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How much Money do you have Saved???

Regular Contributor

Re: How much Money do you have Saved???

I definitly agree with 800 that the first priority is picking up that match, even if it is with a high cost provider it is best just to hold your nose and do it any way at least up to the match. You can always roll it over to a low cost provider if you leave the company. The major difference between a traditional 401k and a Roth IRA is that in a 401k you contribute pre-tax money while the Roth would be post-tax. One very short guide that I think anyone should look over is http://www.clarkhoward.com/clarks-investment-guide Clark breaks it down into a easy, medium, and advanced guide that are each about a page long. 

 

My advice is to have it start automaticly deducting from your paycheck every pay period into your 401k. I would really like to see you pick up the full match, but if that is a bridge to far then start lower and rachet it up over time. If you pick up the full match and still have money to invest, then start to funnel it into a Roth IRA with a low cost provider. One other thing to keep in mind is that when you are younger it is actually a good thing when the stock market tanks, because you can buy more shares for less money. 

 

Do you happen to know what provider your company does its 401k through? That will determine your selection of index funds, target date funds, and other options.

 

PS: If you did not contribute at all in 2015 you are not too late! I know you still have time to contribute to a Roth IRA, but I think the time line for 401k's may have ended Dec 31. 


Me - 756 TU FICO Wife - 757 TU FICO
Message 21 of 172
Regular Contributor

Re: How much Money do you have Saved???

I have never read through the Bernstein book, but probably just spent more time reading reviews on its amazon page then it would of taken me to read the book. I am about to flip through it now, thanks for the recommendation on it everyone. 


Me - 756 TU FICO Wife - 757 TU FICO
Message 22 of 172
Frequent Contributor

Re: How much Money do you have Saved???


Bureau wrote:

Do you happen to know what provider your company does its 401k through? That will determine your selection of index funds, target date funds, and other options.

 

PS: If you did not contribute at all in 2015 you are not too late! I know you still have time to contribute to a Roth IRA, but I think the time line for 401k's may have ended Dec 31. 


Usually the funds offered in a company's 401k are chosen by the company (some individual or a committee) with guidance from the company that administers the program. 

Message 23 of 172
Frequent Contributor

Re: How much Money do you have Saved???

32 years old

 

37k savings (saving to buy land/build house)

98k in 401k

 



EQ08 676 TU08 665 EX08 674 Total Credit Line: 54,500Utilization: 1%Inquiries: EQ9 EX17 TU16
Message 24 of 172
Regular Contributor

Re: How much Money do you have Saved???

That's really good 633!.. Kudos to you!






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Message 25 of 172
Frequent Contributor

Re: How much Money do you have Saved???

29K spread out across my Chase savings account, and 2 Barclays 1%/1.05% accounts.

1K in stock.

1K in IRA.

5K~ in my 401k.

No debt.

 

Age 22, hoping to have 35K-40K in readily available savings cash by the end of the year so me and my fiance can purchase our first house!

Will probably never have this amount of money saved ever again so kind of enjoying it while it lasts LOL.


FICO 08 EQ: 747 // TU: 761 // EX: 759 // Goal: All 760+ // Age 23.
Building credit since 12/2013 // Gardening since 04/2017.
Hover over my cards to view limits.
Message 26 of 172
Regular Contributor

Re: How much Money do you have Saved???

You will have more TY! And at what a great age!. Wish I started sooner,.. I guess I was in a fog,.. But its only going to be increased networths from here.. Im also in the market for a house later this year.

Keep up the good work 🎉






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Message 27 of 172
Frequent Contributor

Re: How much Money do you have Saved???

Thank you! It's really all down to my fiance though, she is a saver and taught me the ways.

If I ever mention that I want to buy something, she says, "Let me know in 2 weeks if you still want it, and we can buy it then".

I am an impulse kind of guy and I guess she figured that out because I then forget about it the next week. And by then I just transfer it into savings.

One of many reasons I know she is a keeper Smiley Happy


FICO 08 EQ: 747 // TU: 761 // EX: 759 // Goal: All 760+ // Age 23.
Building credit since 12/2013 // Gardening since 04/2017.
Hover over my cards to view limits.
Message 28 of 172
Regular Contributor

Re: How much Money do you have Saved???

Yes she is definitely a keeper!. Once you get the same pleasure saving as you once did spending you unlock a whole new life. I've always been the saver and S/O are always spenders.. It doesn't work unless you are both on board because 1 will always end up bailing the other out of financial messes,.. You know if you don't help them get a car from reprocessing then you end up having to take them to work and back, .. Or if they don't have full rent money you have no choice but to cover it because you don't want to end up homeless, or power-less, etc... So its really awesome you two are on the same page.. It's going to be a very comfortable rewarding life for you two..






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Message 29 of 172
Frequent Contributor

Re: How much Money do you have Saved???


800ficogirl wrote:
That's really good 633!.. Kudos to you!

 Thank you! I've been very fortunate with my 401k. I work for a company that offers a great match and my investments have been fairly steadily climbing. I really can't complain!



EQ08 676 TU08 665 EX08 674 Total Credit Line: 54,500Utilization: 1%Inquiries: EQ9 EX17 TU16
Message 30 of 172