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Hello! I'm making real money for the first time in my life and I have some questions. I'm a nurse and I'm working in a high paying contract for flu season. My hourly rate is awesome and I can work as much OT as I want. My last two paychecks have been just under $4000 take home and I plan on working enough OT to keep them at that level until January. I've paid off my car and some old higher interest student loans in the past few months. I still have $11k left in student loans ranging from 3.15% to 4.41% which is my only debt. My expenses are low but I don't really keep track. I know thats bad, sorry BFC. $750 rent, $150 student loans, $70 phone. My boyfriend and I share a credit card for everything else: groceries, eating/drinking out (our biggest expense by far), household stuff, joint bills etc. My share is usually $1000-$1200. My checking account never goes under $10k which I consider my emergency fund. It's at $11k right now after my rent has been taken out and before my paycheck hits tomorrow. I am going through the hiring process at a VA Hospital which takes 3-6 months so I want to max my income and do the smartest things with it while I can. I've just been throwing everything extra at my car which was 7% interest and then my 6.8% student loans but now thats gone and Id like some advice on what to do next. My main #1 goal is to have enough money in 15 years to generate $1500 a month so we COULD retire in central america or something if we WANTED to. I'm 40, my boyfriend is 50. He has no retirement savings but has been working his whole life so will get social security. He's going to start hardcore saving as well but we keep our finances separate at this point. He's not interested in researching like I am so I feel like I can guide him once I figure out what I'm doing. I have $15k in two old job retirement accounts gathering interest payments at about 6%/year. I'm also going to be getting $4500 bonus for finishing this contract in January and about $9000 sign on bonus at the VA in the beginning of the year sometime. QUESTIONS! Should I max an IRA before the year is over for tax benefits? If so where should i open it? I know vanguard is suggested often. I tried slogging through some of the long term investing thread but the original posts are so old I don't know if they're still accurate. I'd like the smartest virtually hands off situation I can get. I'll be maxing it out from here on out. Do I transfer the $15k I have in the other two accounts to whatever IRA I open? I feel like they do pretty well where they are, they were both government job accounts. Do I throw all the rest of the money at my student loans or is there something else I should be doing with it? I could have them paid off by the end of the year which is exciting! I have about $1300 withheld from my checks, is that a normal withholding rate? I have no state income tax. What should I do with my bonuses? What about in the future when I start at the VA? I don't know much about the federal retirement but I think it works the same as a 401k and I can max it out at around $18k a year so I'm going to do that + $6k IRA going forward. What can I do besides that? Buy horses? BTC? I feel like this post is pretty rambling but I can't figure a better way to put it. Any and all advice is appreciated! THANKS GOONS! pookers fucked around with this message at 22:13 on Nov 1, 2018 |
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Nov 1, 2018 22:10
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| # ? May 2, 2024 23:27 |
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quote:My expenses are low but I don't really keep track. I know thats bad, sorry BFC. quote:I have $15k in two old job retirement accounts gathering interest payments at about 6%/year. quote:Should I max an IRA before the year is over for tax benefits? If so where should i open it quote:Do I transfer the $15k I have in the other two accounts to whatever IRA I open? I feel like they do pretty well where they are, they were both government job accounts. quote:Do I throw all the rest of the money at my student loans or is there something else I should be doing with it? quote:I have about $1300 withheld from my checks, is that a normal withholding rate? I have no state income tax. quote:What should I do with my bonuses? quote:What about in the future when I start at the VA? I don't know much about the federal retirement but I think it works the same as a 401k and I can max it out at around $18k a year so I'm going to do that + $6k IRA going forward. What can I do besides that? Buy horses? BTC? quote:THANKS GOONS!
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Nov 1, 2018 23:33
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<3 moana <3 Holy poo poo why haven't i seen anything like this flowchart before. I feel like Ive read a lot of posts in this forum. Thank you so much, exactly what I needed. moana posted:If that is guaranteed 6%, hold onto these! Bonds aren't paying nearly as much so this can replace the bond section of your retirement savings. Do you pay any fees on these accounts? I just logged in and its actually 7%! No fees. I used to work for the texas govt and they had an amazing retirement program (tcdrs.org) ... matched $2 to every $1 after 10 years. I made it 3 before I went back to school. Unfortunately theres no nursing jobs besides county health nurse that contribute or id be ALL over that. I just don't want to give kids immunizations and check for STDs all day. I'll leave that money where it is, thanks again!
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Nov 2, 2018 00:22
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Holy poo poo, 7% guaranteed? Congrats, keep that forever! And it means you can be more aggressive (more equities) in the rest of your retirement portfolio.
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Nov 2, 2018 15:35
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pookers posted:<3 moana <3 How can I get in on that!!! Don't move that money
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Nov 2, 2018 18:24
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| # ? May 2, 2024 23:27 |
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Thanks guys! You can get in on it by working for Dallas County.... or any Texas govt I think. The catch is you have to live in Texas 
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Nov 2, 2018 23:06
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