|
You may make too much to contribute to a Roth directly, but you don't make too much to contribute to one indirectly. Google backdoor Roth contributions. This 2-step method has effectively removed the income cap on Roth contributions.
|
#
?
Nov 6, 2014 03:40
|
|
|
|
| # ? May 17, 2024 00:39 |
|
|
SlapActionJackson posted:You may make too much to contribute to a Roth directly, but you don't make too much to contribute to one indirectly. Google backdoor Roth contributions. This 2-step method has effectively removed the income cap on Roth contributions. Thanks! I'm going to look into this. As a bill paying update, I have 1500 heading to the Cabelas card tomorrow...which by the way was not 30%, but 15....irregardless, it's getting paid off this month and then put away...
|
|
#
?
Nov 6, 2014 14:57
|
|
|
What do you and your wife use to set your budget for each month? Those funky rear end spreadsheets? Mint? Imo making a spreadsheet listing your short and longer term financial goals and backing into them (eg: new house in 5yrs, need 200k for a 50% down payment, must save 40k/yr) will help you see just how much you need to cut from your lifestyle. I would also completely stop retirement savings while you have 70k in high interest debt. You'll have a higher realizable gain by paying the debt off.
|
|
#
?
Nov 6, 2014 16:47
|
|
|
Agree on the debt over retirement sigma. Except at least get any employer match they have available.
|
|
#
?
Nov 6, 2014 18:56
|
|
|
You make $190k, LIVE IN TEXAS and are still drowning in debt? Jesus, I thought it was somewhat understandable when I thought you were living in NYC. But to live in Texas with no kids, this is terrible to be in this position when you make 190k.
|
|
#
?
Nov 7, 2014 06:45
|
|
|
Using a cost of living calculator you make an equivalent of 300k in NYC. Get your poo poo together, man. "You would need around 6,829.57$ in New York, NY to maintain the same standard of life that you can have with 4,300.00$ in Austin, TX (assuming you rent in both cities). This calculation uses our Consumer Prices Including Rent Index."
|
|
#
?
Nov 7, 2014 06:49
|
|
|
Womens Jeans posted:You make $190k, LIVE IN TEXAS and are still drowning in debt? Jesus, I thought it was somewhat understandable when I thought you were living in NYC. But to live in Texas with no kids, this is terrible to be in this position when you make 190k. I think you're confused, $3300x26 is like $85k/year.
|
|
#
?
Nov 7, 2014 08:38
|
|
|
NahRudager posted:I think you're confused, $3300x26 is like $85k/year. Sad to say the other folks are right. It's 190k. You missed that he makes 130k and his wife makes 55ish pretax
|
|
#
?
Nov 7, 2014 15:26
|
|
|
I'm wondering why your life insurance is so high. I have a similar term policy and I pay $90 a month.
|
|
#
?
Nov 10, 2014 18:48
|
|
|
DTaeKim posted:I'm wondering why your life insurance is so high. I have a similar term policy and I pay $90 a month. 900$ for 1.5 million a year(between myself and wife) is less then your 90$ a month...
|
|
#
?
Nov 10, 2014 20:33
|
|
|
You just bought a brand-new house and you want to buy a second "nicer" house and move in a year? Your problem is not really budgeting.
|
|
#
?
Nov 11, 2014 07:22
|
|
|
Trillian posted:You just bought a brand-new house and you want to buy a second "nicer" house and move in a year? Your problem is not really budgeting. Yes. We want to move to a new neighborhood that is better then where we currently live. It's not the most wonderful part of town. I'll have at least one of the debts zeroed out at the end of this week btw...yay...and then the Cabelas card is put away...foreva
|
|
#
?
Nov 11, 2014 20:02
|
|
|
I hope the new place has a scorpion mural.
|
|
#
?
Nov 12, 2014 01:13
|
|
|
DogsCantBudget posted:
When your foot grows back (assuming you shot it off) you will take up your super secret super expensive hobby right?
|
|
#
?
