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Utilization rate this time of year?
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What are some good personal finance books?
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30 is young. I'd rather be set in my early 30s then cool in my late 20s.
Disagree 100%
Contribute the full 18,500/year. May not be able to leave as quick but you can stop working sooner. Live at home longer like until you are a senior or manager. Save that money.
Down payment for an apartment? I'm sorry, what? I graduated and immediately moved out of my parents place to an apartment downtown with no down payment needed...
Once you have 3 months paychecks in savings then heavily invest in index funds. You will be good.
Not sure I want to 18.5k in my 401k. Trying to get out by the latest as a senior. Not trying to stay at my parents till I’m 28 lol. I’m already 24. As a a2 at pdubs
I would look at your monthly expenses and try to cut down all non essential spending or think about having a roommate or rent out the apartment for a couple years and still live at home. Also if your firm allows, you can max out your 401k and then take a loan from your 401k out for the down payment on your first house, but it will be limited to half your 401k balance. That way you are reducing your taxes today and also paying the interest back to yourself. the downside of that is your money isn't in the market making money and if you leave the firm you might have to pay off the loan.
You’re only young once, save but also enjoy your life
Diversify. Roth restricts you a lot. Keep contributing but look to other investments outside the pension/retirement scheme. Buy a condo (real estate), look into buying debt (LendingClub - P2P), trade derivatives, etc. also don’t buy into the “bonds are a safe investment” bs. Remember we are facing massive convexity risk rn
Yeah. Trying to buy a place. Get some equity out of it. Rather then rent
EY3 and EY4 never borrow from 401k
To OP looks like you are on right path. Make contributions to get max employer match, save rest towards down payment. Make sure to buy a home that you can afford with 15 year mortgage.
Once you buy an apartment then you can revisit contributing to retirement funds. Assuming you don’t have any loans otherwise getting rid of loans would take highest priority.
Another thing if you can do not take money from your parents. That can wait for later when they truly retire and want to give inheritance.
Looks like you are in good shape and right thinking go ahead with same focus.
EY4 you don’t buy home if you can’t make down payment to avoid PMI or Equity line etc.
there can be counter arguments to this however this is the basics and since people didn’t follow the basics we had the burst.
I have been there done that and own several properties and investments. Trying to share my lessons for what ever it’s worth.
Seen all ups and downs and got lucky enough to have ended up on upside after some basic mistakes.
Just remember any money invested in the market might grow more today and get wiped out tomorrow. Depending on your timeline for buying I wouldn’t invest in the market. If it’s over a year out and you would be okay with some loss (and have the discipline to not pull it out) then I recommend going the market route. I believe you can also use 10k from a Roth as a down payment if you want to avoid a 401k loan
They mean buying an apartment..... some people actually live in cities. I moved out right away too but dropped about $8k to move in - broker fee, first & last rent, security, etc. welcome to NYC
I live at home in nyc too. My parents are helping with downpayment tho..... i havent rented a day in my life to save the cash for my own place
If you are living at home and really trying to save money you should be able to afford a downpagment within 1 year. If you are trying for 20% down maybe 2. You can borrow 50% of your 401(k).
Start running sports book. You’ll be out in no time
I mean they still buy groceries. But I pay insurance car etc.
Yeah that’s my plan
Never borrow from your 401k is generally right unless you can avoid pmi....
Deloitte 2 i wouldn’t say don’t buy a house unless you can afford 20% down to avoid pmi. Bought my first house with least down as possible. Refinanced 14 months later to drop pmi with zero closing costs and same interest rate and house is now worth 120k more 4 years later. Granted there were market factors at play where housing has skyrocketed. But don’t keep paying landlords bills for the sake of an extra 100 bucks a month in property insurance. Try building equity ASAP. Investment properties differ of course