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How much do you keep in the bank vs brokerage?
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1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement?
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Hi fishes! I had asked for benefits other than CTC which Bank of America provides & now that I've completed 1 month here, here's the list of allowances you'll be getting irrespective of position/band:
1. Sodexo: 1300 p.m./ 15,600 p.a.
2. Transport allowance: 900 one way, 1800 two ways p.m./ 21,600 p.a.
3. Internet: 1500 max p.m. (other than that, one time installation charges)
4. Tuition fee: Any certification related to your field. Like CFA, FRM etc. 3,00,000 p.a.
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Yes! This is so valid it hurts
Your 401k is not an emergency fund 😟
You misread. They’re saying more INTO savings and NOT into their 401k so they have available emergency funds.
My wife and I started our 401k late. So we put everything we could into it - savings be damned. Then last year, with a two year old and a 3 month old newborn at home, I did something I never thought I’d have to do - quit my job without another one lined up. The stress of work was killing me and I was 100% sure my agency would have been perfectly fine with me just dropping dead at my desk. So I quit. And we ended up having to take money out of my 401k to cover our mortgage. Taking money out before you’re 59 and 1/2 means you take a 10% penalty for early withdrawal AND you also have to pay taxes on your new “income.” I had to take about 28% more out of my 401k to receive the actual amount of money we needed to cover three months expenses. Two months went by and I would not find work. Nothing. But eventually, after hundreds of emails, hours of LinkedIn stalking, I found work. So we’re good for now. The point is, what good is your retirement savings if your life from today until the day you call it quits is miserable. TLDR; Until you can cover 3 months expenses, seriously reconsider going all in on your 401k.
I’ve did a 401K loan once when I really had to. Then I was paying myself interest but obviously lost out on some stock growth.
Ally bank- put your money into a high yield savings account.
Yes I’ve been saying this and my friends think I’m insane lol although my friend recommended putting more $ in a Roth IRA rather than a personal savings account
On this topic, what percentage do you put into your 401k and does your company match at all?
12%
5% match
But put it off for FAR too long. Need to up the percentage and PB&J it!
how big are we talking? rule of thumb is 3-6 months expenses. $15k should be enough to cover you for 6 in a city like NYC
That rule of thumb is not for people in advertising. Or for freelancers. Put the two situations together, and you really need 9–12 months of base expenses to be truly secure.
You don’t need all 9–12 months in cash. You can “ladder” it. Have 3 months in cash. The rest could be invested in something else that is at least moderately liquid, that could at least stay above inflation. Just not in a 401K or something that would severely penalize you if you had to pull it out.
Yes. You should do about 3% - 5% more in 401K since you’ll be done in the industry by your 50s. Also save a few hundred bucks per paycheck and put it in a brokerage account.
I’d recommend talking to a financial planner to set up your financial world and goals. Try to find one who works with agency folks...they’ll understand the challenges and give you smart ways to lower taxes, long/short term savings and insurance so your family is protected.