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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
What does you savings look like?
Posted by:
Scrooge
()
Date: July 24, 2011 11:10PM
Well? Is it stocks? Bonds? Ira? 401? 457? Roth? Pension? Lotto? Shiny shells?
Re: What does you savings look like?
Posted by:
........
()
Date: July 24, 2011 11:49PM
I must be doing really well since I can afford to pay cash for a Corolla!
LOL
LOL
Re: What does you savings look like?
Posted by:
the Jig is up
()
Date: July 25, 2011 09:56AM
31 male married
70k 401k
20k in stocks
2k in savings
a shit load of mortgages (800k) due house and condo and no money down loans
70k 401k
20k in stocks
2k in savings
a shit load of mortgages (800k) due house and condo and no money down loans
Re: What does you savings look like?
Posted by:
Moneyman
()
Date: July 25, 2011 10:00AM
Hoes the house and condo? They rentals? How much you making on them?
Re: What does you savings look like?
Posted by:
the Jig is up
()
Date: July 25, 2011 10:41AM
No hoes in the house, except 1 wife
condo is rented at a loss, house is ok because its in the beltway near tyson's but couldn't break even after selling w/ fees.
Still waiting for this housing crap to come back.
condo is rented at a loss, house is ok because its in the beltway near tyson's but couldn't break even after selling w/ fees.
Still waiting for this housing crap to come back.
Re: What does you savings look like?
Posted by:
Trevor
()
Date: July 25, 2011 10:58AM
This is what my savings looks like.
Re: What does you savings look like?
Posted by:
snowdenscold
()
Date: July 25, 2011 11:10AM
Savings comes first. Rough/loose household budget is always calculated after maxing out 401k, Roth IRA, and company ESPP (and throwing some into brokerage).
Re: What does you savings look like?
Posted by:
savings
()
Date: July 25, 2011 01:20PM
I can't save fast enough. The more money I save the faster I can move from here. :)
Re: What does you savings look like?
Posted by:
Hmm
()
Date: July 25, 2011 02:22PM
You save ~22.5k in 457/Roth combined per year?
What's your annual gross?
What's your annual gross?
Re: What does you savings look like?
Posted by:
WashingTone-Locian
()
Date: July 25, 2011 02:33PM
the Jig is up Wrote:
-------------------------------------------------------
> 31 male married
> 70k 401k
> 20k in stocks
> 2k in savings
>
> a shit load of mortgages (800k) due house and
> condo and no money down loans
So basically your assets are: $92K
And your liabilities are: $800K
Not too good.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> 31 male married
> 70k 401k
> 20k in stocks
> 2k in savings
>
> a shit load of mortgages (800k) due house and
> condo and no money down loans
So basically your assets are: $92K
And your liabilities are: $800K
Not too good.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: What does you savings look like?
Posted by:
But wait, there's more...
()
Date: July 25, 2011 02:38PM
WashingTone-Locian Wrote:
-------------------------------------------------------
> the Jig is up Wrote:
> --------------------------------------------------
> -----
> > 31 male married
> > 70k 401k
> > 20k in stocks
> > 2k in savings
> >
> > a shit load of mortgages (800k) due house and
> > condo and no money down loans
>
>
> So basically your assets are: $92K
>
> And your liabilities are: $800K
>
> Not too good.
Don't forget that the house and condo are assets as well, they're just not "liquid" assets. Without knowing their value, we can't tell what his situation truly is.
-------------------------------------------------------
> the Jig is up Wrote:
> --------------------------------------------------
> -----
> > 31 male married
> > 70k 401k
> > 20k in stocks
> > 2k in savings
> >
> > a shit load of mortgages (800k) due house and
> > condo and no money down loans
>
>
> So basically your assets are: $92K
>
> And your liabilities are: $800K
>
> Not too good.
Don't forget that the house and condo are assets as well, they're just not "liquid" assets. Without knowing their value, we can't tell what his situation truly is.
Re: What does you savings look like?
Posted by:
TrueDat
()
Date: July 25, 2011 02:42PM
True. In theory his house could sell for 1M and his condo another 500k. Putting his potential assets at almost 2M and liabilities at 800k.
