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Old 04-07-2015, 07:48 PM   #1 (permalink)
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Long Term Financial Planning

How do some of the older members here plan for the long term, such as mortgages and retirement? I'm 26 now but I realize the need to start early and think about these things now, while I'm young.

Right now I:
-contribute 10% of income in 401k
-put 15$ per paycheck into health savings account with company match + quarterly bulk company contribution
-do my best to save 100$ cash per paycheck
-have a secured credit card backed by a CD as collateral to build up credit, pay entire balance every month to avoid interest

(Pay check is every two weeks)

I'm just starting out (employed only 6 months) but I want to have an idea of where I might do next in the future regarding future money.
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Old 04-08-2015, 03:44 AM   #2 (permalink)
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Re: Long Term Financial Planning

-10% is the right amount. Make sure to diversify your portfolio.
-Make sure your HSA has a rollover. If not, switch to an FSA.
-You should split your savings. You want two months worth of pay in one account. That is only to be used if you lose your job to help supplement unemployment benefits. I call mine the "fuck you I quit" account.
-The second savings account should be your "oh shit" account. Thats to be used for any unexpected bills like car repair. You shouldn't feel bad about dipping into this account, that's what its there for.
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Old 04-08-2015, 12:26 PM   #3 (permalink)
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Re: Long Term Financial Planning

Quote:
Originally Posted by Kugyince View Post
-10% is the right amount. Make sure to diversify your portfolio.
What's your split on pre tax/post tax contributions? Mine is 6%/4%. I like the idea of not having to deal with tax way out in the future, but I might adjust the balance to favor pre tax so that I can drop myself a tax bracket and save around $4k when filing taxes next year. Current salary before any deductions is $45k.



Quote:
Originally Posted by Kugyince View Post
-Make sure your HSA has a rollover. If not, switch to an FSA.
The HSA rolls over. My company ended their FSA plan this past December, but I wouldn't have taken it anyways since that money expired yearly.

Quote:
Originally Posted by Kugyince View Post
-You should split your savings. You want two months worth of pay in one account. That is only to be used if you lose your job to help supplement unemployment benefits. I call mine the "fuck you I quit" account. The second savings account should be your "oh shit" account. Thats to be used for any unexpected bills like car repair. You shouldn't feel bad about dipping into this account, that's what its there for
This is a good idea. I will see when I can manage that.
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Old 04-08-2015, 05:06 PM   #4 (permalink)
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Re: Long Term Financial Planning

10% income into savings - excellent, excellent, excellent. I'm 44 and kicking myself for not doing that from the start. 5% a year has built a nice 401k, but 10% a year, and I'd be able to retire in another 10 years. Now, not so much. Keep it at 10% NO MATTER WHAT. I wish everyone your age would be thinking this far ahead. Well done. You're smarter than I was.
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Old 04-09-2015, 07:12 PM   #5 (permalink)
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Re: Long Term Financial Planning

Now that I'm back home, I can flesh out a better response.

My entire investment into my 401k is all pre-tax. It's what works out best for my tax situation given New York State income tax. You should also consider your state taxes when deciding how much to pre-tax invest in your 401k, not just federal. I'm investing a total of 14%, 10% from myself and the maximum employer match of 4%.

Look into your HSA program. Quite a few offer Wellness Credits. This is extra money that the insurance company will add to your HSA for doing things like having a yearly physical, not smoking, etc... My family gets about 250 extra a year just for doing things we would normally do anyways.

As for your savings. Just split your contributions 1:3. If you were going to put $100 into your savings, just put $25 of that $100 into a separate supplemental income savings. This is not only in case you get fired or quit but also if you get injured for a long period of time where you can't go to work. I can't stress the importance of this enough. I might have lost my house if it were not for this account when my previous job downsized me out of a job. Things beyond your control can and will happen. The chances are almost zero that this is the only job you hold for the rest of your life.
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Old 04-10-2015, 08:23 PM   #6 (permalink)
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Re: Long Term Financial Planning



ohh sorry, you were probably asking for a serious answer
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Old 04-11-2015, 03:00 PM   #7 (permalink)
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Re: Long Term Financial Planning

Nice one CKF. I was gonna say "start playing the lottery" or "file for bankruptcy!" but like you said they probably want a serious answer so I didn't.
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