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Received an offer as Engagement Director from Salesforce (CSG, pre sales, L9). Great benefits package, 40% increase in total comp and better WLB.
I do love the people in my practice and current client, but career trajectory has stalled after taking parental leave earlier this year and (yet another) change in leadership.
Realistically, making to Director is 2-3 years away and will require sacrificing time with my family that I am not prepared to give up.
Should I stay or should I go?
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A lot of people at this age aren’t concerned about retirement as much and they invest less. To be honest, most people at this age don’t have 401ks and aren’t saving anything for retirement at all.
They may end up relying on their spouse/kids for financial support. They also might be planning on having a paid off house, downsizing etc. or might work part time to cover expenses.
I actually don’t see the point of investing more than 6% in your 401k if they not going to match. Use that 4% to invest in something else. I brought an apartment building, and I’m going to open a day care soon. Got to find other streams of income. I’m a year older than you but all my friends that have a lot saved like me have multiple streams as well
@consultant 2…. Rich people literally take advantage of loopholes all the time. They hire lawyers to make sure they take advantage of allll the loopholes they can, in every possible sector too - esp to avoid paying taxes. Big corporations, esp banks, do as well. And you’re….upset at….someone like us…a taxpayer…..using a program to their benefit?😵💫 at who’s detriment? No opportunity was taken away from someone else…no sweatshop workers, etc. 😂🫠🫣
I only put 6% in... gonna be rich anyway as I get older so not too worried about stacking pennies now at 25
Big fuckin facts on the rich part
The only thing on your side when it comes to investments is time. If you frontload now it will pay off big time in your 40s, 50s, 70s, etc
I feel the same way. I put about 10% in my 401k and 10% in my Roth. I wish I had more spending money but I’m happy with my contributions. I want to have a strong foundation in my early years to compound over time. I plan to potentially lower it a little later in life when I have other expenses like a house or kids.
23 y/o - I make $82.8k and I max Roth IRA which is 7.24% of my income, and then on top of that I contribute 10% to my 401k and then 1% to my brokerage account.
Lol if you look at other comments in this thread the pattern would pop out. The number just means that they are the 5th EY employee to comment.
24yo here, maxing out 401k (19.5k-20.5k) and Roth IRA (6k) since I started earning full time at 22yo.
Before that I only maxed out Roth IRA (part-time jobs in college)
Respect M2 👊
I try to max out Roth IRA and nearly max Roth 401k every year. Anytime on top of that when my checking and savings exceeds 10k I add to brokerage and throw it in SPY
Spending level matters more than comp here. How much are you willing to sacrifice to toss 30-40k of pretax income into savings?
23, 108k tc I also do 10% roth 401k and max out roth ira
I’m 26 and try to max Roth IRA, 401k, and HSA. Anything above that I keep as cash/spending money. Probably could do more or put cash into SPY but I like to keep extra on hand in case of a downturn (so I’m only losing 9% and not 15% 🥲) until I’m convinced we are through the worst of it.
25 year old, make 145k; max both 401k and traditional roth for around 26k in retirement savings a year
Traditional IRA OR roth IRA?
I passed the income limit for roth, have been trying to decide what to do next, whether that's playing the backdoor game or holding in a traditional...
26 I typically max roth and 401k and then I move an additional 30% of each paycheck into my brokerage once those are maxed
Head this sage advice. Max out your 401k into a nice broad index fund. Then if you have the chance max out your Roth, and in the Roth you can be a bit more aggressive and manage it through a brokerage account. If you do this by the time you are in your mid 40’s you will have near seven figures and that’s where the compounding really starts. I would also direct a few hundred a month into a brokerage account and try to beef up cash reserves of 20-50k to weather and lay offs or large purchases.
No one ever retired early from maxing their 401k
Depends on your salary but the path you should take after paying off high interest debt and having an emergency fund:
1. Trad 401k to match
2. Max out HSA
3. Max out Roth IRA
4. Trad 401k to max
5. Taxable brokerage account
You can also add in TSPP before step 4, or add Mega Backdoor Roth after step 4 if your plan allows for it or if you have the $$
I’m 24 living in Chicago I put 8% into 401k and 40% of paycheck into roth (until maxed) and rest in brokerage
I save 95 percent at 200k TC #liveathome
My rule is no matter how much I make, at least 25% goes to retirement/long term savings. It’s harder to do now but as I make more money I may increase the percentage (a lot easier to save 40% at 200k than 25% at 70k). It’s tough to do now but I’m building a good habit for the future.
I recently moved to the US and was looking for advice on this. I make a bit more than the 144k limit for Roth IRAs (about 155k base). I'm currently maxing my HSA and putting 12 percent of my pre tax into a 401k (company matches 5 % of salary on a 6% contribution).
I've been saving around 3k a month into a taxable account. Is there anything I'm missing? What accounts should I use?
Look up the backdoor Roth IRA
Ask a financial advisor
I actually thought it would be helpful to converse with people who may be in a similar spot
25- I max out 401k, HSA, Megabackdoor Roth IRA, ESPP and backdoor Roth (only able to do this living at home). Any additional goes to savings or brokerage