Which would be pretty good.
Awaiting more info from him...
Which would be pretty good.
Awaiting more info from him...
Re: What does you savings look like?
Posted by:
gurgle gurgle
()
Date: July 25, 2011 02:47PM
But wait, there's more... Wrote:
-------------------------------------------------------
> WashingTone-Locian Wrote:
> --------------------------------------------------
> -----
> > the Jig is up Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > 31 male married
> > > 70k 401k
> > > 20k in stocks
> > > 2k in savings
> > >
> > > a shit load of mortgages (800k) due house and
> > > condo and no money down loans
> >
> >
> > So basically your assets are: $92K
> >
> > And your liabilities are: $800K
> >
> > Not too good.
>
> Don't forget that the house and condo are assets
> as well, they're just not "liquid" assets.
> Without knowing their value, we can't tell what
> his situation truly is.
A house is not an asset if it's underwater - which is what he said above. A 600K house with a 600K mortgage is worth nothing to the "owner".
BTW, the 'no money down' loans mentioned above are a two way street. The bank/broker was probably shady, but it takes two to tango. Don't blame your problems on the banker - it's just as much of your own making as it is theirs.
-------------------------------------------------------
> WashingTone-Locian Wrote:
> --------------------------------------------------
> -----
> > the Jig is up Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > 31 male married
> > > 70k 401k
> > > 20k in stocks
> > > 2k in savings
> > >
> > > a shit load of mortgages (800k) due house and
> > > condo and no money down loans
> >
> >
> > So basically your assets are: $92K
> >
> > And your liabilities are: $800K
> >
> > Not too good.
>
> Don't forget that the house and condo are assets
> as well, they're just not "liquid" assets.
> Without knowing their value, we can't tell what
> his situation truly is.
A house is not an asset if it's underwater - which is what he said above. A 600K house with a 600K mortgage is worth nothing to the "owner".
BTW, the 'no money down' loans mentioned above are a two way street. The bank/broker was probably shady, but it takes two to tango. Don't blame your problems on the banker - it's just as much of your own making as it is theirs.
Re: What does you savings look like?
Posted by:
seen worse
()
Date: July 25, 2011 02:54PM
WashingTone-Locian Wrote:
-------------------------------------------------------
> the Jig is up Wrote:
> --------------------------------------------------
> -----
> > 31 male married
> > 70k 401k
> > 20k in stocks
> > 2k in savings
> >
> > a shit load of mortgages (800k) due house and
> > condo and no money down loans
>
>
> So basically your assets are: $92K
>
> And your liabilities are: $800K
>
> Not too good.
His liabilities would be mitigated by whatever the house and condo would fetch on the market. For 31, he is in decent shape.
-------------------------------------------------------
> the Jig is up Wrote:
> --------------------------------------------------
> -----
> > 31 male married
> > 70k 401k
> > 20k in stocks
> > 2k in savings
> >
> > a shit load of mortgages (800k) due house and
> > condo and no money down loans
>
>
> So basically your assets are: $92K
>
> And your liabilities are: $800K
>
> Not too good.
His liabilities would be mitigated by whatever the house and condo would fetch on the market. For 31, he is in decent shape.
Re: What does you savings look like?
Posted by:
Piggy Bank
()
Date: July 25, 2011 03:14PM
Savings? What savings? I'm not a republican.
Re: What does you savings look like?
Posted by:
AnonymousRegularUser
()
Date: July 25, 2011 03:16PM
OK:
Age 36 married
401(k) - $305,000
Mutuals - $10,000
Savings - $78,000
Mortgage $310,000 on $800,000 30 year note
Age 36 married
401(k) - $305,000
Mutuals - $10,000
Savings - $78,000
Mortgage $310,000 on $800,000 30 year note
Re: What does you savings look like?
Posted by:
capital gain
()
Date: July 25, 2011 03:20PM
If Jig sold his house for 1M,would he have to buy another home (primary residence) worth 1M within a certain time period to avoid capital gains tax?
Re: What does you savings look like?
