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SlapActionJackson posted:401k hit a e: bad snipe. Uh, my kids' 529 hit 300k, pretty cool. gvibes fucked around with this message at 18:18 on Dec 28, 2020 |
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Dec 28, 2020 17:58
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million yesterday
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gvibes posted:Keeping the tax-inefficient (i.e., bond) portion of my asset allocation in the 401k has really put a crimp on my earnings. That's a crazy amount in the 529 - is that a substantial portion of your net worth?
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Dec 28, 2020 19:39
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H110Hawk posted:That's a crazy amount in the 529 - is that a substantial portion of your net worth? 
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Dec 28, 2020 20:12
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Dec 29, 2020 02:45
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Isn't there a 10% penalty if you don't use the 529 for school so "overfunding" it could be an issue?
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Dec 29, 2020 15:32
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At that point it just funds the next generation’s college.
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Dec 29, 2020 16:53
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This brings up something I was wondering about. Can you transfer assets from one kids 529 to another? Or is it locked into that kid forever? I'm trying to figure out how I want to structure things for my 1st child and I might be more inclined to put more into the 529 if I have more flexibility later. Especially since a kid #2 is a distinct possibility.
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Dec 29, 2020 17:20
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Yeah, you can switch it to pretty much any other family member.
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Dec 29, 2020 17:46
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MrLogan posted:Isn't there a 10% penalty if you don't use the 529 for school so "overfunding" it could be an issue? moana posted:Yeah, you can switch it to pretty much any other family member.
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Dec 29, 2020 17:49
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We run a 4-week budget cycle, which means that we actually end up with an extra mortgage payment every year that we throw at the principal. Feels good to send out that double payment, especially when we’re already sending an extra $250/mo to attack the principal. Between the refi we did this summer and attacking the principal, we should have this paid off in 20 years and save over $150k over the lifetime of the mortgage.
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Dec 29, 2020 18:03
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gvibes posted:Yeah, but I have five kids, so I think it's unlikely. I would like to revise my statement: Why so little in the 529's? 
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Dec 29, 2020 18:28
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gvibes posted:Does it even have to be a family member?
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Dec 29, 2020 19:31
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devmd01 posted:We run a 4-week budget cycle, which means that we actually end up with an extra mortgage payment every year that we throw at the principal. Feels good to send out that double payment, especially when we’re already sending an extra $250/mo to attack the principal. This is going to be me kicking a dead horse; but with whatever interest rate you refinanced to in 2020, you would certainly make more investing the additional capital over the next 20 years than the $150k in mortgage interest. There's definitely a psychological component to making additional payments against mortgage principal (I do it), but I usually struggle with it because the math works out otherwise.
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Dec 29, 2020 22:20
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It's been a long time coming so I'm pretty pleased with the start to 2021. After a few years of hovering around $500 in the bank, I got an awesome job in January 2017 and just under four years later I passed AUD100K net worth*, after a slow and steady climb (and some messing on the sharemarket that was ultimately beneficial but poorly-thought-out). Now to turn most of it into a house & furniture & fees and become poor again! *Well, bank accounts and debts and retirement, not physical possessions, but that would only have brought it forward a few months and I don't want to deal with depreciation in the Excel sheet. HECS debt (university loan) is only indexed to inflation and slowly paid automatically from wages so, like Sock The Great just said, doing pretty much anything else is better in the long run than throwing extra money at it. Though it hadn't occurred to me that the same thing could potentially apply to a home loan.
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Jan 1, 2021 03:02
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Just did a refinance (for remaining balance! no cash out!) on my mortgage. Appraisal came back with +50% home value since we bought 7 years ago. My 30 year interest rate of 4% felt super in 2013, but 2.5% today is even better! My breakeven on interest savings vs refi fees is ~18 months. I also paid off one of my student loans that was at 4.5% (and in forbearance for a year from COVID). Now my only debts are one student loan remaining (~$2500) at 3.5%, and a mortgage at 2.5%. Gonna free up some dollars for me to invest and save towards other goals. It also feels extremely good to fix things yourself. Both because you save the money, but also because I feel like in some way it makes you appreciate them more knowing how they work. My neighbor fixed my AC air handler condensation leak for me for a batch of cookies and a loaf of bread. I fixed my car's A/C for under $100.
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Jan 13, 2021 20:51
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all debts paid 100,000 in my savings account (way more fiat than I've ever had before, feels weird) 50,000 more on the way mortgage offers from multiple banks
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Jan 14, 2021 07:38
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congrats goon, also congrats on your perma?!
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Jan 15, 2021 15:07
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I just realized it's been a year and a month since I stumbled across the Zaurg, Blue Story, and Cornholio sagas. I spent the better part of December 2019 reading through those and noting with alarm where my own behaviors were similar to our protagonists. A lot of that stuff was stuff I knew I ought to be doing but hadn't ever made a priority. And the terrible cautionary tales made clear to me that further delay was a brutally bad idea. In the time since then, I've set up a for-real budget, read a pile of books and papers, my partner and I have undertaken a series of wide ranging conversations about our finances and planning, we've put systems in place to establish and meet goals and to chip away at the pile of things we need to do in terms of both short and long term planning, moved big piles of cash into long term investments, and in my case dramatically improved savings rate (she was already good at that). I feel extremely grateful to all the goons in the long term thread and everyone who banged their heads against the walls of trying to advise the unadvisable in the sagas. Your words may have fallen on deaf ears there but they made a big difference for me.
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Jan 19, 2021 15:01
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Finally paid off my credit card!!!! I went from having zero cc debt, to spending every last dollar I had on a house, then paying for a wedding, only to balloon up to $20k of credit card debt. Took me 18 months to get down to 0 again and it feels great. Can finally start putting away some series money into savings.
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Jan 19, 2021 15:29
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doingitwrong posted:I just realized it's been a year and a month since I stumbled across the Zaurg, Blue Story, and Cornholio sagas. I spent the better part of December 2019 reading through those and noting with alarm where my own behaviors were similar to our protagonists. A lot of that stuff was stuff I knew I ought to be doing but hadn't ever made a priority. And the terrible cautionary tales made clear to me that further delay was a brutally bad idea. I'm sort of sad that you robbed us of such an epic tale. Good job on self recognition and doing something about it. BaseballPCHiker posted:Finally paid off my credit card!!!! Great job chipping away at it. 
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Jan 19, 2021 17:59
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doingitwrong posted:I just realized it's been a year and a month since I stumbled across the Zaurg, Blue Story, and Cornholio sagas. I spent the better part of December 2019 reading through those and noting with alarm where my own behaviors were similar to our protagonists. A lot of that stuff was stuff I knew I ought to be doing but hadn't ever made a priority. And the terrible cautionary tales made clear to me that further delay was a brutally bad idea. Congrats on getting this all in order! I think seeing what not to do is many times as important as seeing the correct way of doing things. I definitely learned a lot from those threads and what mistakes to avoid in my own life.
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Jan 23, 2021 17:14
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Pipistrelle posted:Congrats on getting this all in order! I think seeing what not to do is many times as important as seeing the correct way of doing things. I definitely learned a lot from those threads and what mistakes to avoid in my own life. Isn't there some old saying like, "If you don't serve as an example, you'll end up as a warning?" I mean, Zaurg has just at this point become that pathetic kid in class who eats bugs for laughs, but I'm sure at one point there was maybe some actual value there.
