bjork said:

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tailgatetimer10 said:

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07AgTH said:

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My question is alot of people state maxing 401K, but does that mean they are maxing at the match or actual maxing out @ $18500 for us younger ones. I am blessed and able to say maxing out both company match and max, sweet deal with my company but not the norm for most all that I have ever talked to.

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I'm pretty sure everyone is talking about the federal max

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Quick clarification: fed max is $55k. $18.5k is pre-tax max.

That's the source of the mega backdoor Roth conversion. If you employer allows, you can post-tax max to the $55k limit and in-service roll into a Roth. Sweet deal if you can do it.

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07AgTH said:

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bjork said:

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tailgatetimer10 said:

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07AgTH said:

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My question is alot of people state maxing 401K, but does that mean they are maxing at the match or actual maxing out @ $18500 for us younger ones. I am blessed and able to say maxing out both company match and max, sweet deal with my company but not the norm for most all that I have ever talked to.

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I'm pretty sure everyone is talking about the federal max

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Quick clarification: fed max is $55k. $18.5k is pre-tax max.

That's the source of the mega backdoor Roth conversion. If you employer allows, you can post-tax max to the $55k limit and in-service roll into a Roth. Sweet deal if you can do it.

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Would like to know how this works, never have heard of doing this before.

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IrishTxAggie said:

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That is very doable for someone making $60K/yr if they're diligent and know how to budget.

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Premium said:

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IrishTxAggie said:

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That is very doable for someone making $60K/yr if they're diligent and know how to budget.

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That's the equivalent of making $40K. Doesn't that mean you are homeless and living on the street?

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Quote:

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That's not what I meant. Just assuming most young recent grads have at least 25K in student loans ($200/mth)...

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bjork said:

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tailgatetimer10 said:

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07AgTH said:

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My question is alot of people state maxing 401K, but does that mean they are maxing at the match or actual maxing out @ $18500 for us younger ones. I am blessed and able to say maxing out both company match and max, sweet deal with my company but not the norm for most all that I have ever talked to.

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I'm pretty sure everyone is talking about the federal max

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Quick clarification: fed max is $55k. $18.5k is pre-tax max.

That's the source of the mega backdoor Roth conversion. If you employer allows, you can post-tax max to the $55k limit and in-service roll into a Roth. Sweet deal if you can do it.

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Deputy Travis Junior said:

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Quote:

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That's not what I meant. Just assuming most young recent grads have at least 25K in student loans ($200/mth)...

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Now you've done it. In 24 hours this thread is going to be crawling with olds telling us how they worked full time during college so that they were able to graduate debt free (nevermind that tuition has fifteen-tupled since they graduated).

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07AgTH said:

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Premium said:

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IrishTxAggie said:

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That is very doable for someone making $60K/yr if they're diligent and know how to budget.

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That's the equivalent of making $40K. Doesn't that mean you are homeless and living on the street?

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That's not what I meant. Just assuming most young recent grads have at least 25K in student loans ($200/mth), 350ish car /mth, say 60 in full cover mth, say 3-400 in food mth 150-200gas mth not including health ins or many other standard bills your pretty much living paycheck to paycheck coming straight out of college. That was my point.

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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BrazosDog02 said:

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I understand. I just meant that its easy to get bent out of shape comparing yourself to others that may or may not be in the same company or field.

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The Wonderer said:

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07AgTH said:

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Premium said:

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IrishTxAggie said:

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That is very doable for someone making $60K/yr if they're diligent and know how to budget.

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That's the equivalent of making $40K. Doesn't that mean you are homeless and living on the street?

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That's not what I meant. Just assuming most young recent grads have at least 25K in student loans ($200/mth), 350ish car /mth, say 60 in full cover mth, say 3-400 in food mth 150-200gas mth not including health ins or many other standard bills your pretty much living paycheck to paycheck coming straight out of college. That was my point.

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If you live like you're still in college when first coming out of college, things are much easier and saving cash isn't as difficult.

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The Wonderer said:

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Deputy Travis Junior said:

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Quote:

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That's not what I meant. Just assuming most young recent grads have at least 25K in student loans ($200/mth)...

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Now you've done it. In 24 hours this thread is going to be crawling with olds telling us how they worked full time during college so that they were able to graduate debt free (nevermind that tuition has fifteen-tupled since they graduated).

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Lol, my loan repayments right now are $2400/mo. Three pay period months are $3600.

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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gig em 02 said:

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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Law school isn't too expensive because people are still going.

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Quote:

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U.S. News data reveal that the average number of applicants at the top 14 schools in the Best Law Schools rankings was 20.6 percent lower for the entering class of 2016 than it was for the entering class of 2008. Meanwhile, the average number of applicants at lower-ranked law schools plunged 52.3 percent between 2008 and 2016.

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gig em 02 said:

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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Law school isn't too expensive because people are still going.

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The Wonderer said:

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gig em 02 said:

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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Law school isn't too expensive because people are still going.

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Matriculation has fallen steadily since 2009.

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gig em 02 said:

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The Wonderer said:

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gig em 02 said:

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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Law school isn't too expensive because people are still going.

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Matriculation has fallen steadily since 2009.

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Are people still going to law school?

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The Wonderer said:

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gig em 02 said:

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The Wonderer said:

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gig em 02 said:

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Deputy Travis Junior said:

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You're an attorney, right? Law school is too frigging expensive these days...

How long are you going to be making those payments? That's a lot of cash to throw at loans.

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Law school isn't too expensive because people are still going.

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Matriculation has fallen steadily since 2009.

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Are people still going to law school?

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In much lower numbers.

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IrishTxAggie said:

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I don't see where he said it should be cheaper. Just that the numbers are down.

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Quote:

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The overall passage rate for [the most recent Texas Bar Exam] was a dismal 45.22 percent that's the worst passage rate in at least 22 years (those are the years the Texas Bar provides data for on its website).

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ORAggieFan said:

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As someone who's had massive gains in the last ten years, money really does not make one happier. Enjoy life. Time with family, hobbies, make memories. No matter how much we make, those are the things that make me happy.

Now, if I get to retire in my 50s, maybe my view changes. But, that just lets me have more time for what I think drives happiness.

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Cyp0111 said:

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The guys making that type of money in finance live a much different life. The money is earned and the toll it takes is even more real.

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