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I usually skip the Yahoo articles, but this one seemed good
A few thoughts:
- How do you not realize your company doesn't have a 401K plan?
- The eating out thing is spot on. Ever since I started living on my own, I can't get over how expensive eating out is, and I'm not talking going to a nice restaurant, I'm taking about going to Chipotle or whatever.
- I've never planned a wedding, but I can't believe it costs $27,000.
well, the crazy cost of weddings notwithstanding, it is normally a great financial decision to get married. you (normally) have two incomes, save more, go out less, etc. just have a small destination wedding and invite only close friends and family.
now if you get divorced, you are hosed financially. I have a 40something biglaw partner who lives in his parents basement while he pays the mtg and private school tuition for his ex-wife and kids .... so pick carefully.
I'm gonna move next to some poor people and see if they decide to kill themselves.
You've obviously never hired a caterer.
27K for a wedding is a down right steal. They are routinely 100K.
I'm shying away from 401K investment. I don't believe the market is safe, and it's obviously the next thing that gets buttfucked by a govt in search of revenue.
The wedding/marriage thing is nothing new. I can't believe gay people were stupid enough to jump on board with the concept. They had it made, under the radar, sexually liberated, no weddings, divorce or legal complications.
This post has been edited 2 times, most recently by WTF 15 months ago
You are shying away from literally the best vehicle to invest your money in? Wow!
Yes, and it's not for the reasons I mentioned. I got buttraped by administrative oversight enabled by the Enron legislation. Cost me 6 figures. I've been a little bitter since. My point is it's not as safe as you think it is.
if you think your 401k is the best vehicle to invest your money you need to investigate this more. You have limited investment options, generally high fees and by the time the majority of us access the money taxes will undoubtedly be hire than the period of time at which we invested the money to begin with. So we will need an even greater return to offset the tax increase. Unless your company is matching and giving you free money, your 401k is probably decently far down on the list of investment options I would choose. I plan on contributing to the max my company will match and then putting the rest of my retirement funds into other vehicles.
Fees can take a big bite out of your nest egg. Learn how to pick the right investment vehicle and avoid excessive charges. - MSN Money retirement-investment tips and articles
This post has been edited 2 times, most recently by jgdomino 15 months ago
Pic Sigs are for losers.
lol - our band alone was like $8k and that was 15 years ago (albeit Greenwich, CT)
Been in the business for over 20+ years so I have a little knowledge on this subject. There are some poor 401ks out there but most are getting pretty damn good with lots of investment options. Considering your money goes in pre tax, most companies match up to a certain point and they grow tax free until you are forced to take out small amounts after reaching 70 1/2 I would love to know what other investment vehicles offer these benefits. If you don't at the very least contribute what your company is matching, which sounds like you are, you are a complete bafoon.
I haven't either, but just think about it. Unless you elope or have an unusually small wedding (i.e. only immediate family), you're looking at:
-Tux and wedding dress
-Rehearsal dinner space/food/drink
-Invitations and postage
-Flowers (underrated expense)
-Food/bar for reception
I'm sure there's stuff I'm forgetting too. Even if you can find ways to cut corners or pinch pennies, that all adds up to a buttload of money.
thats why i said always take free money. otherwise imo you are better off in an IRA or in the majority of investors case a Roth in combination with another IRA or your maximum match on your 401k. I've got some letters after my name as well and we all know each person is different. if u wont actively contribute somewhere else by all means just set it and forget it and max out your 401k. 401ks were great for investors in a high tax environment, now they lose some of their benefit because you pay more tax per dollar in the future instead of paying a lower tax rate now. If all investors at 70.5 can just take small amounts from their 401k and live the lifestyle they choose then great but the vast majority will use there retirement money as a vast source supplemental income.
This post was edited by jgdomino 15 months ago
My employer doesn't match anything, so I'm putting the max in a Roth 401k. Good move/bad move?
if you are in the cross-hairs of the Obama tax on the rich -- AGI above 400/450K for married and living in a high local income tax area (DC/Maryland/NYC) it may make sense to defer some income which is a more traditional IRA/401K.
This. Our wedding was nice but we cut a lot of corners to keep the cost down and it was right around $25k. I guess if you average out the number of people who just go to the courthouse and celebrate at Applebees afterwards and the people who throw $100k weddings, it comes down to $27k.
Good news is, it's really pretty cheap to have a wedding in Pittsburgh....or at least it was back in '06. Including everything it was under $10,000.
Im ready for aa 5th of vodica to end my feels.
Weddings are absolutely not "routinely" 100K. Good lord.
You can spend that much, but I don't think I've ever been to a wedding that cost that much. I've only been to 1 that *might* have even approached that. Perhaps I need richer friends, but in most parts of the country, you can do a pretty darn nice wedding for much much much less than that.
You should have a Roth IRA as well, if you can afford to put more money in.
This post was edited by Incompl 15 months ago
I just planned a wedding for $1,600. If your wedding costs 20k-100k you're either wealthy/have wealthy parents.....or you need to find a better woman who won't manipulate you into terrible financial decisions.
lol at weddings "routinely" being 100k. the majority of people can't afford anything close to that number on a wedding.
im sorry i was confusing...your "Superbowl" was the Redskins losing since you know that the Ravens cant win it all.
Income is too high for a Roth IRA. Unfortunately, it's not high enough to be in the Obama cross-hairs either (less than $400K). Maybe someday I'll be making $TEXAS and be lucky enough to have the problems of the 1%.
We did ours for $12K in 2005 with 120 people. GTFO with this nonsense.
One of my best friends is getting married in the summer. I think they're spending ~15k and having about 100 people.
I'm afraid to find out. My inlaws paid for it all. I'm thinking it was much north of $27k.
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