Caveman Circus
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[Read more…] about 27 Car Salesman Reveal How Much They Make
1. YES…Free time gets used in different ways… Staying mentally fit: currently studying at university part time, learning a language, learning an instrument. Also trying to improve my illustration and photography skills.
Staying physically fit: mountain biking, bouldering, running and trying to sea swim. Helping others: do pro-bono work for NGOs in sectors of interest (40+ days in 2023).
Helping child with some of their questions re uni study, supporting a family member with mental health issues. Helping self: Travel: we take a few big breaks (Iceland all this month). We live between two countries, so explore them a fair bit. Social: spend time with family & friends
So my mom is trying to retire soon, as she is 58. She currently doesn’t have a lot of money for retirement (about 100,000 dollars), but makes 250,000 a year and loves her job (which isn’t demanding on her body).
She is just now starting to save more, but doesn’t know if she should go with a self-401k (as she is self employed), or open an annuity with thrivant.
I have 0 clue as to what the best option is, so i REALLY need some help deciding on this. What makes the most sense for someone who is in her shoes?? Should she just aggressively max everything out? or should she go with the annuity?
Your mom’s situation isn’t just about choosing between a self-401(k) or an annuity; it’s a glaring wake-up call about her financial habits. Earning $250k a year and only having $100k saved by the age of 58 is a clear sign of living way beyond one’s means. It’s crucial she confronts the reality of her spending and saving patterns.
[Read more…] about Money Matters: “58 Years Old and My Mom Has No Money for Retirement”
There is a common misconception among many people about how tax brackets and marginal tax rates function within the United States tax system.
This misunderstanding often leads to confusion and anxiety, particularly when individuals receive pay raises or bonuses that push them into a higher tax bracket.
The fear is that by moving into a higher bracket, they will lose money due to being taxed at a higher rate on their entire income. However, this is not how the tax system works.
1. Washington, Master’s with 7 years and a stipend: $96,000. Doing pretty well in my district; getting along great and being appreciated.
2. Suburb of a major Texas city, starting salary is 61k. I have 27 years experience and a masters degree. I make 68k. I’m furious that my education and decades of experience is only worth about ten percent more than a rookie with bare minimum certification requirements.
1. My background is welding but I branched out and learned more trade skills. I make $45 an hour with pretty much unlimited overtime. I know I’m far above average in pay. I was making $50k for a couple years. That’s pretty normal for average welders doing shop and fab work.
Unless you are willing to endanger your life or be moving around constantly with no job security you probably won’t be making 100k a year.
Living beyond our means has unfortunately become all too common in our consumer-driven and debt-heavy society. With the ease of impulse buying online and the reliance on credit cards, many of us end up spending more than we earn, putting ourselves in precarious financial situations and accumulating consumer debt.
[Read more…] about 7 Warning Signs You’re Living Beyond Your Means
1. This is probably a strange answer, but joining the military.
I was able to mature and save up a small nest egg, get access to the Post 9/11 GI bill, and some combat wounds were 100% worth it for the disability check and healthcare lol
That let me go to to college and a great law school with no debt, and led me to where I am today.
Plus, I wouldn’t trade the experiences for anything. Home run.
[Read more…] about 14 High Net Worth Individuals Reveal Their Financial Home Runs
I’m almost 30 years old my mother is early 50s with little saved for retirement. She was a single mom raising 3 kids and didn’t have the luxury to save. She has a small 401k with the school (she’s a lunch lady) and makes only about 25k a year. She has a paid off house thanks to my dad that passed away when I was 12.
These past two years have been the first years I’ve made good money. I’ve paid off her credit card debt (7k the card was used to make ends meet and she only paid the minimum), I pay property taxes, power, internet, and insurance for the cars. I’ve got 30k in student loans (low interest rate), 34k auto loan, and no other debt. I’ve got 16K in sep Ira, 7.5k in Roth IRA, 20k emergency fund, and 10k in other bank accounts.
My girlfriend, is about to graduate with her RN and will have no debt. My GF is understanding that I will always support my mom and do everything I can to help her. I’m reaching that stage in life where I want to move out with my GF but I’m worried I’ll struggle to pay for two households. GF wants our privacy and for us to live separately (which I totally understand) just a bit lost on what to do.