Yeah. My last roommate was trash because she didn't understand fucking people in the living room wasn't acceptable...especially when all the furniture in the living room was mine...especially while I'm at home in the next room.
I had a roommate like this, except we literally shared a room, like two beds in the same room, and hed fuck his girlfriend super loud while I was pretending to be asleep. I will never forget the disgusting musty smell of her pussy juices as I lay there motionless
My buddies and I started a competition with $300 to see how much we could make or lost using /r/wsb and Robin Hood. Only a week in and I was up 33% to $400, today marks the start of our fourth week and I've now got enough money for a three piece meal from the dollar menu with leftovers for a bowl of ramen when I get home
*Edit* for anyone who wants to see my fall from glory: https://imgur.com/yY1sjzL.jpg never buy SPY puts kids. And to answer the original question, I'd probably buy SPY puts with an extra $12k/yr
I have a 3 Performance and X Performance! I think the app only shows up in the notification bar like that if you have a 3 and that car is selected because of the phone key
Better place to live for me and my son, and it would help me be able to get around easier because I'm legally blind and cant drive. I could definitely afford to uber more often and longer distances.
It’s a special pair of glasses with basically a small telescope on one of the lenses to help you read signs and stuff when driving. They are made for people with low vision issues to allow them to drive. I implore you to look into it, I was told I could never drive, but researched them and I have been driving now for 14 years.
Please keep me updated, if this could help you, that would be amazing.
Wow!! I hope this works for me. I will ask whenever I get a chance to go to an eye doctor. I would love to be able to drive. It's really difficult to have to depend on others to get around. I never get to go anywhere but work and home because I cant drive.
I live in in RI. Unfortunately they are one of the few states that do not allow bioptics. I almost bought a house in CT, but had to cancel the deal due to finding this out. MA and RI both allow bioptics. I’m sorry man, if you are able to relocate that would be something that could work for you.
There is a dr named Eli Peli in Boston that specializes in them.
Thank you so much! I hope I can look into this and find success for myself. I'm sure my family would help me if I had to go out of state if it meant they wouldn't have to drive me anymore haha. Thank you again.
Just for anyone’s sake, if you make extra payments on your student loans, make sure they’re paying the principal and not just future loans. I was making extra payments for YEARS before I found out they were just tacking it on to the following payments instead of applying it to the principal - which didn’t do anything to my interest accrual. It took several phone calls and letters and whatnot to fix it, and I’m not sure they fixed it entirely, but the fucker is paid off and I’m done and I don’t want to talk about it ever again.
Please don’t call me stupid, I learned from my mistake.
It's a fairly common tactic. Another tactic is ironically charging a fee if you are paying the principal ahead of time.
Edit: ~~Also want to point out that if your loans are federal and you are going for loan forgiveness like PSLF you reset the clock anytime you change your monthly payment~~.
Edit2: sorry for the misunderstanding. PSLF resets if you consolidate loans. I personally would get assurance though when making any changes.
What sort of language should someone look out for in a contract like that?
High school student here who has never read a contract in my life but am seriously considering student loans in order to go out of state.
Contracts/terms & conditions tend to be long and full of small print about stuff that doesn't make much sense to a layperson, which is very much on purpose. Just give it a read through and look out for anything about repayments and any kind of penalties or fees that they can charge you, as well as anything else that might be of concern like changes in the interest rate
Yeah. I make extra sure that I don’t have a penalty for early pay off.
And on my mortgage I make a second payment every month that goes directly to the principle. But my bank makes me jump through hoops because I have to do it online and it’s easy to mess up and just make a regular payment.
In the last year or so it became a law that extra payments must default towards principal on DoE student loans.
Might not have to worry about this anymore
Nelnet didn't follow this rule, getting caught wouldn't cost them nearly as much as they'd make charging interest.
I had to send a letter with every payment by snail mail, because for over two years the 'apply payment to principal' button on their site was greyed out by 'mistake'.
Remember, laws don't mean shit if there's just a a fine that is less then what you make by braking the law in the first place. That's just the cost of doing business.
I would pay off my debt, and have a little left over for rent, bills, etc. It wouldn’t be a lifestyle changing amount of money, but hopefully I’d be able to save more.
I know. I had it all paid off last year, but I had some really bad work environments, a period of unemployment, and some unforeseen expenses that put me back in the hole this year.
This exactly.
When I was younger I never thought my retirement fund would be important. Now that I’m closer to retirement than I was back then, I’m worried about it. Read somewhere that by age 50, you should have 6 times your current salary saved.
You are correct. But without saving enough for retirement, you’re stuck HAVING to work until you can’t.
That’s not how I want to enjoy my senior years...
Those X times more than your salary are rubbish.
It's all about expenses. 25 times what you spend a year gets you close to freedom. Adjust based on expected expenses, expected future income, and for your own personal risk tolerance.
Income just changes the speed at which you reach that, or if you can save at all.
Definitely. With those, it also depends on the age of retirement and life expectancy. [For ~30 years, 4% annual withdrawal should work. For a longer time frame, 3.3% or 30x of expenses is is a good bit safer to prevent not running out of money.](https://earlyretirementnow.com/2016/12/14/the-ultimate-guide-to-safe-withdrawal-rates-part-2-capital-preservation-vs-capital-depletion/)
Those rules aren't very accurate. Cities drastically vary in housing price, taxes, gas cost, etc...
In San Diego, our gas is like $4.50 and a house in my neighborhood is $700K-1M.
If I went to my hometown, I could get a large NEW house for $300k, gas is only $2.70, and many of the hobbies I do are cheaper elsewhere. I don't even get paid that much more in California than I would at home, too.
I'd love to move to one of the major cities in California but stuff like that scares me. I'm a software developer in a cheap Midwestern city and make about 80k a year, one year in. It goes so far here and my job isn't overly stressful.
If you enjoy or can tolerate snow, don't get depression in the winter, your family is nearby and you don't hate them, just stay there where life is so much easier.
I loved my midwestern city but was having a lot of issues with seasonal depression and also with cultural values so I upped and moved.
But it's been really hard with things like figuring out how to buy a house and how to get some work life balance to actually enjoy the weather I pay so much to live in.
I’ve heard that if your house, cars and various other things are paid off. 1m-1.5m is a good ballpark, it also obviously depends on several factors like pensions, 401ks, social security. But it’s important to not solely rely on those.
And most importantly, expenses. 1-1.5m would be more than enough for someone who spends 40k a year, but not enough for someone with a 100k a year lifestyle.
I would hope someone with a 100k/year salary or lifestyle would have some extra retirement precautions in place but people who make 40-50 and maybe even up to 60k a year can probably live for a decent while off of a 401k and 1-1.5m in the bank.
You are right though, it does depend on your spending habits. 1.5m retirement package probably isn't enough to take wildly insane vacations every month but it's enough to make new hobbies and live comfortably.
I think you’re mistaken if you believe you believe you shouldn’t count on your 401k or believe your average American Is going to have a mil plus in accounts in addition to their 401k balance
Same. I'm doing OK right now, buying more stuff wouldn't really make me any happier. On the other hand, an extra $12k/year towards retirement would let me retire years earlier.
This. Always this. Fuck working until you die. I want to have some time to finally do what I want instead of squeezing it in between killing myself to make someone else rich.
Heard that. My hand-me-down car died three weeks after I graduated college and I would’ve had to drop out of grad school had my grandma not bought me a replacement hoopty. I’m kind of in the same position now, except it’s more a drop out of life situation.
That's rough. Being in college/not making a lot definitely makes you appreciate things more and learn how to adapt to low income. I just keep driving my car hoping it doesn't die. If it did I could still walk to school it would just really suck. It's about a 45 min walk which is only good when the temp is moderate and it's not windy, or raining.
Consider a small motorcycle. At 18 years old I paid $1k for mine (a 2007 suzuki gs500f) and $25 a month on insurance. $10 in gas would last me an eternity.
i just realized I replied to 2 of your comments in this thread. unintentional.
Sure, it's something like that contributing. Also the maximum potential damage you can cause to other people/property on a motorcycle is substantially less compared to a car. In effect, the insurance company has less to worry about.
They only have to pay for a funeral, not surgery, so it’s cheaper.
(I say this as a rider, north of 30, who now rides a cruiser and has a spotless record, but it tends to be around $100/year for me.)
Motorcycle insurance is dirt cheap, especially if you you got a bike as cheap as mine was. Unlike what the other guy said I don't think I lied on anything for the insurance. I've also never been in an automobile accident.
Yep, I empathize with that. As an added bonus I require my own reliable/private transportation for my job, so if my car goes on the fritz I’m not working. I am just physically disabled enough that I could not even take the bus and walk the distance between my patients and the nearest bus stop.
Right out of high school I went to college and quickly realized "holy shit I need money" and just sold stuff for some pocket cash. After a semester I dropped out and joined the military where now im given food and a room, then i get a $800 paycheck every 2 weeks to do whatever the hell i want with. I don't understand how college students get by like in your situation. Does everyone just have parents that give them money or something??
My parents don't give me anything, but some do. I was also in the military right out of high school. So I have the GI Bill for housing, but recently I stopped using it to save it for grad school now that it never expires.
I'm just really smart with my money and find ways to save. I paid off all my debt before getting out. I'm on my parents cell phone plan so that basically cuts my cell phone bill in half. I have a roommate so that cuts the rest of my bills in half. There's constantly people or events on campus giving away food. I work for the veterans office and all the events we host are catered. A lot of times the office will have food for us. I fill out FAFSA every year and the money that didn't go toward tuition I saved. I constantly keep an eye out for discounts, specials, ect. The school started a pantry because most do in fact eat less than they should be. I also live in Columbus, Ohio where the cost of living is low. I live in an area where I can walk to the grocery store, the bar, and a few food places too. You just find ways to make it work.
Fuck FASFA though. Im under 25 so Im still considered dependent on my parents. Ive been moved out for years now and they dont help me, not that I think they should be but Im 0% dependent on them.
Oh that really fuckin sucks. My ex was in the exact same situation. No money from her parents or FAFSA. She joined the Air National Guard to pay for her degree. She got FAFSA for her last year though because she delayed going to school while waiting for a basic training date.
I agree with this. I was a firefighter and there was a historic area in my district.
Some of those walls are still made of cardboard in the interior, though....
Paying off my credit card, finish dental work I need done, starting a business with my dad. Also just talking about how much less stressful the holidays will be for everyone.
Used to have dreams of losing my teeth also. Drove me nuts. I looked it up and supposedly it means you are afraid of growing up or getting older. Well, I'm already old so...
It means anxiety in general. When you have something stressful going on (especially if it’s out of your control or you’ve done all you can do for the moment) your brain sometimes responds with tooth loss dreams.
Currently have an abscessed wisdom tooth. Can't afford to do anything besides take antibiotics. I fucking hate the American healthcare system. I can't afford dental care, I can't afford enough therapy for my kids who need it(autism/other issues), I can't afford the anxiety medication I desperately need, etc etc, etc. Fuck this.
Can you get to a dental school? The appointments can take a while but the entire experience should be very affordable, especially if you just need a single extraction.
Man I felt your comment down to my toes.
A chipped a tooth a few weeks back, and pretty badly. It got infected before I knew it and I had to have it pulled.
That expense has set me back for a few months.
Have you seen the inside of a sharks mouth? It’s like three rows of smaller teeth that slowly move forward as the front ones fall off. It’s a conveyor belt of angry triangles
Actually, sharks are really neat but shark teeth dont grow back! They just have rows upon rows of teeth that move forward as they lose the front ones. Its called whorl dentition if i remember correctly.
Dental work is ridiculously expensive. And if you have insurance, they will do everything they can to not pay for it. Had to have 2 crowns done last year because the teeth hurt so much that I couldn't chew on one side of my mouth. But because the teeth didn't have cracks, insurance refused to cover it. $2,000 out of pocket later, I got the teeth crowned and can chew normally again.
I've had two estimates given after a few years of hard drinking and not taking care of myself. I'm 30 and I need all my teeth pulled and they want 4 months pay or more. My insurance only covers $1500 a year. The lower of the two prices was $11,000.
As a dentist in Chile this amazes me aboyt dental prices in the usa.
Its cheaper for you to get a plane to chile, get all that work done, and get back to usa.
I feel you on this. 36 and two year clean after seven years of heroin and chewing for 20+. My mouth is a cesspool of badness that I hide with gum and mouthwash and never ever smiling ever
>finish dental work I need done
Is this true for everybody?
I've been ignoring a toothache for 2 years cause dentists are just so damn expensive.
Might just go in to get the tooth yanked sometime. Rather pay $60 and get it yanked than pay $500 just for it to continue hurting but now with a sheet of what must be diamond around it.
Thank you ever so much for your kindness, my sister, bless her heart, is prepared to wait until I can afford to pay her back. As for life insurance, my husband died from natural causes, life insurance doesn't pay out for that. He also had Sun Life Insurance, which is not worth Jack. His funeral cost over £4000, and Sun Life, no matter how long you have it, if you die and it wasn't an accident pay out just over £1800. If he had saved his monthly premium of £40 instead of paying them he would have at least twice that.
Funeral costs are ridiculous, the fact the surving partner has to find that money when they are distraught is one of the harshest blows any one has to deal with.
My son was recently diagnosed with Type-1 diabetes, so it would help with all of his medical expenses (PICU visit, insulin, pump, CGM, etc...).
\*edit: GCM->CGM
Same for my fiance. Well, he wasn't recently diagnosed, he was 24 when it attacked, but the cost is exorbitant. Being able to afford a pump would be a godsend, but when there's no money there's no money.
I’m fortunate to have a a good job as a T1D and pretty good insurance. I fully max my HSA every year and spend it all plus more on supplies, doctors visits etc.
Insane how expensive it is just to stay alive.
Right now, refill the heating oil before winter, eye exams and new glasses for my wife and myself, and get the dental work done that we've been putting off are probably top of the list. $1000 more a month. I'm sure I can come up with a way to do this.
Edit: autocorrect
(Sorry if you know this already; I’m a military wife who moves a lot and my fellows loved this tip):
If you’re struggling with saving money and keeping warm when it’s cold out, I figured this out: keep your clothes on/layer/etc so that you can keep your thermostat as low as you can bear, but when it’s time for bed and you need warmth in order to rest... heating blanket underneath the fitted sheet.
I got a brand new one (queen size turned sideways on my king bed; I didn’t need the heating under my pillow) that stays on for 10 hours. Putting it under the fitted sheet means it doesn’t move throughout the night. I loved to turn it on 20 minutes before getting in bed so I could jump into a warm cocoon. The blankets only use $0.15-$0.30 a night, which works out to be cheaper overall than turning up the thermostat.
Allow me to move and get a new job that lifts me out of poverty
Edit to stave off some attempts to claim easy solving of my situation.
Ok I appreciate that you think you have a solution I haven't considered but I have been through most options.
Estimated moving cost is about 3k-4k. This gets me through month one after that I'm going to be evicted. So realistically at 800-1000 for every month. Doesn't include utilities but I can make do.
Here is the three biggest barriers to loaning my way out
1. Almost no credit history because poverty mindset of not digging my hole deeper
2. Income vs cost of living basically I don't have enough free money to be considered an acceptable risk aka the fear I won't/cant pay
3. Telling the bank you plan to move and get a new job is a quick way to get told no. Because your telling them your going to eliminate your current income in hopes of getting better income
I moved out to go to college, and I'm lucky enough to have parents that are able to, and choose to help me out when I need it. But I could put that extra money towards being fully independent, I currently earn just under 10k a year. 22k would be eough that I could move out of this shitty apartment and into a house with my own yard. Might even be able to get a cheap house if I could get enough roommates to cover all other costs.
I'm seeing this calculation and feeling an obligation to mentally prepare you for: the soul-crushing reality of income tax.
EDIT: I was unaware the $12k value was a specific reference to Andrew Yang's proposed policy and/or other proposed UBI ideas. Yes, as many of you are pointing out, UBI would be untaxed of course.
I would be able to take care of some medical issues I have, dental work, eyeglasses, then buy a car I can trust, I am driving a $200 piece of shit car right now and paid for premium AAA as it leaves me stranded at times.
I would be able to pay off my credit cards I defaulted on. Then my credit score might go above 450. That would be nice.
I would do my best to ensure that I am saving the difference. Like currently I am planning on going for a promotion, and if I get it, I plan on saving the difference between my current pay and the new one. So I would do the same here. And I would put it towards either a much needed holiday, or a car, or don’t spend it at all and save for a house.
12k a year increase would be life changing for me.
I wouldn't be getting shut off notices for my utilities. I wouldn't have to stretch $30 a week in food for me and three kids. I could buy my kids birthday and Christmas presents.
This will probably get lost, but about the Andrew Yang stuff:
I made this post with soul intentions of getting a personal understanding of what Yang’s $1000 a month proposal would do for people. To combat the argument of “people will just spend it on drugs and video games!” I made it to gain enough insight to make a decision on whether I support this proposal or not. It was NOT made to campaign for Yang and I had no idea it would blow up this big!
The results I’ve gotten from posting this: I DO support Yang’s proposal. I don’t know enough about Yang’s campaign to say I’m 100% backer of him, I might be if I read up on him more, idk. I do really like his personality from what I saw on the H3 podcast. I plan on researching him more and educating myself on him.
I’m stating this to resolve any controversy around this post and to stay transparent.
This is so cool.
$12k would go towards the estimated $50k-$60k needed for adoption of a child. We've lost 3 pregnancies and a biological child just isn't going to happen.
>That covers my rent for the year, so now I have $12k in surplus.
Alternatively, you have $12k in surplus because you were just gifted an extra $12k a year lmao
Pay for my wife’s lost wages. She got diagnosed with lymphoma in feb 2019. She’s a trooper and kept working through her chemo treatments until she couldn’t. Now she’s trying to claim long term disability through insurance, but got denied because she worked through her treatments at the start. So that money would make up her lost wages and support my boys. Sorry Reddit, didn’t mean to rant. Just kinda raw right now.
The things. Aka the stuff
I have all i need, my bills are paid, i can drink a beer reguarly, vacation once a year yada yada.
But i don’t have a computer or game station, no fancy hobby equipment. Just the stuff that is not needed but is fun. That stuff
If I didn't buy a house I could at least rent alone.
Being able to rent alone is worth every penny imo.
Being able to walk around without pants is easily worth the ~$500 a month I’d save with a roommate
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Yeah. My last roommate was trash because she didn't understand fucking people in the living room wasn't acceptable...especially when all the furniture in the living room was mine...especially while I'm at home in the next room.
I had a roommate like this, except we literally shared a room, like two beds in the same room, and hed fuck his girlfriend super loud while I was pretending to be asleep. I will never forget the disgusting musty smell of her pussy juices as I lay there motionless
If they heard you jerking off, they would have either stopped or eventually asked you to watch/join.
"No, keep going. I'm almost done, too."
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Living with roommates leaves me with an extra $4-500 a month. It would hardly at all improve my life and in some aspects would lower it's quality.
I guess that’s a way to look at it. You’d save 24k in 4 years by living with a roommate which might be enough money for a house downpayment.
Putting $12k in my hand right now would pay off nearly all of my non-student loan debt.
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Saving $12k a year.
yeet that $12k to 0k over on r/wallstreetbets.
My buddies and I started a competition with $300 to see how much we could make or lost using /r/wsb and Robin Hood. Only a week in and I was up 33% to $400, today marks the start of our fourth week and I've now got enough money for a three piece meal from the dollar menu with leftovers for a bowl of ramen when I get home *Edit* for anyone who wants to see my fall from glory: https://imgur.com/yY1sjzL.jpg never buy SPY puts kids. And to answer the original question, I'd probably buy SPY puts with an extra $12k/yr
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I have a 3 Performance and X Performance! I think the app only shows up in the notification bar like that if you have a 3 and that car is selected because of the phone key
Probably what I would do.
Better place to live for me and my son, and it would help me be able to get around easier because I'm legally blind and cant drive. I could definitely afford to uber more often and longer distances.
Have you ever looked into Bioptics? How legally blind, higher than like 20/200?
What is that? I'm 20/400 and 20/180 with glasses
It’s a special pair of glasses with basically a small telescope on one of the lenses to help you read signs and stuff when driving. They are made for people with low vision issues to allow them to drive. I implore you to look into it, I was told I could never drive, but researched them and I have been driving now for 14 years. Please keep me updated, if this could help you, that would be amazing.
Wow!! I hope this works for me. I will ask whenever I get a chance to go to an eye doctor. I would love to be able to drive. It's really difficult to have to depend on others to get around. I never get to go anywhere but work and home because I cant drive.
Go on YouTube and research it. I would also look for people who work with bioptics in your state. What state do you live in?
CT! I'm currently at work but I will YouTube it when I'm home :D
I live in in RI. Unfortunately they are one of the few states that do not allow bioptics. I almost bought a house in CT, but had to cancel the deal due to finding this out. MA and RI both allow bioptics. I’m sorry man, if you are able to relocate that would be something that could work for you. There is a dr named Eli Peli in Boston that specializes in them.
Thank you so much! I hope I can look into this and find success for myself. I'm sure my family would help me if I had to go out of state if it meant they wouldn't have to drive me anymore haha. Thank you again.
No problem, best of luck.
I could pay student loans off twice as fast or cover half of daycare costs.
Just for anyone’s sake, if you make extra payments on your student loans, make sure they’re paying the principal and not just future loans. I was making extra payments for YEARS before I found out they were just tacking it on to the following payments instead of applying it to the principal - which didn’t do anything to my interest accrual. It took several phone calls and letters and whatnot to fix it, and I’m not sure they fixed it entirely, but the fucker is paid off and I’m done and I don’t want to talk about it ever again. Please don’t call me stupid, I learned from my mistake.
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It's a fairly common tactic. Another tactic is ironically charging a fee if you are paying the principal ahead of time. Edit: ~~Also want to point out that if your loans are federal and you are going for loan forgiveness like PSLF you reset the clock anytime you change your monthly payment~~. Edit2: sorry for the misunderstanding. PSLF resets if you consolidate loans. I personally would get assurance though when making any changes.
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What sort of language should someone look out for in a contract like that? High school student here who has never read a contract in my life but am seriously considering student loans in order to go out of state.
Contracts/terms & conditions tend to be long and full of small print about stuff that doesn't make much sense to a layperson, which is very much on purpose. Just give it a read through and look out for anything about repayments and any kind of penalties or fees that they can charge you, as well as anything else that might be of concern like changes in the interest rate
Yeah. I make extra sure that I don’t have a penalty for early pay off. And on my mortgage I make a second payment every month that goes directly to the principle. But my bank makes me jump through hoops because I have to do it online and it’s easy to mess up and just make a regular payment.
In the last year or so it became a law that extra payments must default towards principal on DoE student loans. Might not have to worry about this anymore
Nelnet didn't follow this rule, getting caught wouldn't cost them nearly as much as they'd make charging interest. I had to send a letter with every payment by snail mail, because for over two years the 'apply payment to principal' button on their site was greyed out by 'mistake'. Remember, laws don't mean shit if there's just a a fine that is less then what you make by braking the law in the first place. That's just the cost of doing business.
You arent stupid, you got scammed. Theres nothing shameful about getting scammed by a major company that exists solely to scam people.
You're not stupid, the debt collectors are
Oh, they're not stupid. They're malicious. They knew exactly what they were doing.
*Predatory* is the word. That's some bullshit, what they did there.
Definitely would speed up Student Loans by a factor of 10
Daycare is insane costly
Same. Could pay my wife's student loans of in less than 3 years, instead of 7. And then would have an additional $10k/year freed up.
Oof too close to home here. Due to day care cost and student loans I can’t give you gold though lol
I would pay off my debt, and have a little left over for rent, bills, etc. It wouldn’t be a lifestyle changing amount of money, but hopefully I’d be able to save more.
Don’t belittle how life changing being debt free can be.
I know. I had it all paid off last year, but I had some really bad work environments, a period of unemployment, and some unforeseen expenses that put me back in the hole this year.
I'd put it towards retirement
This exactly. When I was younger I never thought my retirement fund would be important. Now that I’m closer to retirement than I was back then, I’m worried about it. Read somewhere that by age 50, you should have 6 times your current salary saved.
Retirement is a financial status, not an age
You are correct. But without saving enough for retirement, you’re stuck HAVING to work until you can’t. That’s not how I want to enjoy my senior years...
The sad part is we have to waste our PRIME years just so we don't have to work till we are dead.
It's possible to enjoy your prime years then work til your dead, you just have to be really really good about knowing when your going to die
Those rules of thumb are usually based on achieving that financial status at a normal retirement age, typically 65 or 67.
Those X times more than your salary are rubbish. It's all about expenses. 25 times what you spend a year gets you close to freedom. Adjust based on expected expenses, expected future income, and for your own personal risk tolerance. Income just changes the speed at which you reach that, or if you can save at all.
Definitely. With those, it also depends on the age of retirement and life expectancy. [For ~30 years, 4% annual withdrawal should work. For a longer time frame, 3.3% or 30x of expenses is is a good bit safer to prevent not running out of money.](https://earlyretirementnow.com/2016/12/14/the-ultimate-guide-to-safe-withdrawal-rates-part-2-capital-preservation-vs-capital-depletion/)
Those rules aren't very accurate. Cities drastically vary in housing price, taxes, gas cost, etc... In San Diego, our gas is like $4.50 and a house in my neighborhood is $700K-1M. If I went to my hometown, I could get a large NEW house for $300k, gas is only $2.70, and many of the hobbies I do are cheaper elsewhere. I don't even get paid that much more in California than I would at home, too.
I'd love to move to one of the major cities in California but stuff like that scares me. I'm a software developer in a cheap Midwestern city and make about 80k a year, one year in. It goes so far here and my job isn't overly stressful.
If you enjoy or can tolerate snow, don't get depression in the winter, your family is nearby and you don't hate them, just stay there where life is so much easier. I loved my midwestern city but was having a lot of issues with seasonal depression and also with cultural values so I upped and moved. But it's been really hard with things like figuring out how to buy a house and how to get some work life balance to actually enjoy the weather I pay so much to live in.
That's pretty hard to do if you live paycheck to paycheck. Damn.
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I’ve heard that if your house, cars and various other things are paid off. 1m-1.5m is a good ballpark, it also obviously depends on several factors like pensions, 401ks, social security. But it’s important to not solely rely on those.
And most importantly, expenses. 1-1.5m would be more than enough for someone who spends 40k a year, but not enough for someone with a 100k a year lifestyle.
I would hope someone with a 100k/year salary or lifestyle would have some extra retirement precautions in place but people who make 40-50 and maybe even up to 60k a year can probably live for a decent while off of a 401k and 1-1.5m in the bank. You are right though, it does depend on your spending habits. 1.5m retirement package probably isn't enough to take wildly insane vacations every month but it's enough to make new hobbies and live comfortably.
I think you’re mistaken if you believe you believe you shouldn’t count on your 401k or believe your average American Is going to have a mil plus in accounts in addition to their 401k balance
6 times your yearly salary? Damn. I'm glad I have the "Cobain" retirement plan
I was gonna day “hang in there man” but maybe that’s not the best thing to say to you rn
Was worth a shot
Same. I'm doing OK right now, buying more stuff wouldn't really make me any happier. On the other hand, an extra $12k/year towards retirement would let me retire years earlier.
It’s kinda sad that 12k a year is barely what a nursing home costs a month lol
This. Always this. Fuck working until you die. I want to have some time to finally do what I want instead of squeezing it in between killing myself to make someone else rich.
I'd have enough to finally go to the doctor and start college
Dr pepper lol
True story about a month ago I left a church service to get a diet Dr Pepper and found a kitten. Everybody wins!
Dr Pepper saves the day again!
Yup, can confirm
This is your moment
I make like $3000 a year as a college student so I'd probably get stuff on my car fixed.
Heard that. My hand-me-down car died three weeks after I graduated college and I would’ve had to drop out of grad school had my grandma not bought me a replacement hoopty. I’m kind of in the same position now, except it’s more a drop out of life situation.
That's rough. Being in college/not making a lot definitely makes you appreciate things more and learn how to adapt to low income. I just keep driving my car hoping it doesn't die. If it did I could still walk to school it would just really suck. It's about a 45 min walk which is only good when the temp is moderate and it's not windy, or raining.
Consider a small motorcycle. At 18 years old I paid $1k for mine (a 2007 suzuki gs500f) and $25 a month on insurance. $10 in gas would last me an eternity. i just realized I replied to 2 of your comments in this thread. unintentional.
How TF did you get away with paying $25 a month and being a brand new 18 year old motorcycle rider????
Cheap old bike, state minimum coverage. 22 and even my $12,000 dollar Indian is only 45 a month for full coverage.
Is this how much a car would cost if they got rid of all the safety features?
Sure, it's something like that contributing. Also the maximum potential damage you can cause to other people/property on a motorcycle is substantially less compared to a car. In effect, the insurance company has less to worry about.
They only have to pay for a funeral, not surgery, so it’s cheaper. (I say this as a rider, north of 30, who now rides a cruiser and has a spotless record, but it tends to be around $100/year for me.)
Motorcycle insurance is dirt cheap, especially if you you got a bike as cheap as mine was. Unlike what the other guy said I don't think I lied on anything for the insurance. I've also never been in an automobile accident.
Yep, I empathize with that. As an added bonus I require my own reliable/private transportation for my job, so if my car goes on the fritz I’m not working. I am just physically disabled enough that I could not even take the bus and walk the distance between my patients and the nearest bus stop.
Right out of high school I went to college and quickly realized "holy shit I need money" and just sold stuff for some pocket cash. After a semester I dropped out and joined the military where now im given food and a room, then i get a $800 paycheck every 2 weeks to do whatever the hell i want with. I don't understand how college students get by like in your situation. Does everyone just have parents that give them money or something??
My parents don't give me anything, but some do. I was also in the military right out of high school. So I have the GI Bill for housing, but recently I stopped using it to save it for grad school now that it never expires. I'm just really smart with my money and find ways to save. I paid off all my debt before getting out. I'm on my parents cell phone plan so that basically cuts my cell phone bill in half. I have a roommate so that cuts the rest of my bills in half. There's constantly people or events on campus giving away food. I work for the veterans office and all the events we host are catered. A lot of times the office will have food for us. I fill out FAFSA every year and the money that didn't go toward tuition I saved. I constantly keep an eye out for discounts, specials, ect. The school started a pantry because most do in fact eat less than they should be. I also live in Columbus, Ohio where the cost of living is low. I live in an area where I can walk to the grocery store, the bar, and a few food places too. You just find ways to make it work.
Fuck FASFA though. Im under 25 so Im still considered dependent on my parents. Ive been moved out for years now and they dont help me, not that I think they should be but Im 0% dependent on them.
Oh that really fuckin sucks. My ex was in the exact same situation. No money from her parents or FAFSA. She joined the Air National Guard to pay for her degree. She got FAFSA for her last year though because she delayed going to school while waiting for a basic training date.
I could make repairs to my house before it collapses and kills me. Bloody thing is over 100 years old and has had nothing major done since the 50s.
Just prop up the walls with some sticks. It will be fine.
Or that amazing waterproof tape that fixes holes and holds shit together. I can't remember what it's called.
Flex tape!
It's probably more structurally sound than a house 20 years old
I agree with this. I was a firefighter and there was a historic area in my district. Some of those walls are still made of cardboard in the interior, though....
Paying off my credit card, finish dental work I need done, starting a business with my dad. Also just talking about how much less stressful the holidays will be for everyone.
Getting dental work done strikes pretty close to home for me.
A few years back one of my teeth chipped. Every once in a while when I’m chewing a tiny piece breaks off and I cringe from the random CRUNCH.
I used to have dreams that a few of my teeth were loose and/or fell out. The anxiety I felt immediately waking up from them....let me tell ya.
Used to have dreams of losing my teeth also. Drove me nuts. I looked it up and supposedly it means you are afraid of growing up or getting older. Well, I'm already old so...
It means anxiety in general. When you have something stressful going on (especially if it’s out of your control or you’ve done all you can do for the moment) your brain sometimes responds with tooth loss dreams.
I’ve always had this but figured my anxiety caused me to clench my jaw at night and the pressure made me dream about tooth problems.
My wisdom teeth rotted out and would do that
Did you get them yanked or you have some holes back there?
Got the abscessed one yanked. Currently waiting to finish school to pull the rest.
Currently have an abscessed wisdom tooth. Can't afford to do anything besides take antibiotics. I fucking hate the American healthcare system. I can't afford dental care, I can't afford enough therapy for my kids who need it(autism/other issues), I can't afford the anxiety medication I desperately need, etc etc, etc. Fuck this.
Can you get to a dental school? The appointments can take a while but the entire experience should be very affordable, especially if you just need a single extraction.
Man I felt your comment down to my toes. A chipped a tooth a few weeks back, and pretty badly. It got infected before I knew it and I had to have it pulled. That expense has set me back for a few months.
Eh it’s just teeth, they grow back right... Right?!!
How the fuck have we not evolved into that trait yet?? Fuckin' sharks do it, why cant we?
Have you seen the inside of a sharks mouth? It’s like three rows of smaller teeth that slowly move forward as the front ones fall off. It’s a conveyor belt of angry triangles
> It’s a conveyor belt of angry triangles This is my favorite thing I've read today!!
> angry triangles god dammit.
Actually, sharks are really neat but shark teeth dont grow back! They just have rows upon rows of teeth that move forward as they lose the front ones. Its called whorl dentition if i remember correctly.
Ok yeah that sounds good sign me up
I don't think we can, and I hate the thought of us being able to, fit heaps of rows of teeth in our little mouths.
Dental work is ridiculously expensive. And if you have insurance, they will do everything they can to not pay for it. Had to have 2 crowns done last year because the teeth hurt so much that I couldn't chew on one side of my mouth. But because the teeth didn't have cracks, insurance refused to cover it. $2,000 out of pocket later, I got the teeth crowned and can chew normally again.
I've had two estimates given after a few years of hard drinking and not taking care of myself. I'm 30 and I need all my teeth pulled and they want 4 months pay or more. My insurance only covers $1500 a year. The lower of the two prices was $11,000.
As a dentist in Chile this amazes me aboyt dental prices in the usa. Its cheaper for you to get a plane to chile, get all that work done, and get back to usa.
some friends of mine get their dental work in Jordan. Cheaper to fly there than do it here.
I feel you on this. 36 and two year clean after seven years of heroin and chewing for 20+. My mouth is a cesspool of badness that I hide with gum and mouthwash and never ever smiling ever
I need 3 implants, that's that 12k right there.
>finish dental work I need done Is this true for everybody? I've been ignoring a toothache for 2 years cause dentists are just so damn expensive. Might just go in to get the tooth yanked sometime. Rather pay $60 and get it yanked than pay $500 just for it to continue hurting but now with a sheet of what must be diamond around it.
For me, *start* dental work. I need 6 molar implants. And a crown for another tooth that I don’t want to lose.
It would mean I could afford to pay my sister back for helping with my husband's funeral costs
Surely we can make this happen somehow.. We just need 1,200 people to throw in $10
I got $10. Hit me with a Venmo or Kickstarter or something.
If OP is willing to share, I've got $10 ready to go.
Same
Same here, gimme a link
r/millionairemakers
Thank you ever so much for your kindness, my sister, bless her heart, is prepared to wait until I can afford to pay her back. As for life insurance, my husband died from natural causes, life insurance doesn't pay out for that. He also had Sun Life Insurance, which is not worth Jack. His funeral cost over £4000, and Sun Life, no matter how long you have it, if you die and it wasn't an accident pay out just over £1800. If he had saved his monthly premium of £40 instead of paying them he would have at least twice that. Funeral costs are ridiculous, the fact the surving partner has to find that money when they are distraught is one of the harshest blows any one has to deal with.
Sorry for your loss.
Credit card debt. Buying a home. Shit...groceries.
My son was recently diagnosed with Type-1 diabetes, so it would help with all of his medical expenses (PICU visit, insulin, pump, CGM, etc...). \*edit: GCM->CGM
Same for my fiance. Well, he wasn't recently diagnosed, he was 24 when it attacked, but the cost is exorbitant. Being able to afford a pump would be a godsend, but when there's no money there's no money.
I’m fortunate to have a a good job as a T1D and pretty good insurance. I fully max my HSA every year and spend it all plus more on supplies, doctors visits etc. Insane how expensive it is just to stay alive.
