How much are you saving each month? I'm making 80k annual, maxing out Roth IRA and doing a 17% Trad 401k deduction, and paying $1.5k in monthly rent. Wondering how much I should save/spend after that.

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

You're good. Make sure you have six months expenses in accessible cash, and don't 'try' to spend everything else, but don't need to be super restrictive beyond that. I was in a similar place (though with lower rent) and with the rate Bain salaries increase, you'll be in great shape, just increase annual spending by less than annual pay raise.

like

Thinking our firms should offer free financial advisors who can compare us to each other - we post about budgets and investing every day 😂

like

Backdoor Roth IRA is always a possibility...And with Trump in the WH that's not going away any time soon

like

Do you really work for Bain ?

like

AC2 - The money in a Roth IRA is not taxed when you withdraw funds in retirement. This is really good if you expect your tax bracket in retirement to be higher than it is now. The 401k max changes periodically and increased to $18,000 starting 2015.

like

AC2 - Max on a Roth IRA is $5,500/year

like

Thanks all for the input! I've heard a lot of differing opinions about the Roth 401k vs Roth IRA. Isn't a mix of traditional/Roth 401k better given the uncertain financial climate in the future? I may just be risk averse to the full 401k contribution, so I'd love to hear more detailed thoughts.

like

Sounds early in your career. Good job on savings. Personally I'd go full Roth IRA and 401k now. When your salary goes too high you won't be able to use Roth IRA, so get in now while you can

True. It's just not as simple

How is the backdoor not simple? If you have an IRA already the call to vanguard or fidelity takes no longer than 10 minutes

Why is Roth IRA better? And what's the max on it? Also I thought the 401K max was 10%?

Save as much as possible. It will help you once you start family:)

Y don't you do a Roth 401k instead?

About $17K per month into savings. Married dual income no kids

Related Posts

I’m a FA at a Healthcare firm and I really want something more interactive or client facing. I love finance and business but I want to deal with people and not stare at a computer screen all day. What are some roles I should look at for my next step and still be able to climb the corporate ladder and make more money.

like

The George Floyd killing is illustrative of so many disparities for minorities in America, including in healthcare. An inevitable tragedy from how our system is set up

like

Any recommendation for real estate management company for property back in India? Parents used to take care but with Covid thought to leave to professionals?

likefunny

Hello Guys,

What are benefits of Oracle India...

I know good WLB, good insurance, good allowances.. etc..

Do they provide claim reimbursement for travel, mobile and internet, if yes how much...

Also what is the leave policy?

I am preparing to join Oracle ACS.

like

Anyone made the transition from NYC to Austin?

I find myself asking why I am in NYC when everything is so damn expensive. Making good money, but limited on savings and quality of life due to the HCOL. Or recs for other cities for that matter.

Kudos to OYO on the GHIV tips 🚀. Enjoy your 50k!

like

I am looking to break our of a bedside role into a remote nursing/Healthcare related role in the DC/MD/VA area. Most job opportunities I see are for case management and utilization review but I don't have any experience. Does anyone have any advice or job leads?

like

Anyone know how to transfer your 401k after leaving acn?

Just bought a new primary residence that needs work. Current home has ~$100k equity after buying in 2019 with <$20k down (appreciated around 20% in the last 3 years, in a major metro area). Would you:

1) Lock in the appreciation & sell now. Use some for renovations/other investments.

2) Keep for another 2-3 years & rent out for a small cash flow (<100/month if self-managing), get a HELOC if needed. Note it would not pass my investment criteria if buying today.

3) other approach?

like

I’d like to be able to make a one-time, lump sum payment, and exchange opt out of social security.

like

If I move from TX (no state income tax) to NC, can I leave my savings account and brokerage address as TX (to not pay tax on interest and dividends) and update credit card accounts address to NC? Or..

like
like

How do you keep up on legislative and policy changes in healthcare? Any good sources that distill this info?

likehelpful

Has anyone moved from clinical / healthcare role to a consulting role? How did you find the switch

like

What should I invest my Roth 401k in? I’m a recent college grad and currently have 100% in a target date (2060) fund. Should I be dividing my contributions among anything besides the target date fund?

like

I have heard from a lot of people in many sectors that one should change jobs / companies every 2-3 years to increase salaries and benefits etc… is this also true for healthcare? Or should I stick it out. I am a few weeks into year 3

like

Hi guys ,

In paris if you get a salary of 83 k + 1 BHK allowance and other benefits .is a good package to live and work comfortably. Please kindly suggest me.

