Finances

So, I wasted my 20s working in a dead end job with no retirement benefits at all and didn’t start my 401k with my current job until I was almost 33 (almost exactly 2 years ago).

I’ve finally gotten comfortable enough financially to start dumping heavily into it and am currently putting away 15% into the Roth 401k option and my company matches 6% pre-tax.

My current balance is just under $18.5k (pending market fluctuations). I feel like I’m way behind after seeing posts from people in their 20s with six figures in their retirement accounts. Someone reassure me that eventually I’ll be able to comfortably retire.

[Read more…] about Money Matters: ‘I wasted my 20s working in a dead end job with no retirement benefits at all’

1. 60M – $900K and also have a nice pension. I didn’t really start investing till I was 40. Been maxing 401K and Roth since. House almost paid off and zero debt.
2. 49, 365k.. never made over 45,000
3. 55 yrs old. $1.7m retiring in 3 months.

[Read more…] about 39 People Reveal How Old They Are and How Much They Have Saved for Retirement

Alright, let’s cut through the noise and get straight to the heart of what you really need to know about saving for retirement. No fluff, no overly complicated formulas—just the straight-up, actionable advice you need.

[Read more…] about How Much Do You Really Need to Retire? Solve the Puzzle with This Simple Formula

I’m in 250k worth of debt and I’m seriously considering going back to school

So I recently stumbled across a new career prospect that I’m extremely interested in . It’s in the medical field and I’d be making upwards of 150-200k right after graduating from the 2.5 years of schooling. The only issue I’m having is that I’m already in over 240k worth of high interest student loan debt . I currently make 70k working 2 jobs and I know my salary will increase but it’ll probably take another 7-10 years before even reaching $150k .

Is it worth applying for the program? It’s a very rigorous program and I can’t possibly work through it. I’m also on only 1 income at the moment so I’ll be responsible for covering living expenses for my self and my mother who lives with me.

This job will give me such a good quality of life after , but I’ll like come out owing $400k since interest on my current loans will keep accruing while in college.

$120,000 in my savings, parents what me to pay off their house.

I’m 25 years old and live with my parents and make $52,000 a year after taxes. I spend about 9k a year on food gas clothes etc. My parents have about 110ish left to pay of on their and are expected to pay off in 11 years. I believe the interest rate is somewhere between 3-4%. Would I save them a significant amount of money paying off their house and having them pay me back in 5 years or would it be better for me to invest my money and open a high yield savings account.

Let’s get straight to the point: Your plan to pay off your parents’ mortgage and have them pay you back in 5 years is fraught with financial and emotional landmines.

If the logic here is that they can pay you back in such a short timeframe, it begs the question: Why aren’t they just as aggressive in paying down the mortgage themselves? This isn’t just about numbers; it’s about the complexities of intertwining financial dependency with family dynamics.

[Read more…] about Money Matters: “I Have $120,000 in My Savings Parents What Me to Pay off Their House”

1. $120,000 to $190,000 at a high volume Toyota store before moving to BMW and making around $130,000.
2. $55,000 in the first year at Toyota, $70,000 in the second year after moving to Lexus, $105,000 in the third year at the same Lexus store.

[Read more…] about 27 Car Salesman Reveal How Much They Make

So my mom is trying to retire soon, as she is 58. She currently doesn’t have a lot of money for retirement (about 100,000 dollars), but makes 250,000 a year and loves her job (which isn’t demanding on her body).

She is just now starting to save more, but doesn’t know if she should go with a self-401k (as she is self employed), or open an annuity with thrivant.

I have 0 clue as to what the best option is, so i REALLY need some help deciding on this. What makes the most sense for someone who is in her shoes?? Should she just aggressively max everything out? or should she go with the annuity?

Your mom’s situation isn’t just about choosing between a self-401(k) or an annuity; it’s a glaring wake-up call about her financial habits. Earning $250k a year and only having $100k saved by the age of 58 is a clear sign of living way beyond one’s means. It’s crucial she confronts the reality of her spending and saving patterns.

[Read more…] about Money Matters: “58 Years Old and My Mom Has No Money for Retirement”

1. $50/hour as a research nurse in Baltimore PRN.
2. $93/hr Nicu 20 years experience Bay Area, Ca. Night diff $13/hr.
3. $80/hr, no beneifts/PTO, 3 years experience, Internal agency ICU in Georgia

[Read more…] about 48 Nurses Reveal How Much They Make

There is a common misconception among many people about how tax brackets and marginal tax rates function within the United States tax system.

This misunderstanding often leads to confusion and anxiety, particularly when individuals receive pay raises or bonuses that push them into a higher tax bracket.

The fear is that by moving into a higher bracket, they will lose money due to being taxed at a higher rate on their entire income. However, this is not how the tax system works.

[Read more…] about Marginal Tax Rates Explained