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Jan 23, 2021 18:42
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SlyFrog posted:Isn't there some old saying like, "If you don't serve as an example, you'll end up as a warning?" I haven’t heard that saying but it seems pretty solid. Yeah I don’t think any new Zaurg threads have value, he knows he can act like an idiot for attention and goons will play into it, but I think his older threads are pretty decent still for what not to do. I could be wrong though, it’s been awhile since I read them
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Jan 23, 2021 19:35
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H110Hawk posted:I'm sort of sad that you robbed us of such an epic tale. Sadly (thankfully) I wasn't ever in a position where I'd have had an epic tale to tell you. I grew up middle class and then when I was freelancing, I got used to living on not much money. I also got used to not really tracking it to planning beyond the next couple months. No I never developed a expensive collecting or bitcoin habit or anything. But when I started making more money more reliably, I didn't really pay close attention to where I was spending it. So the story was more like "oh! I could be saving much more aggressively than I am now without really noticing it, thanks to making a budget"
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Jan 25, 2021 01:19
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Retirement accounts hit six figures in 2020 and TC for the year was higher than my initial projections thanks to actual performance-based rewards (didn't realize by how much until my W2 came in)! Also, is there a general finance/retirement thread? My total comp has increased to the point that I no longer qualify for things like a normal Roth IRA (I believe I can still do a backdoor Roth?) and I'd largely only been using my employer 401(k)s (and rolling over each time I move jobs) and Roth IRA as my retirement vehicles. I'm not sure where to go at this point though. I think I need help understanding what's possible at my compensation now and whether I can still do things on my own or if I need to have a financial person to help navigate things (but wary of fees, useless investment vehicles, etc.). Chaotic Flame fucked around with this message at 16:33 on Jan 26, 2021 |
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Jan 26, 2021 15:36
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Chaotic Flame posted:Retirement accounts hit six figures in 2020 and TC for the year was higher than my initial projections thanks to actual performance-based rewards (didn't realize by how much until my W2 came in)! https://forums.somethingawful.com/showthread.php?threadid=2892928&pagenumber=866#lastpost Also congrats.
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Jan 26, 2021 17:17
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spwrozek posted:https://forums.somethingawful.com/showthread.php?threadid=2892928&pagenumber=866#lastpost Thanks!
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Jan 27, 2021 14:50
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Like other posters reading about Zaraug and others made me think "Hey not that I'm not with zarugwife I'm not as bad as this guy but I could use some better practices" I've now been using a real actual budget for a year now. I just paid off my last Credit card (well in principal I have a furnace loan at 0% that I have every dollar sitting in the budget line for) My wedding(dont ask me how much but it's practical) is fully funded, and honeymoon is close (goal is zero debt for any of these) I keep upping my 401k contributions as I hit goals and hope to get it to max contribution soon (once my fiancée stops having to worry about getting furloughed any day) Next financial goal is to FastTrack building up my emergency fund past "I should be okay" tater_salad fucked around with this message at 15:25 on Jan 29, 2021 |
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Jan 29, 2021 15:18
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That is awesome progress. Great job!
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Jan 29, 2021 17:19
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The first BFC thread I started reading (besides the rules) was the zaurg thread. I would have been about 19 or 20 at the time and I'd read a page or two a day while at uni. That thread - and BFC in general, really - made me the finance weirdo I am today. It really feels like a lifetime ago and I reckon all that reading I did then has helped me substantially over the years. Thanks, Goons! My incremental improvement is that I am pretty confident I will have 1.5x my current salary in my superannuation (retirement account) before I turn 31 this year (barring any unforeseen disasters). To get there, I tossed in whatever I could whenever I could over the past 10+ years, and compound interest did the rest. I was earning slightly above minimum wage until I was about 25 or 26, and during that time I took advantage of a few government schemes that offered top up money for retirement - as in, the government would give me fifty cents to a dollar for every $1 I voluntarily out in up to a certain dollar amount (usually $500 or $1000). It really does add up! Edit: My employer does have to put some money into my superannuation, so I guess this isn't that impressive, but it was likely all the small contributions from when I was younger/poorer that got me over the line. I could (maybe should?) have more saved for retirement, but my partner and I bought a house (do never buy) and ETF shares (pretty neat) instead. froglet fucked around with this message at 08:26 on Jan 30, 2021 |
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Jan 30, 2021 08:20
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GoGoGadgetChris posted:Nice! Nah, they stopped at the limit so I dumped what I would have put into it into an IRA because I'm starting late so I need all the leverage I can get to not end up in a cardboard box eating cat food.
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Jan 30, 2021 09:14
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froglet posted:My incremental improvement is that I am pretty confident I will have 1.5x my current salary in my superannuation (retirement account) before I turn 31 this year (barring any unforeseen disasters). This is real good, you should be pleased with yourself! Better than I was doing at 31 and still better than I am doing at 34 (1.25x) and I don't have a house. The money from your employer counts - you earned that money!
