/biz/ - Business & Finance

Yes bro you are beast mode, that is really good

>>13031350

You need to save 50%-60% of your gross in order to FIRE. You have to step it up.

>>13031350
hell yes
early retirement, here you come!

No you absolute retard everything is ath dumb fuck you should not have any sort of stocks/401k/ira

>>13031350
>falling for the 401k meme

enjoy getting rekt by inflation

>>13031554
>>13031527
>>13031554
stop

>>13031350
holy shit you're literally throwing that money away. Not only are you going to lose 50% of the value in the next few years, you can't even pull it out before 75 without taking another huge loss on it.

Buy crypto you dumb fuck

>>13031527

>implying I don't get a guaranteed 50% ROI on every dollar I put in which would nullify even a massive crash

I would have plan to far ahead, I feel the system may collapse within a decade or two

>>13031554
Do...do you not know what 401ks are supposed to be? Don't tell me you're one of the absolute retard-tier normies who keep their 401k in cash.

>>13031645
I have 30k in crypto

>>13031645

Yea, they were created so employers don't have to fund pension plans anymore for their employees and so financial firms can can profit off your earnings.

That million you'll have in 2065 isn't going to be worth a million in today's dollars. Mr.Goldberg isn't going to mention that in the brochure though.

considering your gross, that's superb

>>13031712
what if it's getting 7-10% return a year? It's basically tax free gains on ETF index fund investments

>>13031514

That's just in his 401K though. If you're saving that much and planning on retiring long before your 59 1/2 birthday, some of that has to go into taxable investments. Plus, 60% of 40,000 would go over the contribution limit anyway.

Also, FIRE is not everybody's goal in life. If he's putting 1/4 of his money into investments, he will definitely have a cushy stack around the time normies retire.

>>13031738
>if

>>13031773
Yes, if, because it's the likely eventuality of index fund returns given past data, but might not happen if the entire financial system changes

>>13031605

Welcome to /biz/ where people who put all their money into various cryptocurrencies tell you that your 401K is a scam.

OP youre doing fantastic. I make 65k and I'm only putting away 15k in investments (everything not just retirement). I'm quite upset actually. You're doing fine for your situation. Most normies making 40k drive a 40k Mercedes but don't save a penny LOL. That 800 dollar monthly payment is killer

>>13031669
>makes shit tier salary
>says he puts 10k into 401k pre tax
>30k in crypto

Yea sure kid. Fuck a 401k, put it all in tron

>>13031819
Nobody who makes 40k a year is getting financing for a benz, unless they are putting like 20k cash down or their mummy is co signing

>>13031350
Similar situation but gold for me.

>>13031855
It’s 6k or so and 4K from the match you brainlet

I didn’t go to university so it is what it is at least I have no student loans

I need some help too bros. Can you tell me if this is a good idea, im starting my first legit office job and want to start saving early.
>salary 70K before taxes
>Going to max 401K at 19K/year
>Going to max Roth IRA at 6K/year
>will have ~700.00 dollars left a month
>going to invest 500.00 in Fidelity 500 index a month
>pocket/save the 200.00
I have no debt, and already have an emergency fund. Dont know if I should be investing more in stocks and cut out some from 401K. Let me know if see something wrong here, im totally new to investing, and have just learned all this stuff in the past week. Pls help

BRAP

>>13031901

Your plan is perfect if you believe that time itself starts when you are 59 1/2. If you're going to save that much, put some of it in taxable accounts so you can access it before you're too old to enjoy it.

>>13031964
I am open for suggestions, lets say I did not want to wait til 59 1/2. Lets say instead of investing the 19k, I just match til my employer matches. Lets also say I dont invest the 6k in a Roth IRA. This would leave me with
>~21K /year
>1750.00 a month
Im down to listen to different ideas/plans. What you guys would instead do

>>13032046

The sooner you want to retire, the higher % you need to put in taxable accounts. The later, the higher % you should put in your 401K/IRA.

You'll have to do the math for your own personal situation, based on when you want to walk away from your cubicle, keeping in mind that your salary will go up as you progress in your career. Also, if your parents love you and you're expecting an inheritance, you should factor that in too.

>>13032091
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>>13031901
what the fuck are your expenses if you can still save $700 after maxing contributions

>>13031350
I put whatever the company will match and stop there. I'm younger though so I still need to save up for a house

>>13032112
I only spend 2k a month. 800.00 on rent and 1.2k on monthly bills/food. So 24k/year are living expenses. I have no debt at all.

>>13032091
Can't you pull from a roth after 5 years? Only earnings are taxed if you withdraw early

>>13031350
I just hope you're not planning on *buying* anything with that money.

>>13031738
>>13031773
Right now, Vanguard's median projection for average real returns in 100% equities over the next decade? Around 4%.

Not nothing, but far from Boomer returns.

>>13031350
cash out and buy silver and gold

or all of your saving will be hyperinflated away in a few years max

how does no one on biz see we are at 1929 levels? look at the charts...
please look into this my friend, id hate to see you get grilled