Posted by:
TippyPoppins
()
Date: July 25, 2011 03:22PM
26yo
250k FHA loan
20k sitting in roth
13k in 457
10k savings
lucky rabbits foot in pocket too
250k FHA loan
20k sitting in roth
13k in 457
10k savings
lucky rabbits foot in pocket too
Re: What does you savings look like?
Posted by:
I live next door :)
()
Date: July 25, 2011 03:24PM
Millionaire Next Door Calculation
Age*Income*.10 = Target Net Worth
If you are lower than that, you are not saving enough. Higher, and you are doing well.
He never said income - I'll assume 90K since he has the scratch to hang on to a money losing condo.
31*90,000*.10 = 279K
Your 92K net worth is looking piss poor.
Age*Income*.10 = Target Net Worth
If you are lower than that, you are not saving enough. Higher, and you are doing well.
He never said income - I'll assume 90K since he has the scratch to hang on to a money losing condo.
31*90,000*.10 = 279K
Your 92K net worth is looking piss poor.
Re: What does you savings look like?
Posted by:
waitwaitwait....wut?
()
Date: July 25, 2011 03:34PM
I live next door :) Wrote:
-------------------------------------------------------
> Millionaire Next Door Calculation
>
> Age*Income*.10 = Target Net Worth
>
> If you are lower than that, you are not saving
> enough. Higher, and you are doing well.
>
> He never said income - I'll assume 90K since he
> has the scratch to hang on to a money losing
> condo.
>
> 31*90,000*.10 = 279K
>
> Your 92K net worth is looking piss poor.
"Lower than that..."
Lower than WHAT?
I'm at 297k. Not bad!
-------------------------------------------------------
> Millionaire Next Door Calculation
>
> Age*Income*.10 = Target Net Worth
>
> If you are lower than that, you are not saving
> enough. Higher, and you are doing well.
>
> He never said income - I'll assume 90K since he
> has the scratch to hang on to a money losing
> condo.
>
> 31*90,000*.10 = 279K
>
> Your 92K net worth is looking piss poor.
"Lower than that..."
Lower than WHAT?
I'm at 297k. Not bad!
Re: What does you savings look like?
Posted by:
X2x2
()
Date: July 25, 2011 03:35PM
Wait...
That's a fucked up formula.
You're saying the earnings of a 20yr old are half that of a 40yr old, given the same salary.
Wouldn't a 20yr old making the same wage as a 40yr old probably be better off because he has more time to earn more?
That's a fucked up formula.
You're saying the earnings of a 20yr old are half that of a 40yr old, given the same salary.
Wouldn't a 20yr old making the same wage as a 40yr old probably be better off because he has more time to earn more?
Re: What does you savings look like?
Posted by:
I live next door :)
()
Date: July 25, 2011 03:37PM
Lower that the target. From the example above, his target net worth would be 279K (assuming a 90K income). But he says he has 92K.
http://en.wikipedia.org/wiki/Millionaire_Next_Door
http://en.wikipedia.org/wiki/Millionaire_Next_Door
Re: What does you savings look like?
Posted by:
HerpADerp
()
Date: July 25, 2011 04:01PM
This sums up how I feel/
Attachments:
Attachments:
Re: What does you savings look like?
Posted by:
snowdenscold
()
Date: July 25, 2011 04:39PM
Hmm Wrote:
-------------------------------------------------------
> You save ~22.5k in 457/Roth combined per year?
>
>
> What's your annual gross?
I'd say about 35% of my GROSS goes into savings of one form or another. It would be higher but I give a significant amount to my church.
Income is probably around median for the area.
-------------------------------------------------------
> You save ~22.5k in 457/Roth combined per year?
>
>
> What's your annual gross?
I'd say about 35% of my GROSS goes into savings of one form or another. It would be higher but I give a significant amount to my church.
Income is probably around median for the area.
Re: What does you savings look like?
Posted by:
JBass
()
Date: July 25, 2011 04:41PM
snowdenscold Wrote:
-------------------------------------------------------
> Hmm Wrote:
> --------------------------------------------------
> -----
> > You save ~22.5k in 457/Roth combined per year?
> >
> >
> > What's your annual gross?
