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10% of salary into 401k. Aim to save >50% of your bonus after taxes and 401k contribution. Paydown CC debt / go fucking hard with the rest. Background: no student loan debt, no mortgage.
Everyone tells me to spend the salary and save the bonus... but what do people ACTUALLY save or recommend saving?
I saved my bonus and usually save a small slice of my salary
10% of my income goes to a 401k, 1% goes to the charity I support, 100% of the bonus is saved
Depends if you mean investing or wasting money on brands and drinks
Complete and review your personal income statement for the last 2 quarters. Determine your debt to income ratio. Max out your annual contribution to your 401k or at least leverage 6% to get the co match. Determine how much you need for 6-12 emergency cash reserve. Set aside monthly % or dollar amount to reach that target. Review your debt holding and determine amount or % to either pay it off or reduce to balance. Some debt offers tax deductibility benefits ( mortgage expense).
Put it all on red
Thanks everyone for the advice!