I think I am doing pretty good. I have around 350k at 43. Just curious what your numbers are at. I hope this doesn't sound like I am bragging because I am not. I feel that I see a lot of posts where people are making a lot more than I am and have balances I can only dream of.
Dude makes a video where he says he was $30k in debt, was an alcoholic who was recently fired from his job and is now rich and famous.
He says he just decides he’s going to “lock in” one day. He becomes a substitute teacher, a waiter, and does uber all while doing TikTok. Says altogether he made $6k/mo somehow. In 6 months he pulls himself out of $30k in debt.
Meaning he had to pay $5k/mo towards his debt. While having $1200 in rent. Then directly after, he continues saying he saved, SAVED. $70k in one year. All while only making $72k. So he had no bills and had his food paid for???
Mind you, this is all within 18 months according to his timeline. Before he was making any money from TikTok. This was 3 years ago.
Then comments that he made $93k last year on TikTok. All because he “locked in”.
I genuinely hate this mindset because it insinuates that people that are poor are just lazy. “If you don’t have money, you’re just not working hard enough.”
I’m not saying he didn’t have to choose not to drink but he’s intentionally ignoring his obvious privilege in life and then blatantly lying about it.
I get that it’s social media but it always pisses me off when people worship these influencers who are obviously lying to them while these influencers call their followers lazy.
35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.
Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.
I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.
I’ve been seeing the strategy of saving all your HSA expenses until retirement and reimbursing all at once, and I’m wondering, is it really that simple? No strings attached or “gotchas”?
Basically, the strategy is to save a lifetime of HSA expenses and let your HSA take advantage of that compound growth on your investment. Even a conservative estimate of 7% growth and $1,500 a year comes out to over $200k over a career.
Then you reimburse all your expenses in one go, taking advantage of the tax advantages. The HSA is triple advantaged - contributions are tax-deductible, growth is tax-free, and withdrawal is tax free for medical expenses.
Is it really that simple to do?
I crashed my 2013 Prius. It’s a total loss. Just liability insurance, so no payout. I’m super bummed, but reflecting on what a great car it was.
It currently has 240,000 miles.
I purchased it at 60,000 for $12,000
I put about $15,500 of gas into it.
I put about $3500 into tires and maintenance (did my own fluid changes)
Head gasket at 190,000 cost $1500. The only major repair.
Insurance and registration over the years I had it was about $5000
So a total of $37,500 over 180,000 miles, or less than $0.21 per mile.
The US average cost of owning and operating a new car is $0.82.
Theoretically my used Prius saved me $ 110,000 vs driving an average new car. That’s a big win.
Hello friends,
My (F32) significant other (M30) and myself both grew up very low income. His family completely ignorant of credit, savings or income. My family as immigrants who were careful, but uneducated on the system. I’m talking “Don’t keep money in a savings account because the government will tax you for it at the end of the year” uneducated.
I’ve worked my ass off at a company and they finally went public. I was awarded a total of $170,000. Today $67,000 of it is vested and I can do with it what I wish, but I must stay until 2029 to get 100% of it. There are going to be small amounts periodically released between now and then.
Anyway — the whole keeping money out of a savings account thing will probably not do me well.
I have goals/plans. But also, I’m bad with money.
I’ve paid off all my debt twice and keep getting into it again for no real reason. I’ve built up almost $10k in savings and then dwindled it down to $2k.
I spend money. It’s really embarrassing and debilitating.
That being said, I do have a few things I actually want to do with this money.
I want to spend about $15k renovating my condo. These are renovations I’ve wanted to do for a while and, from what I understand, some improvements may also have tax benefits.
The rest I want to be smart with.
I’m genuinely open to anything opinions, thoughts, resources, books, personal experiences, stories from people who suddenly came into money, mistakes you made, things you wish you had done differently what would you do?
Been at the same company for 9 years and they surprised me with a bonus that came out to just under $15k after taxes. Was not expecting anything close to that.
My first thought was to put most of it into our brokerage account. We already contribute to retirement and have some money saved, so it felt like a rare chance to make a decent lump sum investment without touching our normal budget.
My wife immediately said we should finally do the Europe trip we’ve talked about for years. Italy for a week, then maybe Austria or Switzerland. We’ve never done a big international trip together and the bonus could pretty much cover the whole thing without us dipping into savings.
Neither of us is mad about it, we just see the money completely differently. To me it feels like free investment money. To her it feels like a chance to finally do something we’ll remember forever.
What would you do?
Title. We're done paying for full time childcare! Legit it's like getting a $26,000 raise. Ok, yes I know there will still be plenty to pay for but we essentially suddenly have $2100 a month back. *throws confetti in the air*
Another thread make me want to do this one.
Sorry about my mis English, I speak french on a daily basis and English is a second language for me.
We live In Canada. My wife and I (46 and 51 years old) are both teachers. We now have an annual family income of 218k (canadian of course). We got 2 kids and in the last 15 years we have done 8 european trips of 25-35 days each time (always in summer, no choice there) manus Canada and USA road trips.
We save a lot but we have generous pension plans, 45k in reee which is money put for our teens scholarship, we have 2 paid cars, a house with a low mortage and no debts.
Could we have done different choices ? Yes but our family time is very precious to us .
Having received very bad news about my health 2 years ago made those trips very appreciated, the 4 of us are gonna shared those precious and very fun time together for our whole life.
Does anyone here share the same way to see life ?
Are teachers in US (or elsewhere) have the same salaries and/or pension plan ?
It happened. Middle class inflation and cost increases, child care changed, Lupus,
multiple sudden major house maintenance items finally caught up to my family’s stagnant income.
For the time being I think we are going to have to pull back on maxing my 401k to just meeting the match to catch up with all the issues that have come up.
In order to replenish the reserves so another major house item doesn’t cripple my family we will need to pull back on investments and that really bums me out.
Anyone else going through this right now and can relate?
My wife and I have been married for a few years and we still keep most of our money separate.
We have one joint account for household expenses and both put money into it every month. Other than that, our salaries stay in our own accounts.
It hasn't really been a problem so far.
But now we're talking about bigger things like buying a house and retirement, and I'm wondering if this setup still makes sense.
We trust each other and neither of us has an issue with the other spending their own money. It's more about planning for the future together.
For people who are married, what works better for you?
Completely separate, fully combined, or somewhere in the middle?
I’ve noticed I barely hesitate spending $500 on something I researched and know I’ll use for years, but a random $14.99 subscription irritates me way more.
Went through my card recently and found a cloud storage plan, Paramount+, a gym app and some stupid premium weather app I forgot I even had. It was only around $55 a month total, so nothing that was destroying my budget, but almost $700 a year for stuff I barely noticed.
Cancelled most of it and just threw the same amount into savings automatically. I already have some money saved so it’s not really about needing the $55, I think I just hate paying indefinitely for things.
