Hi! I need a bit of finance advice. I am a senior, make 105K. Monthly expenses total around $1900 & my salary is around $2800. Leaving me with about $900 every paycheck. I normally keep $500 to spend & $400 goes towards investing or savings. I have 30k saved ($8k is for my wedding next year), $57k in my 401k contributing 3% & about 14k in the stock market (mainly in robinhood, I have $600 in my Roth IRA that I just opened). All of that to say, how does this sound? Am I on a good path? Any tips?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

1. Save more for your wedding. The average wedding in America costs $28,000. And don’t feel guilty for setting aside more, enjoy it and celebrate the start of your marriage!
2. Great contributions to your 401(k). After the wedding, work on building this up more than the 3%. Based on your numbers you can do it and this is the best vehicle to invest heavily in.
3. Place a higher priority on tax-advantaged accounts. That $14k is essentially play money, in my mind. It should be in the Roth IRA (max contribution is $6,000/yr, so not all of your brokerage, but as much as you can).

like

And I also refuse to spend more than $15k on the wedding. I have my portion (the $8k) & my fiancé has his as well

I was at Guidehouse making your salary. I was maxing out my 401k at 19,500 and HSA at $3300 (GH gave 300$). I was still able to take home $2000 biweekly and $4000 a month. With two months with extra paychecks.
That's enough to cover your expenses. By contributing max on your 401k, you are reducing your tax liability and AGI and saving more.

like

I was doing 20% of my salary to hit the 19,500. I usually max it out last pay check of November but GH true up the remaining Dec match the following year. It's possible to have a Roth IRA as well.
However, I didn't look into it because my income with my married SO put us over the limit with IRS. So we do backdoor IRA with Fidelity.

Recent IconRecent

1. Max out your 401K. For you, 3% is awful.
2. Max out your Roth IRA TODAY. You have enough money saved up to do so.
3. Move that $14K out of Robinhood and into a better brokerage.
4. Your wording may be off. You say that your monthly expenses are $1900 and you are left with ~$900 every paycheck (2800-1900). However, you get TWO paychecks per month, not one. So once the first paycheck takes care of your monthly expenses and gives you $900 leftover, where does the 2nd paycheck of $2800 go??? That’s $3,700 (900+2800) unaccounted for.

like

Chill out, CD1. Take it easy on OP! /s

How do you make 105k and you monthly salary is 2800. That may be net but that still seems low. Don’t really follow your numbers. Why are you only contributing 3% to 401k?

like

Ohhhh. Got it. Yeah I’m not doing 19.5 right now lol but yes I’m saying they match up to 3% if I put in 3%. That is the max match.

Up your 401k contribution first!

like

How old are you/ I mean how many years of exp

like

27, 6years of exp

on how to maximize my extra dollars now that I have paid off my credit card debt and car note? And have no student loans?

Yeah basically one if the best tools

If u can pay out of pocket for medical expenses and let account compound

Pull the money out when you need it or plan a big expense

Also contribution are triple tax free need to take advan of that

Sorry I meant 2800 biweekly

Good job. I wish I waited to refinance. I did in June 2020 from 4% (30 yrs) to 2.75% (15 yrs). They only good thing is that I only paid $1300 in sunk cost.

like

Related Posts

What is the hike given by Amdocs this year?
Also, did amdocs has given any bonus this year? How much % it was?

like

Hi Fishes. I got an offer in UK for 44k Pounds. Work location in UK is Birmingham. My current CTC in India is 19 lpa. Is this offer good enough? Please advise.

like
like

Any benefits if we complete wings 1 assessment..?

likesmart

Folks on H1B. What do you do with your savings? Invest in India or in the US? Apologies, know this has been asked before. Don't know how and where to invest in the US.

like

Posting on behalf of my friend :
Counter offer made and manager communicated through email .
How long will it take for the incumbent to receive revised compensation offer ? No grade change was discussed will that be decided by HR or not required

