Need help for my lazy self.

[Empire the P.A.]

I'm psyching myself to pay down some of my credit card debt. I know I have to earn more money by doing overtime at work. My mind goes blank when I have to do any math, so asking for help in figuring things out.
I finally looked up my pay scale and I make $70 an hour on overtime. I'm hoping to take home an extra $1000 a month. How many hours extra a month do I need to put in to net $1000 (after Fed, state, NYC taxes, pension 7%). I'm limited to 40 ot hours a month. This will be pretty hard for me because I am not an ot person at all. But I need to start.
Oh and another benefit to doing the overtime is that it counts toward my pension. Pension will be 1/2 of my pay.
Thanks!

ETA: Forgot my 5% to 457.

[Deleted]

Not really enough info to tell. What is your federal tax marginal rate? You must be around $100K/year based on OT @ 70/hr, so if a single you are 25% or higher marginal tax rate.
Federal - 25%
State & City - 14%? Not sure on NY
FICA - 6.9%
Pension - 7%
You get to receive in pay roughly 47% of what you earn in OT, so about $2128 in OT (30.5 hours) per month will net you $1K if assumptions above are correct.

[Empire the P.A.]

Thanks! Those %'s look about right. I wanted to know if it was doable with the 40 hour limit. Also you are spot on about my yearly. I'm three years away from retirement but I think I'll try and stick it out to 25 years. For every year past the 20 year mark my pension increases 1/60th. I don't know what the comes to either but other coworkers I've talked to say it's worth it.

[Deleted]

I think going from no OT to 30.5 hours OT per month would be difficult, especially since you say you are not an "OT " type of person.

I'd encourage you to find a weekly or monthly amount of OT that you can live with long term. No point taking on too much and burning yourself out in a month or two!

If you could find some of that 1K from your monthly expenses, it would be that much less OT to do.

Also, just a thought, I don't know if it's feasible for you or not, but on the WIR board, some people have the option to opt in or out for OT every quarter.

Good luck, whatever you decide, and K to you for tackling those CCs before your retirement date!

[Empire the P.A.]

I was looking around my paycheck to see if I could squeeze out an extra $200 to put towards my 457 plan. I know I'm not contributing enough at 5%. I guess I should take advantage of the available overtime so I can increase my contribution amount. I hope I can make this work.

[Deleted]

Have you tried posting your monthly/annual budget here so you can get feedback on things to cut? You must have some special circumstances that are keeping your expenses high (like child support payment), otherwise you should re-prioritize spending so you don't have to work so much overtime.

[Empire the P.A.]

Mar 11, 2012 18:52:16 GMT -5 @debthaven2 said:

I think going from no OT to 30.5 hours OT per month would be difficult, especially since you say you are not an "OT " type of person.

I'd encourage you to find a weekly or monthly amount of OT that you can live with long term. No point taking on too much and burning yourself out in a month or two!

If you could find some of that 1K from your monthly expenses, it would be that much less OT to do.

Also, just a thought, I don't know if it's feasible for you or not, but on the WIR board, some people have the option to opt in or out for OT every quarter.

Good luck, whatever you decide, and K to you for tackling those CCs before your retirement date!

My expenses are something I have to take control of. I will be looking at where I can stop the money bleed.
I started putting the CCs away. I did add up all the debt to see the total and feel a little sick but it was my foolish spending. Now I just need to pay it off.
I have the luxury of doing the ot when I want to do it. I just have to make myself stay. I'm taking it in stages. Maybe start with 5 hours the first week. And just add more each week until I'm at 30 a month.
I will be 44 yrs old when I'm eligible to retire but I pretty much know I'm going to stay longer.

[Empire the P.A.]

Mar 11, 2012 19:01:09 GMT -5 @rockit said:

Have you tried posting your monthly/annual budget here so you can get feedback on things to cut? You must have some special circumstances that are keeping your expenses high (like child support payment), otherwise you should re-prioritize spending so you don't have to work so much overtime.

I'm still trying to wrap my head around taking control of my CCs. If I started posting on everything else that needs to be cut/managed I'd give Doxie competition on who's more dysfunctional about finances.

[milee]

Empire, I'm asking this in all seriousness, but could you give me a little more idea of what you do that earns you $100k a year + pension with no basic math skills required? I have a relative that is hard working but doesn't do well in school and it's been challenging to think of what he might do to earn a good living that doesn't require math, for example.

[Deleted]

Mar 11, 2012 19:40:34 GMT -5 Empire the P.A. said:

I'm still trying to wrap my head around taking control of my CCs. If I started posting on everything else that needs to be cut/managed I'd give Doxie competition on who's more dysfunctional about finances.

You have not noticed how bored we've been lately? Give us a bone . . . just put on your flame-proof armor first and have a little fun with it!!

milee, I have the same question on my math impaired daughter's behalf!!

empire, how do you 'retire' so soon at young age but without much % going into retirement savings? Just curious as to what #s you are working with on that front (and maybe a little jealous!)

[milee]

Maybe police or fire fighter in NY City?

[Empire the P.A.]

Mar 11, 2012 21:04:39 GMT -5 milee said:

Maybe police or fire fighter in NY City?

