About Me/Comp 26 years old NYC Designer, 6 YoE, 3 YoE in Product 130k/Year, or $10,833.32/Month Gross $33,750/Year in RSU’s $20k Sign On Net $7,207.90/month (Includes insurance and metrocard) Fixed Expenses $1100/rent $700/family $120/Therapy $110/Subscriptions & Gym $80/Cell Phone Bill ——— $2110 ——— Variable Expenses ~$700 a month on food and other things This leaves me with me about $4397. How much should I save? And what’s the most tax effective way to stash my money for greatest return. Also liquidity in emergency matters, too. 401k, Roth, savings, etc. Also, I don’t get a 401k match. But hate the idea of trapping a lot of cash in a 401k, esp to access so late in life. Currently: ~40k/401k (maxed for matches in past jobs) ~20k/individual investments (lost a lot in crypto, sadly)
This is a great post. I'd suggest posting this on r/personalfinance you will get solid responses there.
Will do
Thank you!
1: pay off all high interest debt 2: put away 6 months expenses in emergency fund in bank account 4: max 401k (there are ways to access the money early) 5: I think you are past the income limit for Roth IRA. If not max that too ($6k) 5: if you have it max HSA 6: look into if you can make post tax contributions to your 401k (up to $50k-ish) 7: once all that is done put all your other money into VTSAX to grow your net worth passively 8: if you are ambitious dont put all your money from step 7 into VTSAX and instead pursue side ventures to grow your net worth Good luck
Kudos on the rent
Cut your spending
Lol where
Yeah where
Storj labs!!!
You’re wrong about the 401k. Compound interest on tax deferred income is powerful. Person A contributes 1k/month from age 25-35 and never contributes again. Person B contributes 1k but from age 45-55. With a 7% return, person A’s 401k balances is $1.45m and person Bs is only $370k. The earlier you start, the exponentially better!
Tech Industry
Yesterday
34375
Worried that our top performer is an attrition risk. How do managers handle this?
AMA
Yesterday
3470
I’m a professional coaster AMA
Tech Industry
10h
2630
Avoid teams with only Chinese or Indians especially with a Chinese/Indian manager
2024 Presidential Election
3h
450
Democrats: Support Tax on Unrealized Gains?
700 a month for food? You need to eat better.
Just variable costs! It can include helping my little sister with something, laundry, Amazon stuff idk
What? I ate healthy on like $300 a month for years when I was a poor ass grad student