Hi Dental Office Managers! I’d like to ask for a raise. I have been working in my DFW office for 15 years. How much are you guys making? What is your salary? Are you hourly? I would love a market adjustment.

like

Hey folks,

I have been selected for HR round with
Accenture for SAP ABAP position. I badly need this job right now. Can you please help me with the procedure and how much salary I can ask for in such a way I don’t miss this opportunity.
CCTC: 6.3LPA,YOE: 3 Accenture

like

My salary is very low as per 10 yoe which is 20 LPA.I asked my managers to increase my salary as per market standard till 25lpa. They said talk is going on with HR as like me there are multiple employees who are not satisfied with yearly hike, but for sure they will give and it won't take much time. Do you think I should trust them and start looking outside. Here wlb is good which was my priority. Deloitte EY Barclays Deutsche Bank
Nagarro EPAM Systems Harman Globant TietoEVRY Xoriant private s

like

Urgent!!
I currently have a offer letter- 15.5 CTC (fixed)( profile- security Researcher)
Cleared all interviews of another company and they are asking “expected ctc” . How much should I ask??( profile- threat researcher)
Current ctc - 8.5 lpa ( profile- risk & compliance)
Basically I am changing my profile.

like

What is the salary range for Project Manager(Senior Manager) in EXL.

like

Hello Everyone for band 7b what's the salary range? I hve been offered 18.2LPA CTC

like

Hi friends, anyone got salary today for HDFC bank???

The majority of my career has been in healthcare tech with some retail experience. Looking to break into event management/coordinating (I believe this is the correct job title) space in either the entertainment, fashion & retail or cosmetic industry. Any insights or advice is appreciated!

like

Desi 🐠 - anyone here who moved with EY from India to US? My brother is moving soon on a short term transfer and I have some questions about compensation

like

Anyone work for Uber? Thoughts on culture, benefits, etc..?

like

Less than a year before I can retire and not sure I can make it. The stress at home, work and with the aches and pains of my 54 year old body are taking their toll. I wake up every weekday and dread the coming 14 hour day. I live for the bliss of two days off on the weekend when I can attempt to just ignore everything until Monday morning.

like

Friday the CEO sends out an email proudly proclaiming that the company made $22 billion last year.
Two hours later I am told on our team meeting that the bonus/raise pool is down from last year.
I just have no words.

likefunnyupliftingsmarthelpful

If you have a side gig/small company that you run while working as a consultant, how much extra compensation does that bring you in each year, on average?

like

Hi Fishes,

I am currently working as an Analyst in HCL Technologies BSERV which is considered as a BPO. I received a promotion to a new job post Sr. Associate-WPC. Is this new position also a part of BPO or does it come under IT or Technical Department? Also currently there is no hike being provided even though the band has changed from 0.3 to 1.1, can I expect a hike once the yearly cycle is completed?

like

More Posts

Hie fishes
I recently joined nagarro
I am under one project code but not assigned to any project
Is that means I am in bench or project
Is that count for bench period

like

Larsen & Toubro Infotech For Designation Senior Engineer - Cloud & Infra Services P2 level Larsen & Toubro Infotech offering 8LPA for 5total YOE. I think its very low. So upto how much LPA can I bargain. LTI Fishes pls suggest

Anyone from EXL.need some interview tips.Thanks in advance.

like

Any Stern MBA alum/student willing to chat?

Thanks a lot!

like

The new Teams anthem 🎵🎶

Post Photo
funnylikesmart

What are some questions to ask during an interview to understand a company’s UX design maturity and strategy? When design is seen as leading/owning and not just supporting engineering?

like

Hi fishes, I shall be joining CG as C2 in DevOps program! Let me know the work culture, wlb, job security about CG. And whats the CTC range for people like us. Yoe-9,5 years. Would be joining from Ericsson!

like

Looking at the economics of a social club. Any idea what the cost is to start one in a metropolis like NYC. Say without accounting for lease pricing. Light to med renovation of a space plus furnishing?

like

Interviewed for 5.5 hours today at a boutique IB today. Base comp is a slight bump. 14 mos in FDD @ PwC who will make senior this CRT - love the role but want to see more of the transaction besides TBs and TB detail. Comp isn’t a huge bump but the IB seems to have a good culture. 20 people. I really am struggling. I worried about FDD golden handcuffs with limited exit ops. Please advise!!! How should I navigate this and assess it from an unbiased perspective. Thx!

like

Hi all, how long would EY take to initiate H1B transfer after accepting an offer

like

Anyone at Gartner willing to help with referral? I have applied at Gartner a few times but never got a call. Any help and suggestions would be appreciated.

