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EY, I got my Roth IRA contributions set to max (30%). Does Fidelity automatically lower the % and stop contributions afterwards once I reach my 2022 limit?
Also at Deloitte, I had a couple thousand contributed in the beginning of the year. Does EY's 401k keep track of that as well towards the limit?
anyone gonna buy any calls before market close?
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Just realized it's not Friday ☹️
Any great resume-writer recos? I need help!
I am following professor Aswath Damodaran's blog since long. Professor Damodaran teach Corporate Finance and Valuation and is well known valuation guru. Here's the link to his blog -
Musings on Markets (aswathdamodaran.blogspot.com)
His writing and videos have been great source of knowledge for me and hence sharing with this group.
What are pre-MBA pay bands at MBB?
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Too late for what? Why are you listing a mortgage and not including the value of the house? Not sure what you are looking for here
No man it’s over just give up.
My friend, this is not a competition. You are in a better position than almost everyone on earth and most Americans with a nice home and a good paying salary. Fact that your only debt is a mortgage is extremely impressive.
Some tips:
1. If you're interested on the mortgage is below 3.5%, don't bother paying it off. That rate is lower than inflation so technically you're making money. Just make a minimum payments and let it build your credit.
2. Secondly, you should put together an emergency fund that would cover 6 months expenses and is money that you could access within a week. That 30k investment you mentioned may qualify if it's something that you can access like a mutual fund.
3. If you can afford to now, start maxing out your tax advantage savings like your 401k. Start immediately and start putting money away.
4. Put the rest of your money into index funds for a safe investment with a good return. Take a portion of what saving if you'd like an invest in individual stocks and other investments if you're feeling a bit more risky.
You are not behind, you are in great shape, you are well positioned for the future.
I’m currently spending more than I should partying in my 20s lol.
Bowl Leader
Are those actual or aspirational expenses? You have a large "shovel" (income) relative to expenses and could seemingly save half of your income given the limited information provided.
It's there a particular reason for panic? At 31 with a good salary like yours all you need to do is max out your 401k and also invest what you can from your after-tax salary into stock market (VTI or VOO). You should be fine.
Here's some numbers so you understand why you shouldn't panic:
If you start investing at 31, with $30k initial investment, and considering that your retire at 65:
Just investing $1k per month into 401k, you will get this at retirement:
Assuming market growth at 7%: $1,5m
If avg market growth is 8%: $1,9m
But if you max out your 401k (1,7k/mo):
At 7% avg return: $2,6m
At 8% return: $3,2m
So, you should be fine, just keep investing as much as you can into either total market fund or snp500 fund and you'll retire with a good amount.
Thank you, N1. I’m going to stick with my Roth 401k and have a conservative portfolio of mutual funds.
Yep, 27M, beat you to 155 base. So you’re too late cause I’m first 🤪
Yes no food for you only VTI
Put it in s&p, and welcome to get a bigger mortgage. Real estate is on fire
Depends where you live.
Recover from what?
Conversation Starter
You should be fine. You're probably ahead of 90% of the population.