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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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Hello RSM coworkers! I am thrilled to be moving to RSM into a Scheduler roll. I just found out yesterday and want to be as prepared as possible in the next steps.
So here are my questions.
How long does the background study take? I'm guessing admin staff have a study that is faster and less complicated than someone in Tax ect.
When training at home what did you need that wasn't supplied by RSM? My home office is well stocked but I want to be as prepared as possible.
Thanks in advance!
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I am confident you are in better shape than most 33 year old lawyers
This post gives me anxiety.
Ditto A3
Yep, sounds like you’re on the right track. Once you’ve got your emergency fund in place, and 401k and ROTH maxed, dump whatever you can into a diversified set of low cost investment vehicles like ETFs.
Congratulations if that is more than enough to cover all of your expenses for at least 6 months! Notsomuch in NYC.
Savings rate is the number one determinant of future wealth. Right now it looks like you save about 9% (6% for 401(k) and about 3% if you max your Roth IRA). That’s a little low in my opinion.
I’d suggest you pick a target percentage of gross income to save that is achievable but will make you stretch. 15-20% range. Then save what you need to meet that going forward. Then you can still save all/most bonuses like you have been.
Maxing both 401(k) and Roth IRA plus saving $500-1,000 extra in brokerage every month would be a good start. The “hit” won’t be as noticeable as the 401(k) is pretax.
To me, saving 20% or more of your gross income for retirement is bonkers unless you’re playing catch-up. I think I’d rather stick to 15%.
Without knowing your budget, it's hard to know if you'll hit your goal. But it looks like you're doing everything right thus far.
6% of $250k is only $15k. You can put $24,500 in yourself on top of match. You should be maxing that before investing in a brokerage.
Laughs in 270k law school debt….and only income in my family 🤣 what a 401k
You are not eligible to contribute to a Roth IRA. You could max out your 401k if you want to defer tax more tax.
I am also correct.... there is nothing incorrect about my statement. 🤦🏻♀️ Associate 1 is apparently arrogant, but I didn't say they were incorrect. They could have happily given their advice to the OP in their own separate comment, instead of coming to my comment to argue with me. 👍🏻
I'd suggest adding an HSA (triple tax advantaged) if you have the option.
Become debt free and budget and you’ll be fine.
You’re on the right track. Good job. Max out your 401k contributions, have direct deposit of $500 to $1000 every month into savings or investments, pretend that every raise didn’t happen and save the increase.
In in a similar situation as you in that I have more in a taxable brokerage than in other places, largely because I put bonus money in there and kept my 401k contributions relatively low.
What I am currently doing, and you might want to consider, is allocating a smaller proportion to the taxable brokerage and a higher proportion to Roth accounts. If you mean to use the brokerage for retirement after 59.5, it’s irrational from a tax perspective to have your post-tax money there instead of in a roth, where the gains won’t be taxed when you withdraw in retirement. So you might want to consider one or more of these things: (1) trying to contribute your bonus payments directly into your Roth 401k, (2) putting some of the bonus payment into a Roth IRA (or if you’re over income limits for that, put it in a traditional IRA and then convert it to Roth); or upping your Roth contributions from each paycheck.
Not until one gets a distribution from their 401k and those “deferred” taxes take a chunk; fed gets 20 percent and then the state gets their cut of the top. One feels violated when seeing what goes to “tax,” particularly paying for this hot mess express of a country, currently. Ensure that Roth is fully funded. It will lessen the feeling of being literally robbed.
Everyone pays a different tax rate. Its not guaranteed that someone will be paying 20% tax to the fed...