gooddecisions
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Post by gooddecisions on Dec 28, 2014 17:21:26 GMT -5
Just a reminder since you're new to Roth IRAs, you have until April 15 (tax day) to fund for 2014. So, that $11,000 should be your priority. You can easily open an account on vanguard or fidelity. Just go to the website and follow the instructions. And then shop some funds!
It sounds like you might owe taxes so between the roths and taxes, there may not be a lot left over for debt repayment. If I were you, I'd put anything left over aside until after tax day and after you've gotten comfortable with the roth investment to see what if anything can go to debt. It would suck to find out you owe a big amount and then had to take out more debt.
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Blonde Granny
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Post by Blonde Granny on Dec 28, 2014 17:36:20 GMT -5
Welcome Msgrimalkin!!! We're happy you have decided to join us, and look forward to more of your posts.
BG- Admin YM & YMOT
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wonderland
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Post by wonderland on Dec 28, 2014 17:43:22 GMT -5
Fully funding the 2014 roths likely won't happen. I will do as much as I can, but I just don't see the money being there. The 2015 roths should be fine.
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Deleted
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Post by Deleted on Dec 28, 2014 17:47:14 GMT -5
I bet when you post your numbers we could find a way.
As you get numbers together, can you post take home based on 36 hours...
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Jaguar
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Post by Jaguar on Dec 28, 2014 17:53:00 GMT -5
Welcome to the Forum @msgrimalkin
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Deleted
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Post by Deleted on Dec 28, 2014 17:54:37 GMT -5
Thanks guys! Dumb question....but I actually used like a real email (has my name) to register and then I saw in the privacy settings that I could set my email to "staff only" which is what I did. Did I do it right? I gotta keep my internet presence on the DL.
Posting here feels like coming home. Thanks to a post here, I visited the Mr. Money Mustache site and forum which really opened my eyes to how much I was spending in excess on everyday things relative to the average American. I created a profile over there and briefly posted but I could hardly keep up with all of the activity and face-punches. But I will credit that site for making me rethink the inevitability of retirement only after slaving away for 35+ years.
It's kind of like Goldilocks and the 3 bears: MMM is too hard, Yahoo!Finance is too soft, and Not-MSNMoney is just right!
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mmhmm
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Post by mmhmm on Dec 28, 2014 17:57:55 GMT -5
Thanks guys! Dumb question....but I actually used like a real email (has my name) to register and then I saw in the privacy settings that I could set my email to "staff only" which is what I did. Did I do it right? I gotta keep my internet presence on the DL.
Posting here feels like coming home. Thanks to a post here, I visited the Mr. Money Mustache site and forum which really opened my eyes to how much I was spending in excess on everyday things relative to the average American. I created a profile over there and briefly posted but I could hardly keep up with all of the activity and face-punches. But I will credit that site for making me rethink the inevitability of retirement only after slaving away for 35+ years.
It's kind of like Goldilocks and the 3 bears: MMM is too hard, Yahoo!Finance is too soft, and Not-MSNMoney is just right! Yep, ya done good! If you set your privacy settings such that only staff can view your email address, then staff members are the only ones who will see it. Welcome!
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taz157
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Post by taz157 on Dec 28, 2014 18:00:37 GMT -5
Thanks guys! Dumb question....but I actually used like a real email (has my name) to register and then I saw in the privacy settings that I could set my email to "staff only" which is what I did. Did I do it right? I gotta keep my internet presence on the DL.
Posting here feels like coming home. Thanks to a post here, I visited the Mr. Money Mustache site and forum which really opened my eyes to how much I was spending in excess on everyday things relative to the average American. I created a profile over there and briefly posted but I could hardly keep up with all of the activity and face-punches. But I will credit that site for making me rethink the inevitability of retirement only after slaving away for 35+ years.
It's kind of like Goldilocks and the 3 bears: MMM is too hard, Yahoo!Finance is too soft, and Not-MSNMoney is just right! Rest assured MsG, I'm not a staff member and I can not see your email address. Welcome!