TIA.
Eagerly looking for a job change.

like

RIP boiled water …


You will be ~mist~

likefunny

I've put down my papers in TCS few days ago, and I received a mail from RMG to fill some online-form survey.
Can anyone shed a light on what would be asked on that survey?

like

BNP Paribas or NSEIT or Brillio?
Which one to join in terms of career growth and wlb? Yoe-4yrs

like

What’s happens to your H1B if you quit and decide to go back to home country and apply for new jobs? Does the prior employer revoke your H1B or can you quit and use H1B to transfer to new employer?

like

Where in the city would be good?

like

Thoughts on Lo and son’s Brookline bag? I got the OMG but had to return it due to its huge size. I am petite Asian women so a small bag is preferred.
TIA!

like

Any suggestions on appropriate Spanish movies to show in my Spanish 4 class with video/lesson plan? We have two weeks left with seniors and I got through my curriculum

Any tips on moving from Canadian cyber risk space to US-based space? Any ideas what to expect?

Currently looking to move to FAANG or another firm and looking at potentially going across the border.

like

Additional Posts in Personal Investment Chatter

I have 2 student loans both with an interest rate of 5.2% thru sofi. One is $12k on a 5 year repayment plan. Other is $52k on a 10 year repayment plan. Thinking between the 2 options, which is better

what’s the most you’ve spent on brunch 🤣

funnylike

If you have a side gig/small company that you run while working as a consultant, how much extra compensation does that bring you in each year, on average?

like

Does anyone have thoughts on the First Trust Rising Dividend Achievers (RDVY) ETF?

like

When you all place limit orders, how do you determine your limit? I was told to never place a market order so I always select limit, but then randomly choose a number somewhat below the current market price with really no rhyme or reason.

like

Would anyone like to share ways they give back or donate? And at what % of net?

like

I was looking at the 2020 census data, and towns in southern California have median house value of $1M+ but the median income is only $100k. What am I missing here?

like

Well. ARKK is back.

likefunny

I have $40,000 in savings and 0 debt. Looking for additional sources of income, how can I get started in real estate? Do I need to save more? Currently renting an APT.

like

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

If you were to attend a 1-2hr free financial seminar, what would you want to learn? I'm thinking of hosting a free financial literacy workshop that will actually make a budget and networth statement.

likeuplifting

Should I refinance a student loan of $9000 from 3.85% to 3.33%? I plan on paying within 15 months. Or is it better to invest?

like

Can you withdraw money from 401k? What the penalty and how to find out?

like

Are there any ETFs for blockchain companies?

like

Hello,

Which investment brokerage would you recommend? I am looking into vanguard for a financial advisor. Any advice?

Thank you

Has anyone invested in a Alumni Ventures group VC fund (e.g. Chestnut Street Ventures, The Yard ventures, etc.?). Is there fee and return structure competitive?

likehelpful

Looking to invest in some new stocks. Any recommendations? TIA

like

I am looking for reliable property managers that help with buying and renting investment properties in the following cities. If you have had a good experience with any, please share.

Boise, Idaho
Atlanta, Georgia
Dallas, Texas
Orlando, Florida

like

How much house can I afford making ~80k/year pretax? Also is it worth it to put down less than 20% despite PMI? I know credit is cheap right now, so I’m curious. TIA

like

What are your favorite personal finance books? I just read Rich Habits and really liked it. I am also reading the Psychology of Money. Looking to read some more!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal