get rid of that pesky credit card debt. HooKars fucked around with this message at 03:46 on Mar 27, 2014 |
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Mar 27, 2014 03:36
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HooKars posted:I also have a hard time believing that at 65, you'd be happy living on 40k/yr. People live for longer now, a life at $40,000 for 20 - 30 years sounds like you're not doing much. Most people still like to travel and have a life that is fulfilling in retirement. Also, retirement homes can be outrageously expensive. Not only that, but you'll want to maintain your standard of living. You've said it yourself MANY times SloMo, you don't want to sacrifice your lifestyle for anything, so why would you want to downsize your lifestyle at 65 when you retire? You're sure as poo poo not living in your $1.5m condo on $40k/year.
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Mar 27, 2014 03:42
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HooKars posted:There's a limit to how much you as an individual can contribute in any given year to retirement accounts, so the fact that there's nobody you know who saves the same at 25 as they do at 35 just means that you don't know many wealthy 25 year olds with high paying jobs who can afford to save the $17.5k for their 401k and $5.5k for their IRA. Also, I think I've said this before, but after around ~110k (pretax but post 401k deductions and possibly post some other stuff I don't know) the amount you can put into an IRA starts to decrease and cuts off entirely around ~125k or so. So if you don't contribute now and your income keeps going up, you'll never be able to contribute.
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Mar 27, 2014 06:48
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Quantum Finger posted:Edit: I just realized you are the Benny the Snake of BFC, minus the adult baby fetish (that we know of).  I definitely dropped out of that thread before that revelation.
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Mar 27, 2014 06:57
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Horking Delight posted:Also, I think I've said this before, but after around ~110k (pretax but post 401k deductions and possibly post some other stuff I don't know) the amount you can put into an IRA starts to decrease and cuts off entirely around ~125k or so. You can contribute to a regular IRA regardless of income, but your Roth caps out. Even then you can take the rollover trick. Even then, though, every time April 15 slips by, one more chance at contributing vanishes forever.
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Mar 27, 2014 07:09
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Buy the condo. You deserve it. Or at least the consequences of it.
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Mar 27, 2014 07:59
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I don't really get the people saying the condo is too small. My 1 bdr apartment is a little smaller than that and it is perfectly acceptable for a single person. On the other hand, that mural and black toilet are horrific.
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Mar 27, 2014 08:11
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It might be acceptable for one person, but by buying it with so little money down he's gambling that he might get stuck in it for a long time even if his life changes.
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Mar 27, 2014 13:15
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He's 28 and single. I would think it more likely than not that he wants kids within the next 5 years. Or ends up with one regardless.
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Mar 27, 2014 13:18
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fiery_valkyrie posted:I don't really get the people saying the condo is too small. My 1 bdr apartment is a little smaller than that and it is perfectly acceptable for a single person. Slomo's a baller. How can you have ballin' parties in only 600 square feet?
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Mar 27, 2014 13:27
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Hob_Gadling posted:He's 28 and single. I would think it more likely than not that he wants kids within the next 5 years. Or ends up with one regardless. At the very least a significant other who wants their own space(and a larger kitchen). There's only a little alcove for a small computer desk in that condo, which would actually probably be better suited for a foyer table for keys/wallet/what have you. If you have two people with computers who want to use them, it's going to get real crowded in that living room real fast. Nail Rat fucked around with this message at 13:56 on Mar 27, 2014 |
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Mar 27, 2014 13:40
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Slow Motion posted:Really what I want is a 1.5m condo This, right here, perfectly represents The Trouble With Slomo. It's an incredibly telling indicator of your unhealthy relationship with money. Not "Hey guys there's a particular apartment I recently saw that would be of great value to me as it perfectly suits my lifestyle and is a good investment and it happens to cost $1.5m", but rather "I simply wish to own a thing with $x value". You don't know what you want, but you know that it's gotta be expensive. Think about why. Slow Motion posted:I appreciate this. I really don't think my decisions are terrible. Some are more risky than most people would be comfortable with. But I have no family to support and a highly sought after skill set. I'll be fine even in the worst nightmare scenario. 
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Mar 27, 2014 13:43
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Slow Motion posted:I have and it does. Have you ever actually been to Laos? Do you even know what's there to blow $5k on? Unless you want to bring back a half ton of shttty trinkets and knockoff jewelry from a Vientiane night market. I'm nitpicking on this to illustrate how completely inept you are when it comes to appearing as if you're some well traveled, hard partying, luxury life living finance wizard. You're basically like a middle America bumpkin who won the lottery that is trying to get accepted by the elite yacht club set by wearing a top hat/monocle/tuxedo all th time, incorrectly using long, complicated words in your speech to sound "fancy", and buying a lifted Ford F-150 with rims and horns mounted on the hood in some pathetic attempt to fit in with your absurd idea of how rich people live and act. If you're going to go into debt to erase your true identity as an insecure poor kid, at least figure out how to make the disguise work.