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endofera
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Post by endofera on Dec 28, 2014 18:16:04 GMT -5
The only place to cut would be the debt repayment, so should I be less agrees I've on the repayment? I could drop it to $1500 a month repayment and free up another $6000,to be used for vacation, party, and entertainment. That post sure sounds familiar.
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zibazinski
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Post by zibazinski on Dec 28, 2014 18:35:42 GMT -5
The mods would know . Don't worry, it isn't her.
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wonderland
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Post by wonderland on Dec 28, 2014 18:37:35 GMT -5
The only place to cut would be the debt repayment, so should I be less agrees I've on the repayment? I could drop it to $1500 a month repayment and free up another $6000,to be used for vacation, party, and entertainment. That post sure sounds familiar. Implying what? I was being a smart ass to show that I have to either work extra or drop the debt repayment to make up the money. You can call me D all youbwant. I am not her. I don't have a wonder car that saved my life and 3 other hunk a junks sitting in my yard. I don't have a pos husband that cheats on me while doing OTR. I can afford my home. I don't type on the internet while pretending to work. Get off that one, k?
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swasat
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Post by swasat on Dec 28, 2014 18:37:50 GMT -5
LMAO!! 17 pages and vacations and parties are still priority over debt payment and retirement savings.
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wonderland
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Post by wonderland on Dec 28, 2014 18:39:18 GMT -5
LMAO!! 17 pages and vacations and parties are still priority over debt payment and retirement savings. If that's your take away then your reading comprehension skills leave a lot to be desired.
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Jaguar
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Post by Jaguar on Dec 28, 2014 18:40:29 GMT -5
It is NOT her, so knock it off.
Sugilite ~ Moderator
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swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Dec 28, 2014 18:44:54 GMT -5
The only place to cut would be the debt repayment, so should I be less agrees I've on the repayment? I could drop it to $1500 a month repayment and free up another $6000,to be used for vacation, party, and entertainment. But you're already spending more than you make. How is this going to get you out of debt?
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wonderland
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Post by wonderland on Dec 28, 2014 18:51:36 GMT -5
The only place to cut would be the debt repayment, so should I be less agrees I've on the repayment? I could drop it to $1500 a month repayment and free up another $6000,to be used for vacation, party, and entertainment. But you're already spending more than you make. How is this going to get you out of debt? Context people, context. That was response to someone who suggested I cut other places rather than work overtime to fund vacations. If I were to cut any place, it would be the $2000/month debt repayment, because I'm already cutting most other areas.
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Plain Old Petunia
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Post by Plain Old Petunia on Dec 28, 2014 19:02:33 GMT -5
I hope you'll start a new thread with your written budget Wonderland. After you have had a chance to see what you have been spending, of course.
It's OK if the budget takes some tweaking before it is doable.
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Deleted
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Post by Deleted on Dec 28, 2014 19:37:44 GMT -5
But you're already spending more than you make. How is this going to get you out of debt? Context people, context. That was response to someone who suggested I cut other places rather than work overtime to fund vacations. If I were to cut any place, it would be the $2000/month debt repayment, because I'm already cutting most other areas. It's not just working overtime to fund vacations. You are setting your budget based on working 42 hours a week when last year you worked an average of 29 hours a week... That is depending on extra work. On top of that you said you would work more for vacations and parties.
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zibazinski
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Post by zibazinski on Dec 28, 2014 19:38:51 GMT -5
Absolutely. It's a huge start to stay away from shopping and to work more which not only adds to the coffers but keeps you away from shopping. I'm hugely debt adverse so I'd pay off debt before I saved for retirement but that's me. You can do both.
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Deleted
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Post by Deleted on Dec 28, 2014 19:40:30 GMT -5
LMAO!! 17 pages and vacations and parties are still priority over debt payment and retirement savings. If that's your take away then your reading comprehension skills leave a lot to be desired. Did you not say you would cut debt repayment in favor of vacations, etc...?
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moneymaven
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Post by moneymaven on Dec 28, 2014 19:44:39 GMT -5
Welcome MsGrim!
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phil5185
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Post by phil5185 on Dec 28, 2014 20:04:47 GMT -5
Again I say - place the priority on the investing and pay mins on the debt. Think in terms of allocating your income stream to its highest and best use, the place where it will do the most good for your family in the far-future. Don't think of it as "retirement", that is too abstract. Think of it as your family wealth. And it doesn't all have to go into 401k/IRA/Roth, etc, some can go in a taxable brokerage fund that is immediately accessible to you. * Take another look at posts #54 & #214.
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Dec 28, 2014 20:10:12 GMT -5
She hasn't said how much credit card debt, nor the interest rates yet. Or did I miss it? The car loan is at 0%, so no need to rush there.
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Deleted
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Post by Deleted on Dec 28, 2014 20:18:39 GMT -5
Yes, I'm still not clear on how much debt and at what interest. Depending on interest I'd do last year a Roth, then CC, then this year Roth...
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Shooby
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Post by Shooby on Dec 30, 2014 8:33:23 GMT -5
Again I say - place the priority on the investing and pay mins on the debt. Think in terms of allocating your income stream to its highest and best use, the place where it will do the most good for your family in the far-future. Don't think of it as "retirement", that is too abstract. Think of it as your family wealth. And it doesn't all have to go into 401k/IRA/Roth, etc, some can go in a taxable brokerage fund that is immediately accessible to you. * Take another look at posts #54 & #214. Phils approach speaks for itself. However you have to ask yourself what is your debt tolerance? Will u truly actively invest and manage and commit to investments OR will u see that as extra money and instead of investing tend to spend it on other things or iindulgence? Be honest with yourself. If so then paying off debt and combined with some investing might be a better approach for you.
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Lizard Queen
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Post by Lizard Queen on Dec 30, 2014 9:23:19 GMT -5
If your credit cards are at 18 or 22%, you want to pay those of asap. If they're at 6%, then concentrate on the retirement savings first.
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Shooby
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Post by Shooby on Dec 30, 2014 10:13:48 GMT -5
I ALWAYS pay off my cc's. Period. You should too. Don't let them ride because you are going to continue to use them and the balances will just get bigger. And, the discipline of paying them in FULL every month will become a habit after you do it over and over and eventually it is second nature and an easy way to learn to manage your budget.
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Lizard Queen
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Post by Lizard Queen on Dec 30, 2014 10:54:30 GMT -5
I always pay off my credit cards too. The last time I didn't was in the mid-90's and I had a 0% offer going. I was just pointing out the math of it. You expect to earn 7-11% in the market on your retirement accounts. It is advantageous to pay off debt that is >= to that, and to focus on investing if the debt is < that. As far as the whole spending out of control thing--I believe that's why this thread illustrates a "hot YM mess". I think we've , and gotten nowhere.
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Shooby
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Post by Shooby on Dec 30, 2014 11:07:19 GMT -5
Sure we have. She is talking about maximizing her Roth or retirements, cutting back on expenditures in terms of entertainment and shopping and other things.
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HoneyBBQ
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Post by HoneyBBQ on Dec 30, 2014 11:23:52 GMT -5
3) she loves shoes. Loves them. Get excited about shoes of all kinds. She also loves jewelry and bows and purses and pretty clothes. She is a true girly-girl. Is some of it learned behavior? Probably. 4) Different colors of clothes require different colors of shoes. Some things match brown, some things match black, some things match pinks, etc. 3) She learned that from you. Do you want to teach her that materialism is the most important thing in life? 4) No. Just no. We do lots of day trips. While we haven't been to mammoth, we do take advantage of all there is to see/do in our area. We have done chicago before for $1000 but it was just a 3 day trip. I want to really do chicago, spend at last 4 days and tour the museums, visit the zoos, and yes, shop til I drop at stores we can't visit here. Taking DD to the Lego playplace and the American girl store would be amazing. I also really enjoy eating at independent restaurants in the cities we visit, to eat food we can't get at home. I thrive on new experiences. Shopping til you drop is not a new experience. I'd rather cut off my arm than let my 3 yr old ANYWHERE near an American Girl store. You know you will spend hundreds of dollars on stuff there, right? STUFF is NOT an experience, and neither is shopping.
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