Nov 12, 2014 01:46
|
|
|
Spermy Smurf posted:When your foot grows back (assuming you shot it off) you will take up your super secret super expensive hobby right? What in the hell? Where did I say my foot hurt? Also, i've already said it was firearms...and not that super secret...
|
|
#
?
Nov 14, 2014 02:12
|
|
|
DogsCantBudget posted:Yes. We want to move to a new neighborhood that is better then where we currently live. It's not the most wonderful part of town. So is your house actually in a not good area, or is it one of those "Eww there's poor people and minorities here"? If it's actually in a bad place, why the hell did you buy it?
|
|
#
?
Nov 14, 2014 02:33
|
|
|
DogsCantBudget posted:What in the hell? Where did I say my foot hurt? Also, i've already said it was firearms...and not that super secret... You didn't say that. I just assumed you hurt yourself in your hobby that you were so secretive about last thread and that's why you stopped.
|
|
#
?
Nov 14, 2014 02:47
|
|
|
Trillian posted:You just bought a brand-new house and you want to buy a second "nicer" house and move in a year? Your problem is not really budgeting. 
|
|
#
?
Nov 14, 2014 03:00
|
|
|
My Rhythmic Crotch posted:Did he post this in another thread or something? I don't see it in this one I think this is from the previous thread. I don't recommend buying and selling your house once a year. Moving is a pain in the arse and costs money. Stay for a good 5-10 years and then move on.
|
|
#
?
Nov 14, 2014 03:22
|
|
|
You guys seem alright. I think we would get along. How's January for you? Let's rent a house on the beach in Vietnam. I think we would all come out ahead with the cost of living over there.
|
|
#
?
Nov 14, 2014 03:28
|
|
|
Devian666 posted:I think this is from the previous thread. I don't recommend buying and selling your house once a year. Moving is a pain in the arse and costs money. Stay for a good 5-10 years and then move on.
|
|
#
?
Nov 14, 2014 03:54
|
|
|
Devian666 posted:I think this is from the previous thread. I don't recommend buying and selling your house once a year. Moving is a pain in the arse and costs money. Stay for a good 5-10 years and then move on. It's in the OP, and it's even better than that. He wants to be a landlord and carry two houses.
|
|
#
?
Nov 14, 2014 04:08
|
|
|
Trillian posted:It's in the OP, and it's even better than that. He wants to be a landlord and carry two houses. It's a sweet move then. What could possibly go wrong if the tenants move out or don't pay rent? Or the amount of time and money spent on maintenance makes you end up missing mortgage payments? What bank even cares about the deposit for each house? e: My question at this point is are you able to cut down on <uncatagorised> if there is no rental income and if there is emergency maintenance? Would you be better off investing in something passive that doesn't have surprise expenses? Devian666 fucked around with this message at 04:30 on Nov 14, 2014 |
|
#
?
Nov 14, 2014 04:15
|
|
|
Trillian posted:You just bought a brand-new house and you want to buy a second "nicer" house and move in a year? There's more than just that: a good portion of the 10% down payment he made on this house was the proceeds from selling his previous house.
|
|
#
?
Nov 14, 2014 19:43
|
|
|
Zhentar posted:There's more than just that: a good portion of the 10% down payment he made on this house was the proceeds from selling his previous house. Incorrect. We saved that money up in ~3 months....when 5% is only 10k, its pretty easy to do if you scrimp a bit, given how much we earn. Yes I pay PMI, but its 75$ a month... Also: as of today cabelas is empty.
|
|
#
?
Nov 15, 2014 04:45
|
|
|
Any chance of getting the item-by-item spending breakdown so many people were asking for? Even a month of data is better than nothing.
|
|
#
?
Nov 15, 2014 23:16
|
|
|
I'll post one at the end of November.
|
|
#
?
Nov 16, 2014 04:00
|
|
|
You have too much life insurance. People keep asking why you are paying so much for life insurance and you're like "oh, well i have a lot of insurance" but you don't have kids who would need it so that's why people keep asking about it...HTH
|
|
#
?
Nov 18, 2014 04:38
|
|
|
marchantia posted:You have too much life insurance. People keep asking why you are paying so much for life insurance and you're like "oh, well i have a lot of insurance" but you don't have kids who would need it so that's why people keep asking about it...HTH Maybe someday we'll have kids(in fact I am pretty sure we will!)...i got it early in life and its cheaper overall... So after cabelas, I think we're going to wipe out my wife's ~5k in Sallie Mae loans that sit at around 7% interest...it's the next highest interest point...
|
|
#
?
Nov 18, 2014 04:44
|
|
|
Why do you think getting coverage over a longer period of time is somehow going to be cheaper?
|
|
#
?
Nov 18, 2014 05:57
|
|
|
DogsCantBudget posted:Maybe someday we'll have kids(in fact I am pretty sure we will!) So get it then?
|
|
#
?
Nov 18, 2014 10:03
|
|
|
Rudager posted:So get it then? When it will cost ~300 a year on a 30yr term? As of now, the amount of life insurance is to protect the surviving spouse from any damage the loss of income would create in their life...
|
|
#
?
Nov 18, 2014 16:33
|
|
|
I'd like to see some math. Work out if you're actually saving anything by carrying life insurance for a longer time than everyone here says you should, instead of paying a little more but paying for a much shorter amount of time. That means you don't go "well, I'd be paying for a 30 year term anyway..."; assume you'd only be covering yourself for the amount of time your theoretical children would be dependants. And to be nice for a minute, I could see having enough life insurance to pay off your debts in the event one of you died(you might be able to handle the mortgage payment by yourself, but your wife probably couldn't) - but you don't need $1 million covering you and $500k covering your wife to do that.
|
|
#
?
Nov 18, 2014 18:41
|
|
|
Insurance is not the problem, people. A 30 year term at $900/yr is $27,000. A 20 year term (taking a shorter term 10 years later) for $1200/yr is $24,000. Guessing the rate would go up by $300/yr if he started the term in his mid-30's rather than mid-20's. Three thousand dollars. You guys seriously think his problems can be solved by $3000 over the course of ten years? Christ. Spermy Smurf fucked around with this message at 18:55 on Nov 18, 2014 |
|
#
?
Nov 18, 2014 18:52
|
|
|
Did you guys shop around for life insurance? When my wife and I got ours, we went through our state farm guy. After that we shopped around through Zander Insurance and what we ended up with was less than half of what state farm quoted us at for the same level of coverage.
|
|
#
?
Nov 18, 2014 19:29
|
|
|
dreesemonkey posted:Did you guys shop around for life insurance? When my wife and I got ours, we went through our state farm guy. After that we shopped around through Zander Insurance and what we ended up with was less than half of what state farm quoted us at for the same level of coverage. Yes we did. This was better then any other deal.
|
|
#
?
Nov 18, 2014 19:35
|
|
|
Forest through the trees, BFC. Insurance is NBD. He also should absolutely have a solid amount of insurance, they have a lot of joint debt and his wife relies on his income. Upon death, I would want to see the house debt cleared and enough money in mutuals to be able to have supplemental income of 2k/mo+.
|
|
#
?
Nov 18, 2014 21:42
|
|
|
OK...so we have ~1000$ of unbudgeted cash for the month available as of right now. That will still leave about 800 for the next 10 days(till I get my next paycheck). Tell us, oh great and powerful BFC braintrust...What should we do with it? My thought was throw it at one of wife's student loans(which is at 9% and has a balance of 2750ish)
|
|
#
?
Nov 20, 2014 23:52
|
|
|
That sounds like a pretty good idea, or go have a fantastic night at Uchi
|
|
#
?
Nov 21, 2014 00:34
|
|
|
|
| # ? May 17, 2024 00:39 |
|
|
skipdogg posted:That sounds like a pretty good idea, or go have a fantastic night at Uchi Uchi is overrated. We have been there twice...once was fun, but the second time we didn't enjoy due to the atmosphere....
|
|
#
?
Nov 21, 2014 00:46
|
|