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Re: 401K & general money/investing?
[Re: toothdoc]
#2096374
04/24/17 05:00 AM
04/24/17 05:00 AM
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Joined: Sep 2008
Posts: 3,834 North Bama
demp17
10 point
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10 point
Joined: Sep 2008
Posts: 3,834
North Bama
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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!!!
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Re: 401K & general money/investing?
[Re: demp17]
#2096379
04/24/17 05:08 AM
04/24/17 05:08 AM
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Joined: Jun 2015
Posts: 13,971 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
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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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096380
04/24/17 05:08 AM
04/24/17 05:08 AM
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Joined: Dec 2014
Posts: 2,073 Hamilton/Auburn
Shotts
8 point
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8 point
Joined: Dec 2014
Posts: 2,073
Hamilton/Auburn
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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
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096382
04/24/17 05:09 AM
04/24/17 05:09 AM
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Joined: Nov 2004
Posts: 9,565 Cape San Blas, Florida
Deadwood
Footbsll Bat PSYOPS
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Footbsll Bat PSYOPS
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
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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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096383
04/24/17 05:10 AM
04/24/17 05:10 AM
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Joined: Nov 2011
Posts: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
USA
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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.
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Re: 401K & general money/investing?
[Re: Deadwood]
#2096394
04/24/17 05:16 AM
04/24/17 05:16 AM
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Joined: Jun 2015
Posts: 13,971 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
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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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096399
04/24/17 05:21 AM
04/24/17 05:21 AM
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Joined: Nov 2004
Posts: 9,565 Cape San Blas, Florida
Deadwood
Footbsll Bat PSYOPS
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Footbsll Bat PSYOPS
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
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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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096421
04/24/17 05:39 AM
04/24/17 05:39 AM
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Joined: Jul 2005
Posts: 9,954 Hampton Cove
foldemup
14 point
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14 point
Joined: Jul 2005
Posts: 9,954
Hampton Cove
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I'd find a sugar momma with lots of land.
If you want to always win, never play anyone better than you!
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Re: 401K & general money/investing?
[Re: foldemup]
#2096437
04/24/17 05:48 AM
04/24/17 05:48 AM
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Joined: Jun 2015
Posts: 13,971 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
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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.
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Re: 401K & general money/investing?
[Re: Deadwood]
#2096458
04/24/17 06:16 AM
04/24/17 06:16 AM
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Joined: Dec 2013
Posts: 22,471 Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
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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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096465
04/24/17 06:21 AM
04/24/17 06:21 AM
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Joined: Dec 2013
Posts: 22,471 Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,471
Lickskillet, AL
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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.
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Re: 401K & general money/investing?
[Re: Irishguy]
#2096492
04/24/17 06:43 AM
04/24/17 06:43 AM
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Joined: Jun 2015
Posts: 13,971 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
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. 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.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096503
04/24/17 06:55 AM
04/24/17 06:55 AM
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Joined: Feb 2007
Posts: 4,231 Central Alabama
Yelp softly
10 point
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10 point
Joined: Feb 2007
Posts: 4,231
Central Alabama
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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
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Re: 401K & general money/investing?
[Re: Yelp softly]
#2096512
04/24/17 07:05 AM
04/24/17 07:05 AM
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Joined: Jun 2015
Posts: 13,971 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
|
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.
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