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Mar 27, 2014 14:26
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Rekinom posted:You're basically like a middle America bumpkin who won the lottery that is trying to get accepted by the elite yacht club set Whoever made the Gatsby reference in the thread earlier nailed it. But at least Gatsby was genuinely rich and had enough space to throw crazy parties.
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Mar 27, 2014 16:37
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Slow Motion posted:The only other super relevant item to this discussion is my future earnings: if I devote some hours to studying and pass some exams I can dramatically increase my earning potential. I did this last year thinking I could take on some debt and then just pay it off with the higher pay grade. I went from a $58/hr bonus accrual to my present $75/hr. I could probably get this up to $90 by the end of the year if I put my nose in a book. Passing exams would also have little bonuses attached to each ($1,500 to $4,000). So my decision tree isn’t just Work/Play. The work part is divided into ‘Earn Money Now’ and ‘Grow Future Earning Potential’. Slow Motion posted:Right now my plan is to hit the problem from both sides. First I'll cut the egregious discretionary spending. Then I'll commit to some larger hours targets for myself at work. I'll run the numbers to figure out what I need to do to pay off the rest of the credit cards with my December bonus. That way I won't have to dick around with a 401k loan either. Slow Motion posted:So I'll cut back a couple thousand on discretionary stuff this month and work an extra 60 hours. Slow Motion posted:If I were to bill 190 hours in month my post tax cash bonus would be another $4,300. Slow Motion posted:Goal - Erase all credit card debt by the end of the year. Slow Motion posted:If I consistently billed 50 hours a week I could be pulling in 10k cash take home after taxes in salary + bonus. Slow Motion posted:My hours works in the last three months are at an all time low. But I expect them to return to similar levels to the past three years. And I'm already spending under my salary - meaning all bonus goes directly towards debt and later to savings. As things return to 'normal' my outlook is better and better. And on and on and on... How does it feel to lie to yourself every single day of your life? Do you realize the amount hours you're able to bill seems to be directly tied to the amount of chemicals you dump into your body? I know you have no foresight whatsoever, but how long do you think that's sustainable?
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Mar 27, 2014 17:10
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Night Gaunt posted:And on and on and on... Has he mentioned being diagnosed with bipolar disorder at all?
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Mar 27, 2014 18:09
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OneWhoKnows posted:Has he mentioned being diagnosed with bipolar disorder at all? No mental illness here. Night Gaunt posted:And on and on and on... Of course you forgot the past 3 months where billings are at an all time high. Hob_Gadling posted:He's 28 and single. I would think it more likely than not that he wants kids within the next 5 years. Or ends up with one regardless. And no. I do not want kids or a significant other.
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Mar 27, 2014 18:15
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An all-time high for Slowmo isn't great, but I guess there's nowhere to go but up! edit: actually there are many other places to go
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Mar 27, 2014 18:24
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Slow Motion posted:No mental illness here. Slow Motion posted:Of course you forgot the past 3 months where billings are at an all time high. Slow Motion posted:And no. I do not want kids or a significant other.
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Mar 27, 2014 18:31
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I for one think buying a condo to keep yourself from spending more money is a pretty terrible idea. You should buy at least 3: a pad in a nice hood for day to day life and commuting, a country house when you want to get away, and a nice little pied a terre downtown to party in and bring the ladies home to.
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Mar 27, 2014 18:44
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Slow Motion posted:And no. I do not want kids or a significant other. This'd be more convincing if you hadn't already divorced once.
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Mar 27, 2014 18:44
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Hob_Gadling posted:This'd be more convincing if you hadn't already divorced once. Really? I think it's the other way around. I gave it a shot and now I know exactly what I'd be missing. Anyhow that condo was cool but not worth jumping the gun over. I'm leaning towards living rent free for a few months till July bonus and assessing my down-payment options at that time.
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Mar 27, 2014 19:17
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Slow Motion posted:Really? I think it's the other way around. I gave it a shot and now I know exactly what I'd be missing. This was my thought. Although you could always find someone else. Just keep working your rear end off slow mo and everything will come together.
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Mar 27, 2014 19:23
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Slow Motion posted:Anyhow that condo was cool but not worth jumping the gun over. I'm leaning towards living rent free for a few months till July bonus and assessing my down-payment options at that time. So close, yet so far.
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Mar 27, 2014 19:25
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