Thanks alot.

like

Any projects have openings for a java /full stack developer? Looking to get staffed. Experienced in healthcare applications and state tax . New hire in GPS here.

like

100% return on Square (SQ) in one month. Don’t touch it, or sell half and let it ride?

like

More Posts

Hi Fishes,
I have 8 YOE in cybersecurity initially with SOC and recently with audits and cloud security. Have both CISSP and CCSP and a bunch of Azure and AWS certifications. Wondering if the current slump in tech hiring will limit by opportunities considering I’m looking for Mumbai/WFH. Please let me know if you have any opportunities/referrals

like

Zoom Passover Seder plans? What are you all doing?

like

Anyone here have hypertension? How are you managing stimulants and their hypertensive effects?

like

3 weeks between dates due to one of us catching covid and the other moving. How to keep the sparks alive?

like

What should I invest my Roth 401k in? I’m a recent college grad and currently have 100% in a target date (2060) fund. Should I be dividing my contributions among anything besides the target date fund?

like

Salary thoughts for a credentialing manager at a staffing company? 3 years experience, would oversee around 15 people.

Hi Fishes, how is Birlasoft? I have 8.7 years of experience. Will it be a good deal to join Birlasoft irrespective of the package they offer?

like

Can TCS give me Sabbatical Leave for starting my own Business ?Tata Consultancy

like

Which better State Street or jp Morgan for work life balance & professional growth

like

Hi,
Anyone here about to join Accenture Gurgaon on 14th of November?

like

Is you firm hiring for strategy/CDD roles??

like

Any matrimonial attorney whose firm provides pro Bono service? Got a friend, who is a house wife and 3 kids in NY, received her husband filed a divorce paper. She has no money while her husband works at Goldman Sacks. Anyone who can refer any attorney? Thanks

like

What is the average compensation package for a intern data analytic position In a hospital setting in NYC.

like

Any fish here have a Sawstop? I’m about to buy one and just want to get some input from others with one.

Companies should take serious action against toxic managers /bosses to keep the environment healthy and to protect the good employees

like

Where is everyone watching the USA World Cup match on Saturday morning?

like

A longgggg time ago someone said they wanted to do a photoshoot of everyone in this group, what happened to that?

likesmart

anyone ever build their team's sales operations from scratch? how to sell internal leadership? or above my pay grade? I joined a team that needs the works. marketing,content,pipeline,metrics,CRM

like

Additional Posts in Consulting

Does taking pto at EYP count against utilization rate similar to Deloitte?

like

About to get rolled off a project, manager thinks I’m underperforming. Has anyone gotten rolled off before and bounced back or do you usually get fired shortly after? This is the first time

like

Counselor said he needs to talk to me tomorrow. Am I getting fired? Got a 4 this year as a first year analyst.

like

1st year Analyst in EP but I'm really interested in an analytics role. Are there any certs / courses youd recommend? CS background so I do know some coding though I havent touched it since graduation

like

Currently in final rounds of interviews at two companies, and I believe I will get an offer from one of the companies in the next week or so. I want to put in my two week notice tomorrow as I have a week long trip in the middle of February that will eat away at my accrued PTO (which I want to get paid out). Thoughts on risking it?

like

Wow Pierre already changed his job title on LinkedIn to be Advisor to the CEO after stepping down from being CEO...we’re going to miss you 😢 #staystrongstayhealthy

like

How to build momentum towards new goals.

Quit last week, just got paid from D - when does PTO pay hit / anyway to check final W2 to ensure it did not hit?

like

Fun fact that consultants will appreciate: The weight of the Liberty Bell equals the number of billable hours in the year. 2,080 lbs.

Can anyone else “wow” us with a fun fact?

like

About to put in my 2 weeks notice, any advice on how to start the conversation and what to say? 😬

like

Slalom 🐠: does slalom allow you to transfer offices if you need to move for personal reasons (I.e. your S.O. Has to move for their job)?

like

How do people get motivation to go to the office on Friday ?

like

Anyone here from EY transaction services willing to chat? Want to learn a bit more about the firm and the role

like