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401K & general money/investing? #2096364
04/24/17 04:50 AM
04/24/17 04:50 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
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A
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Posts: 13,971
Some Marriott/Auburn
As some know I recently started my first post-grad job.

The company matches 5% for 401K investments, so I just put 5% on the form as I would be a fool to pass up free money.
I am thinking of upping that to maybe 10%, I believe the cap is 15%.
The earlier it gets in, the longer it will have to compound up is my thinking.
Another bonus is that it will also reduce my taxable income.

I have approximately $8,500 in student loans to pay back at an interest rate of 4%.
Planning on being fairly aggressive on repayment, thinking $800ish per month as I hate the idea of paying interest.

One of my first priorities is to get an emergency fund built up.
That is an absolute must.

I don't plan on purchasing a house at least for likely 3-5 years as home might be bouncing around abit.
My current monthly rent($400ish) is such that I don't believe I could justify purchasing a house with how little I am home.

That said, I am also thinking of maybe other investments.
A rental property here in Auburn would seem like a good idea.

Any input or am I pretty much on track?
I'm open to sound suggestions.

Re: 401K & general money/investing? [Re: AU7MM08] #2096370
04/24/17 04:57 AM
04/24/17 04:57 AM
Joined: Dec 2009
Posts: 9,515
Trussville
T
toothdoc Offline
14 point
toothdoc  Offline
14 point
T
Joined: Dec 2009
Posts: 9,515
Trussville
Sounds like you have a solid plan.

Re: 401K & general money/investing? [Re: toothdoc] #2096374
04/24/17 05:00 AM
04/24/17 05:00 AM
Joined: Sep 2008
Posts: 3,834
North Bama
demp17 Offline
10 point
demp17  Offline
10 point
Joined: Sep 2008
Posts: 3,834
North Bama
Originally Posted By: toothdoc
Sounds like you have a solid plan.


X2, compounding interest is your friend in your 401k. I would also throw in getting yourself some term life insurance, should be dirt cheap for a young healthy person.


We are not perfect, only forgiven!!!
Re: 401K & general money/investing? [Re: AU7MM08] #2096375
04/24/17 05:00 AM
04/24/17 05:00 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
You're light years ahead of most people your age.

Sounds like you're following Dave Ramsey's scheme more or less.

I'd max my pre-tax investment into 401k, even after matching stops, up to the $18,000 max that the government allows.

Re: 401K & general money/investing? [Re: demp17] #2096379
04/24/17 05:08 AM
04/24/17 05:08 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
Booner
A
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn

Originally Posted By: demp17
Originally Posted By: toothdoc
Sounds like you have a solid plan.


X2, compounding interest is your friend in your 401k. I would also throw in getting yourself some term life insurance, should be dirt cheap for a young healthy person.


Life insurance is the family business...my parents sent me off to Auburn with a staggering amount of Life insurance.
I'm not even sure how my stepdad managed to get what they got on me.

Ehhh Dave Ramsey is interesting but I don't buy into what he has to say fully.
My line of work I need access to credit.

Re: 401K & general money/investing? [Re: AU7MM08] #2096380
04/24/17 05:08 AM
04/24/17 05:08 AM
Joined: Dec 2014
Posts: 2,073
Hamilton/Auburn
Shotts Offline
8 point
Shotts  Offline
8 point
Joined: Dec 2014
Posts: 2,073
Hamilton/Auburn
I would really research the rental property in Auburn before diving in as that landscape and market continues to change. Several of the engineers that worked for me straight out of college there bought houses and rentals and have had an awful time with them due to the changes in student housing and all the new dorms on campus. I know Auburn is growing and the real estate market is doing better than the rest of the state, however out of the 8 or so that bought houses there in the 2007-2010 timeframe all but 1 lost money so just something to think about.


Life is difficult
Science prevails over bulldoodoo and superstition every time
Re: 401K & general money/investing? [Re: AU7MM08] #2096382
04/24/17 05:09 AM
04/24/17 05:09 AM
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
D
Deadwood Offline
Footbsll Bat PSYOPS
Deadwood  Offline
Footbsll Bat PSYOPS
D
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
You have your head on straight. For emergency funds, put up 6 months of your net pay. Contribute the max allowable to your 401K, and when you turn 50 years old, be sure to invest your "catch-up" money.

Don't be scared to buy precious metals like "silver rounds" which you can buy as little as 1/10th oz at a time, and gold bars in small quantities at a time. You'll pay more than spot, but silver price is based on 5000 troy ounces at a whack. Don't worry about if it goes up and down, just buy it constantly and DON'T buy certificates. buy the real metal. To keep it simple, don't buy gold or silver coins (numismatics) very frequently because that's two different investments rolled into one and can be confusing.

In a SHTF scenario, you will want small denominations of precious metals. I've been doing it for 40 some years. A dollar bill is a piece of paper backed by nothing but confidence.

Buy real property, too, but buy to rent out. Don't go out and buy a friggin' castle to live in because you'll be sitting in all your equity that YOU had to pay for. Get a nice but modest house to live in.

You'll do fine because you think ahead, I've seen.

Others may differ with my recommendations, but I was able to retire very early and my plan worked for me. I'm no different than anybody else, I just set a course and stayed with it.




Re: 401K & general money/investing? [Re: AU7MM08] #2096383
04/24/17 05:10 AM
04/24/17 05:10 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: AU7MM08

Originally Posted By: demp17
Originally Posted By: toothdoc
Sounds like you have a solid plan.


X2, compounding interest is your friend in your 401k. I would also throw in getting yourself some term life insurance, should be dirt cheap for a young healthy person.


Life insurance is the family business...my parents sent me off to Auburn with a staggering amount of Life insurance.
I'm not even sure how my stepdad managed to get what they got on me.

Ehhh Dave Ramsey is interesting but I don't buy into what he has to say fully.
My line of work I need access to credit.


Well, everything you said fits into Dave's scheme perfectly. So you probably agree with him more than you think. And I don't think Dave is completely opposed to using a credit card (I could be wrong on that). I think not carrying a balance is the big thing. And most folks get themselves into trouble with a credit card, whether or not they'll actually admit it.

Re: 401K & general money/investing? [Re: Shotts] #2096391
04/24/17 05:15 AM
04/24/17 05:15 AM
Joined: Mar 2014
Posts: 2,625
Florida
P
Peach Offline
10 point
Peach  Offline
10 point
P
Joined: Mar 2014
Posts: 2,625
Florida
Doing good with the 401k. If I were young again, I would definitely invest in silver. It is around 17 dollars an ounce right now and has been higher than 50 dollars an ounce. Some time in your life, it will definitely go back and perhaps much higher than 50. If you buy in at 17 and it drops to 13-14, then buy some more. If it drops again to 8-10 purchase some more. You have time on your side. I don't! As far as rental property - there are some good write-offs but it can be a nightmare. I was in the rental business for awhile and am very happy that I am out. I also flipped some houses which did very well. If Trump reduces the capital gains tax, then flipping could be a very lucrative opportunity.

Re: 401K & general money/investing? [Re: Deadwood] #2096394
04/24/17 05:16 AM
04/24/17 05:16 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
Booner
A
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn

Originally Posted By: Deadwood
You have your head on straight. For emergency funds, put up 6 months of your net pay. Contribute the max allowable to your 401K, and when you turn 50 years old, be sure to invest your "catch-up" money.

Don't be scared to buy precious metals like "silver rounds" which you can buy as little as 1/10th oz at a time, and gold bars in small quantities at a time. You'll pay more than spot, but silver price is based on 5000 troy ounces at a whack. Don't worry about if it goes up and down, just buy it constantly and DON'T buy certificates. buy the real metal. To keep it simple, don't buy gold or silver coins (numismatics) very frequently because that's two different investments rolled into one and can be confusing.

In a SHTF scenario, you will want small denominations of precious metals. I've been doing it for 40 some years. A dollar bill is a piece of paper backed by nothing but confidence.

Buy real property, too, but buy to rent out. Don't go out and buy a friggin' castle to live in because you'll be sitting in all your equity that YOU had to pay for. Get a nice but modest house to live in.

You'll do fine because you think ahead, I've seen.

Others may differ with my recommendations, but I was able to retire very early and my plan worked for me. I'm no different than anybody else, I just set a course and stayed with it.



I have approximately 50ish OZ of silver, it is in the gun safe at my parents house in California. Bars/rounds, 90%, and American Silver Eagles.

I should probably bring that silver back with me next trip.

Re: 401K & general money/investing? [Re: AU7MM08] #2096399
04/24/17 05:21 AM
04/24/17 05:21 AM
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
D
Deadwood Offline
Footbsll Bat PSYOPS
Deadwood  Offline
Footbsll Bat PSYOPS
D
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
Good start. You can NEVER rely on fiat currency when hyper inflation hits, like in Venezuela.

You're gonna do just fine in life.

Oh, own your own house BEFORE you get married, and don't co-mingle funds from that into the family finances, ever.



Re: 401K & general money/investing? [Re: AU7MM08] #2096421
04/24/17 05:39 AM
04/24/17 05:39 AM
Joined: Jul 2005
Posts: 9,954
Hampton Cove
foldemup Offline
14 point
foldemup  Offline
14 point
Joined: Jul 2005
Posts: 9,954
Hampton Cove
I'd find a sugar momma with lots of land.


If you want to always win, never play anyone better than you!
Re: 401K & general money/investing? [Re: foldemup] #2096437
04/24/17 05:48 AM
04/24/17 05:48 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
Booner
A
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn

Originally Posted By: foldemup
I'd find a sugar momma with lots of land.


That certainly isn't my girlfriend.
Super sweet girl from Blount Co but from very humble means.

That whole date within your own tax bracket, I see why someone might say that.
There are complexities that wouldn't be there.

Re: 401K & general money/investing? [Re: Deadwood] #2096458
04/24/17 06:16 AM
04/24/17 06:16 AM
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
Originally Posted By: Deadwood

In a SHTF scenario, you will want small denominations of precious metals. I've been doing it for 40 some years. A dollar bill is a piece of paper backed by nothing but confidence.


I read this all the time, but in a real SHTF scenario, I can't see gold, silver or diamonds being worth spit. I would think the real currency would be water, food, medicine, fuel, booze, tobacco, drugs and sex and not necessarily in that order.

Re: 401K & general money/investing? [Re: AU7MM08] #2096465
04/24/17 06:21 AM
04/24/17 06:21 AM
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
Originally Posted By: AU7MM08
As some know I recently started my first post-grad job.

The company matches 5% for 401K investments, so I just put 5% on the form as I would be a fool to pass up free money.
I am thinking of upping that to maybe 10%, I believe the cap is 15%.
The earlier it gets in, the longer it will have to compound up is my thinking.
Another bonus is that it will also reduce my taxable income.

I have approximately $8,500 in student loans to pay back at an interest rate of 4%.
Planning on being fairly aggressive on repayment, thinking $800ish per month as I hate the idea of paying interest.

One of my first priorities is to get an emergency fund built up.
That is an absolute must.

I don't plan on purchasing a house at least for likely 3-5 years as home might be bouncing around abit.
My current monthly rent($400ish) is such that I don't believe I could justify purchasing a house with how little I am home.

That said, I am also thinking of maybe other investments.
A rental property here in Auburn would seem like a good idea.

Any input or am I pretty much on track?
I'm open to sound suggestions.


1. Emergency fund of a couple thousand at first and then 6 months salary as soon as you can.

2. 401k up to employer matching = Free money.

3. Pay off loans.

4. Roth IRA at your age. My son is in college, but just got a full time gig at a tech company that is about equal to an internship, but better. I got him starting to invest 10% into a Roth IRA at www.betterment.com because there was no minimum to start with.

Not a bad idea to just rent for awhile, home ownership is not the great investment it once was, plus there are a lot of unexpected costs associated with home ownership.

So yeah, you are on the right track.

Re: 401K & general money/investing? [Re: Irishguy] #2096492
04/24/17 06:43 AM
04/24/17 06:43 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
Booner
A
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn

Originally Posted By: Irishguy
Originally Posted By: AU7MM08
As some know I recently started my first post-grad job.

The company matches 5% for 401K investments, so I just put 5% on the form as I would be a fool to pass up free money.
I am thinking of upping that to maybe 10%, I believe the cap is 15%.
The earlier it gets in, the longer it will have to compound up is my thinking.
Another bonus is that it will also reduce my taxable income.

I have approximately $8,500 in student loans to pay back at an interest rate of 4%.
Planning on being fairly aggressive on repayment, thinking $800ish per month as I hate the idea of paying interest.

One of my first priorities is to get an emergency fund built up.
That is an absolute must.

I don't plan on purchasing a house at least for likely 3-5 years as home might be bouncing around abit.
My current monthly rent($400ish) is such that I don't believe I could justify purchasing a house with how little I am home.

That said, I am also thinking of maybe other investments.
A rental property here in Auburn would seem like a good idea.

Any input or am I pretty much on track?
I'm open to sound suggestions.


1. Emergency fund of a couple thousand at first and then 6 months salary as soon as you can.

2. 401k up to employer matching = Free money.

3. Pay off loans.

4. Roth IRA at your age. My son is in college, but just got a full time gig at a tech company that is about equal to an internship, but better. I got him starting to invest 10% into a Roth IRA at www.betterment.com because there was no minimum to start with.

Not a bad idea to just rent for awhile, home ownership is not the great investment it once was, plus there are a lot of unexpected costs associated with home ownership.

So yeah, you are on the right track.


I appreciate that. Thank you.

Re: 401K & general money/investing? [Re: AU7MM08] #2096503
04/24/17 06:55 AM
04/24/17 06:55 AM
Joined: Feb 2007
Posts: 4,231
Central Alabama
Y
Yelp softly Offline
10 point
Yelp softly  Offline
10 point
Y
Joined: Feb 2007
Posts: 4,231
Central Alabama
You're single right? Why would you want life insurance? Life insurance is primarily to provide for your loved ones in the event of your demise. If you're single with no family, life insurance seems like a waste.

Max your 401K and put any remaining in an IRA. Drop the rental property idea. If you're on the road a lot, do you have a contingency plan for when emergency repairs arise at the rental property? If you want to keep tenants happy, you need to be able to address these issues quickly. It's hard to do that when you're out of town.


"When there was no fowl, we ate crawdad, when there was no crawdad, we ate sand."

"YOU ATE SAND!" - Raising Arizona
Re: 401K & general money/investing? [Re: Yelp softly] #2096512
04/24/17 07:05 AM
04/24/17 07:05 AM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline OP
Booner
AU7MM08  Offline OP
Booner
A
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
Originally Posted By: Yelp softly
You're single right? Why would you want life insurance? Life insurance is primarily to provide for your loved ones in the event of your demise. If you're single with no family, life insurance seems like a waste.

Max your 401K and put any remaining in an IRA. Drop the rental property idea. If you're on the road a lot, do you have a contingency plan for when emergency repairs arise at the rental property? If you want to keep tenants happy, you need to be able to address these issues quickly. It's hard to do that when you're out of town.


I haven't purchased any.
Parents pulled a good bit on me and the company gave me a little bit.

I am merely spitballing ideas right now.
I'm not committed to any one strategy or line of thinking.

If I do go ahead with the rental property idea I would be looking into a property management company.

Last edited by AU7MM08; 04/24/17 07:07 AM.
Re: 401K & general money/investing? [Re: AU7MM08] #2096530
04/24/17 07:31 AM
04/24/17 07:31 AM
Joined: Aug 2009
Posts: 1,569
Jasper
M
mikewhandley Offline
8 point
mikewhandley  Offline
8 point
M
Joined: Aug 2009
Posts: 1,569
Jasper
ROTH is your friend....it grows tax free. Put as much of it in a ROTH to keep the governments hands off of it later.

Re: 401K & general money/investing? [Re: AU7MM08] #2096544
04/24/17 07:41 AM
04/24/17 07:41 AM
Joined: Oct 2015
Posts: 6,420
Pelham Al
T
Tigger85 Offline
12 point
Tigger85  Offline
12 point
T
Joined: Oct 2015
Posts: 6,420
Pelham Al
You can buy a rental with a self directed ROTH IRA and all your profits are tax free then. After working in the public sector I love the rental business and wish I had gotten in earlier

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