Milee got it right, police. I don't want to give too much away because ot is not given out to all. Depends on what unit you work in. I could figure out the numbers but like my thread title says, I'm lazy ;D. I'm working on my laziness too. I'm in the pep talk stage.
I know I have a great position and for me it's great pay but I just lost my way in the last several years.
I know what I have to do and I put it out here to get a kick in the rear to do it. I've been reading all of your stories and it does help. I can't put it off any longer.

[milee]

You're probably not as lazy as you're claiming. Don't you have to chase bad guys and stuff like that? Or at least investigate crimes? That sounds like pretty hard work.

[Empire the P.A.]

empire, how do you 'retire' so soon at young age but without much % going into retirement savings? Just curious as to what #s you are working with on that front (and maybe a little jealous!)

My 457 plan account has over $130,000 in it. I started it in 1997 (didn't contribute the first two years when I started with PD) and was putting a lot more into it when I started. The last 7 years I dropped my contributions down to 5%.
My pension account is separate from the 457. I collect half my pay when I retire, that was a separate contribution that the city matches. Compared to others I am a little behind in my retirement accounts but that's not what I'm worried about. It's all the debt I foolishly got myself into giving me the grays. I need breathing room, that's why the ot questions.

[Malarky]

Mar 11, 2012 19:40:34 GMT -5 Empire the P.A. said:

Mar 11, 2012 19:01:09 GMT -5 @rockit said:

I'm still trying to wrap my head around taking control of my CCs. If I started posting on everything else that needs to be cut/managed I'd give Doxie competition on who's more dysfunctional about finances.

You have an iphone, a rabbit and a jeep? You definitely need to up your income.

JK Repeat after me: "No new shoes. No new shoes." It's OK to a little.

[Empire the P.A.]

Mar 11, 2012 21:50:04 GMT -5 Malarky said:

You have an iphone, a rabbit and a jeep? You definitely need to up your income.

JK Repeat after me: "No new shoes. No new shoes." It's OK to a little.

It's so hard with all the coupons they send me for 20% off! But I have been making due with what's in my closet. I so need to update my warm weather clothes though.
I have an android, iPad and only one suv.

[Empire the P.A.]

My cell phone plan is $197 . I cringe when I open that bill.

[Empire the P.A.]

I do have 5 more payments left on a loan that will free up $397. Thats one thing I have to look forward to.

[DVM gone riding]

well shoot in NYC I can tell you the problem it is housing!!! And I have no idea how you fix that! I can't believe what people pay there for places I wouldn't want to live!

[Deleted]

Mar 11, 2012 22:00:31 GMT -5 Empire the P.A. said:

My cell phone plan is $197 . I cringe when I open that bill.

For one phone??

[Empire the P.A.]

I have my mother and my brother on my plan. I get $200 a month from my brother to cover his cable, food, lodging and drop off service ( I drive him to the train station on my way to work). Him giving me the money started two years ago when he finally got a job. Before that it was nothing for 6 years. I can't kick him out so that's not a part of the fix. My mother also lives with me. She's a widow and does not go out without me or my brother. He does do all the crap work like yard maintenance and garbage duties. But its a struggle to get stuff done in a timely manner. He moves slower than molasses, very irritating.

[Empire the P.A.]

Ok I'm just going to put it out there. I have $36,000 in credit card debt. I'm such a loser.

[sapphire12]

Nope, you are NOT a loser. $36K is cc is not good, but you have acknowledged you have a problem and you have developed a plan to improve your finances. Now, you are working your plan. That makes you a success. Good luck in paying it off.

[resolution]

I don't think you are a loser but I do think you need to fix your finances. Have you figured out a budget that will cover your expenses and pay down the debt without the overtime? Overtime is a good resource, but your first step should be a budget that lets you live within your current salary.

Does the $200 actually cover the costs that your brother adds to the household? After covering the cable, phone and transportation is there enough left to compensate for his food?

[Deleted]

ok, post income and expenses.
Also all the credit cards, balances and interest rate.

We will help you come up wit a plan.

[Empire the P.A.]

I will have to pull out all that info when I get home. A small step today, I brought in lunch instead of buying from the deli. I spent a minimum of $15 a day for breakfast and lunch. That doesn't include going out to dinner at least once a week.

[ontrack]

I would suggest asking your brother to contribute more. To me, $200 is not nearly enough to reimburse you for all you're providing for him.

[Deleted]

Mar 12, 2012 15:16:46 GMT -5 ontrack said:

I would suggest asking your brother to contribute more. To me, $200 is not nearly enough to reimburse you for all you're providing for him.

And how much does your mom contribute?

[Empire the P.A.]

Well he doesn't really have more to give. My mother covers the gas/electric and water bill. She yells about his long showers .

[Rocky Mtn Saver]

Mar 12, 2012 12:18:40 GMT -5 Empire the P.A. said:

Him giving me the money started two years ago when he finally got a job. Before that it was nothing for 6 years. I can't kick him out so that's not a part of the fix.

Just out of curiosity, why not? Does he have a disability or some similar legitimate reason why he cannot care for his own needs?