>
>
> I'd say about 35% of my GROSS goes into savings of
> one form or another. It would be higher but I give
> a significant amount to my church.
>
> Income is probably around median for the area.
Tithing is SUPER silly!
-------------------------------------------------------
> Hmm Wrote:
> --------------------------------------------------
> -----
> > You save ~22.5k in 457/Roth combined per year?
> >
> >
> > What's your annual gross?
>
>
> I'd say about 35% of my GROSS goes into savings of
> one form or another. It would be higher but I give
> a significant amount to my church.
>
> Income is probably around median for the area.
Tithing is SUPER silly!
Re: What does you savings look like?
Posted by:
WashingTone-Locian
()
Date: July 25, 2011 04:46PM
Let's just say my net worth could be considerably lower by the end of the week if these fuckers don't cut a deal (and I'm not talking about the NFL).
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: What does you savings look like?
Posted by:
looking forward
()
Date: July 25, 2011 04:50PM
WashingTone-Locian Wrote:
-------------------------------------------------------
> Let's just say my net worth could be considerably
> lower by the end of the week if these fuckers
> don't cut a deal (and I'm not talking about the
> NFL).
If you are letting your net worth be impacted "considerably" by what is going on, you have made some not so smart financial decisions and reall have nobody to blame but yourself and not the fuckers in the white house or congress.
-------------------------------------------------------
> Let's just say my net worth could be considerably
> lower by the end of the week if these fuckers
> don't cut a deal (and I'm not talking about the
> NFL).
If you are letting your net worth be impacted "considerably" by what is going on, you have made some not so smart financial decisions and reall have nobody to blame but yourself and not the fuckers in the white house or congress.
Re: What does you savings look like?
Posted by:
Gordon Blvd
()
Date: July 25, 2011 04:54PM
.
Attachments:
Attachments:
Re: What does you savings look like?
Posted by:
the Jig is up
()
Date: July 25, 2011 11:30PM
My house is probably worth 550-600k (no big win there) and I owe 560k. My condo is probably worth 200k (being pesimistic) even though I owe 250k. They are both in good locations inside the beltway near metros.
My condo is being paid down with a 25 year loan, my house is on a 10yr IO loan.
For some reason for the last 5 years I keep paying all my mortgages and bills on time despite the fact the media claims its better to just stop paying. I can afford them because they are below my 35% gross but I would've loved not to have the condo at least. Its rented out at a 800 a month loss maybe eventually i'll own it and then can take in profit or something.
I am one of those "rich people" that has 0 income after everything has been paid for (cars, nanny, mortgages, utlitity bills, 401k, savings etc...) but I purposely do this so I feel poor and can't waste money.
I think my nanny probably has more disposable income then us and gets an 8k federal refund (w/o paying any taxes due to multiple kids), while we pay like 30-40k in taxes after all deduction and getting killled by AMT.
YAY CAPATALISM!
My condo is being paid down with a 25 year loan, my house is on a 10yr IO loan.
For some reason for the last 5 years I keep paying all my mortgages and bills on time despite the fact the media claims its better to just stop paying. I can afford them because they are below my 35% gross but I would've loved not to have the condo at least. Its rented out at a 800 a month loss maybe eventually i'll own it and then can take in profit or something.
I am one of those "rich people" that has 0 income after everything has been paid for (cars, nanny, mortgages, utlitity bills, 401k, savings etc...) but I purposely do this so I feel poor and can't waste money.
I think my nanny probably has more disposable income then us and gets an 8k federal refund (w/o paying any taxes due to multiple kids), while we pay like 30-40k in taxes after all deduction and getting killled by AMT.
YAY CAPATALISM!
Re: What does you savings look like?
Posted by:
snowdenscold
()
Date: July 26, 2011 09:53AM
Harry Tuttle Wrote:
-------------------------------------------------------
> That formula is fucked up...
>
> There's no way that can be right...
For an aggressive saver it's doable. I'm tracking pretty close to the formula (28).
Edit: Though I've also made other decisions that have helped attain it, such as only buying a Honda Civic instead of a BMW, finding a place to live that was only $700 / mo (including utilites) for several years instead of wanting to live the Arlington life and pay $1500+, going out and spending $50+ at happy hour / bars only a couple times a year, etc.