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Jan 30, 2021 15:04
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Did a backdoor Roth for 2020 for the first time. I haven't been contributing to it for the past 3 years because I was too lazy to learn how to. Now I'm kicking myself for not doing it earlier.
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Jan 30, 2021 19:49
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Wifi Toilet posted:Love these! Here's almost 15 years of Quicken data: Another 3 years of data and holy poo poo the economy is broken. Almost a 50% gain during a global pandemic, WTF?!? 
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Feb 14, 2021 11:24
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  The above is just my Checking/Primary credit card but goddamn it feels good. Still have a car note, a 0% balance transfer, and the house (not shown), but holy poo poo it's been a journey.  And here's the little poo poo responsible for no less than $4100 of expenditure this last year  Those dips in Aug, Sep, and Dec are solely his doing.He is the bestest sweetest boy and I will hear nothing contrary on the matter 
Beach Bum fucked around with this message at 16:29 on Feb 20, 2021 |
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Feb 20, 2021 16:24
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I started using YNAB in 2014. It has been 1 year this weekend since I last did a fresh start. Last night, I gave jobs to the dollars in my most recent paycheck, and I am a full three months ahead on all of my planned expenses, including all of my automatic transfers to savings.  (Not going on any trips or buying any new hobby supplies lately helps.)Edit: Also, I only got takeout food once in the entirety of February. 
PurpleButterfly fucked around with this message at 14:03 on Feb 28, 2021 |
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Feb 26, 2021 22:57
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My wife and I just hit $500k net worth, which caused me to go back and look at the dates of previous net worth milestones: ??/2010 - $0 11/2013 - $100k 03/2016 - $200k 02/2018 - $300k 08/2020 - $400k 03/2021 - $500k This milestone caused me to tell my wife the story of how before we were married, I distinctly remember her showing me her budget for herself because she had 2 jobs and had to make sure to be able to pay her rent. I had never made a budget and I just sort of spent whatever I had (and more, on credit card), but it was a wake up call that I should actually make a budget and get my poo poo together. She said she vaguely remembers that time period, but didn't realize that she sparked my interest in personal finance. This turning point led to us paying off credit card debt, paying off student loans, paying off car loans, and starting retirement accounts and emergency funds. It's also crazy how the milestones accelerate. I always knew that it did, but sometimes it's cool to take a step back and see it in action.
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Mar 13, 2021 16:42
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Paid off one student loan and refinanced my mortgage for 2% lower interest with closing costs totalling less than one of my mortgage payments under the old loan terms. All in all, a good week for finances.
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Mar 24, 2021 06:42
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Beach Bum posted:Still have a car note, a 0% balance transfer, and the house (not shown), but holy poo poo it's been a journey. Scratch the car note, paid it off with the ARPA check  One step closer! That just leaves the 0% balance transfer, due to be paid off in July. I am officially off the interest grind! However, there is some bad news, though I kind of saw it coming Beach Bum posted:Some of this "extra" is probably going to get dumped into funding IT certs for my imminent career shift, but everyone else that's gotten canned in the last few years has gotten a nice severance package, so I'm going to attempt to ride it out. Also finding another 40k job with a mere high school diploma has proven... difficult, to say the least. I am being laid off effective 1 April (ain't I a fuckin' fool  ). However, I am getting a nice chunk of severance (about $11k all told) which will provide quite a bit of cushion while I'm on unemployment and searching for a job.Pretty sure I'm gonna sell the Fit too (the car I just paid off). I need to put a steering rack in it first though, which is gonna be like $500 or so in parts. Beach Bum fucked around with this message at 05:20 on Mar 25, 2021 |
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Mar 25, 2021 05:16
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I've recently hit a milestone that I truly never envisioned hitting when I entered the workforce post college making ~$23K in 2010. It's just crazy how things accelerate once they get going. Three years to go from worthless to six-figure net worth and then only a year to get to $250K. Though still have a ways to go if I want to be able to pull down the same money I'm making now in retirement. Chaotic Flame fucked around with this message at 15:55 on Apr 3, 2021 |
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Apr 3, 2021 15:48
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