Edited 1 time(s). Last edit at 07/26/2011 09:58AM by snowdenscold.
-------------------------------------------------------
> That formula is fucked up...
>
> There's no way that can be right...
For an aggressive saver it's doable. I'm tracking pretty close to the formula (28).
Edit: Though I've also made other decisions that have helped attain it, such as only buying a Honda Civic instead of a BMW, finding a place to live that was only $700 / mo (including utilites) for several years instead of wanting to live the Arlington life and pay $1500+, going out and spending $50+ at happy hour / bars only a couple times a year, etc.
Edited 1 time(s). Last edit at 07/26/2011 09:58AM by snowdenscold.
Re: What does you savings look like?
Posted by:
snowdenscold
()
Date: July 26, 2011 10:01AM
Also, in regards to the formula, it probably won't work as well on the low end of working ages. You obviously will make a lot more between 22 and 30 than 0 to 22 (i.e. almost none), so there needs to be time for catch-up.
But once you've caught up to your age, all you need to do is make sure 10% of your gross gets funneled into some type of savings. 10% is pretty easy.
But once you've caught up to your age, all you need to do is make sure 10% of your gross gets funneled into some type of savings. 10% is pretty easy.
Re: What does you savings look like?
Posted by:
wnrsm
()
Date: July 26, 2011 04:14PM
I think my savings is looking pretty good.
My biggest monthly expense is taxes, so I lower my tax burden as much as I can by contributing the maximum to my 401k and my wife's IRA. I can also bump off a little of VA tax by contributing to my two kids' VCSP - it doesn't save much. My employer has a insanely good match of 20% of my gross pay with immediate vesting.
So reducing my taxes has me saving a lot. I'm able to contribute to those savings funds because I also have bought less car/house/etc than I could "afford" with debt. I haven't had a car payment in 12 years and pay cash outright for new-to-me-but-used cars.
I could really use a good financial planner. Any recommendations?
My biggest monthly expense is taxes, so I lower my tax burden as much as I can by contributing the maximum to my 401k and my wife's IRA. I can also bump off a little of VA tax by contributing to my two kids' VCSP - it doesn't save much. My employer has a insanely good match of 20% of my gross pay with immediate vesting.
So reducing my taxes has me saving a lot. I'm able to contribute to those savings funds because I also have bought less car/house/etc than I could "afford" with debt. I haven't had a car payment in 12 years and pay cash outright for new-to-me-but-used cars.
I could really use a good financial planner. Any recommendations?
Re: What does you savings look like?
Posted by:
lamers
()
Date: July 27, 2011 09:03AM
wnrsm Wrote:
-------------------------------------------------------
> My employer has a insanely good match of 20% of my
> gross pay with immediate vesting.
Holy shit. Is your employer hiring?
-------------------------------------------------------
> My employer has a insanely good match of 20% of my
> gross pay with immediate vesting.
Holy shit. Is your employer hiring?
Re: What does you savings look like?
Posted by:
496
()
Date: July 27, 2011 03:00PM
In my best Jim Mora voice, "savings? savings?"
Re: What does you savings look like?
Posted by:
wnrsm
()
Date: July 28, 2011 11:12PM
lamers Wrote:
-------------------------------------------------------
> wnrsm Wrote:
> --------------------------------------------------
> -----
> > My employer has a insanely good match of 20% of
> my
> > gross pay with immediate vesting.
>
> Holy shit. Is your employer hiring?
They do at times, but they require very specific skill sets. They keep those benefits to keep turnover low because the skill sets are hard to find. I just hope to hang on long enough to fully fund my fuckyoufund.
-------------------------------------------------------
> wnrsm Wrote:
> --------------------------------------------------
> -----
> > My employer has a insanely good match of 20% of
> my
> > gross pay with immediate vesting.
>
> Holy shit. Is your employer hiring?
They do at times, but they require very specific skill sets. They keep those benefits to keep turnover low because the skill sets are hard to find. I just hope to hang on long enough to fully fund my fuckyoufund.