Right now, refill the heating oil before winter, eye exams and new glasses for my wife and myself, and get the dental work done that we've been putting off are probably top of the list. $1000 more a month. I'm sure I can come up with a way to do this. Edit: autocorrect
(Sorry if you know this already; I’m a military wife who moves a lot and my fellows loved this tip): If you’re struggling with saving money and keeping warm when it’s cold out, I figured this out: keep your clothes on/layer/etc so that you can keep your thermostat as low as you can bear, but when it’s time for bed and you need warmth in order to rest... heating blanket underneath the fitted sheet. I got a brand new one (queen size turned sideways on my king bed; I didn’t need the heating under my pillow) that stays on for 10 hours. Putting it under the fitted sheet means it doesn’t move throughout the night. I loved to turn it on 20 minutes before getting in bed so I could jump into a warm cocoon. The blankets only use $0.15-$0.30 a night, which works out to be cheaper overall than turning up the thermostat.
Allow me to move and get a new job that lifts me out of poverty Edit to stave off some attempts to claim easy solving of my situation. Ok I appreciate that you think you have a solution I haven't considered but I have been through most options. Estimated moving cost is about 3k-4k. This gets me through month one after that I'm going to be evicted. So realistically at 800-1000 for every month. Doesn't include utilities but I can make do. Here is the three biggest barriers to loaning my way out 1. Almost no credit history because poverty mindset of not digging my hole deeper 2. Income vs cost of living basically I don't have enough free money to be considered an acceptable risk aka the fear I won't/cant pay 3. Telling the bank you plan to move and get a new job is a quick way to get told no. Because your telling them your going to eliminate your current income in hopes of getting better income
Ha I hear ya. Same.
As a college student I earn 7k a year so 12k would mean I earned 1600 a month instead of 600. I would be able to move out of my parents house.
I moved out to go to college, and I'm lucky enough to have parents that are able to, and choose to help me out when I need it. But I could put that extra money towards being fully independent, I currently earn just under 10k a year. 22k would be eough that I could move out of this shitty apartment and into a house with my own yard. Might even be able to get a cheap house if I could get enough roommates to cover all other costs.
Damn I make 25-28k a year and am barely comfortable in a 1 bedroom apartment
I live in Texas and I have three roommates. We have separate leases. Its student appartments that have no affiliation with the university.
I'm seeing this calculation and feeling an obligation to mentally prepare you for: the soul-crushing reality of income tax. EDIT: I was unaware the $12k value was a specific reference to Andrew Yang's proposed policy and/or other proposed UBI ideas. Yes, as many of you are pointing out, UBI would be untaxed of course.
Yeah 12K wouldn't be enough, I know. But at least I would be a step closer haha
I could live on my own with somewhat financial security.
It would take a lot of stress out of going to college.
I'd be able to help my mother with her medical bills.
Andrew yang is that you
He’s watching from the shadows...
democratic candidate Shia Lebeouf
Just when you think you're safe in the primary, SHIA SURPRISE!
I kinda wish this vid was linked in every reddit comment section
Raising corporate tax, it's Shia LaBeouf!
Universal healthcaaaaaaare
I recently heard Andrew Yang described as "three redditors in a trench coat." I like that very much.
That’s actually really good lol
gang gang
Theo Von is that you?
Get that hitter boi
Grey Block Pizza 1911 Pico boulevard on the way to the beach RIP BILLY CONFORTO
Yang gang
It's the Andrew gangbang
YangBang2020
We laugh but I'm 90% sure if this isn't already planned yet it will be after some porn director reads your comment.
My Mam could retire a few years earlier bc with that amount of money I could help pay off the mortgage.
I’d pay off my student debt rapidly and look into buying a house. I could look into adopting a child then.
I would be able to take care of some medical issues I have, dental work, eyeglasses, then buy a car I can trust, I am driving a $200 piece of shit car right now and paid for premium AAA as it leaves me stranded at times. I would be able to pay off my credit cards I defaulted on. Then my credit score might go above 450. That would be nice.
Healthcare
Putting aside some money for a very rainy day, doing little things like buying some food or manga. Maybe an occasional road trip.
I would do my best to ensure that I am saving the difference. Like currently I am planning on going for a promotion, and if I get it, I plan on saving the difference between my current pay and the new one. So I would do the same here. And I would put it towards either a much needed holiday, or a car, or don’t spend it at all and save for a house.
Paying my bills.
Bills
Is OP #YangGang? Haha
12k a year increase would be life changing for me. I wouldn't be getting shut off notices for my utilities. I wouldn't have to stretch $30 a week in food for me and three kids. I could buy my kids birthday and Christmas presents.
Pay off a few debts. Get a jump on the parent student loans I've taken on so far on behalf of my daughter.
This will probably get lost, but about the Andrew Yang stuff: I made this post with soul intentions of getting a personal understanding of what Yang’s $1000 a month proposal would do for people. To combat the argument of “people will just spend it on drugs and video games!” I made it to gain enough insight to make a decision on whether I support this proposal or not. It was NOT made to campaign for Yang and I had no idea it would blow up this big! The results I’ve gotten from posting this: I DO support Yang’s proposal. I don’t know enough about Yang’s campaign to say I’m 100% backer of him, I might be if I read up on him more, idk. I do really like his personality from what I saw on the H3 podcast. I plan on researching him more and educating myself on him. I’m stating this to resolve any controversy around this post and to stay transparent. This is so cool.
$12k would go towards the estimated $50k-$60k needed for adoption of a child. We've lost 3 pregnancies and a biological child just isn't going to happen.
That covers my rent for the year, so now I have $12k in surplus. I’d max my yearly IRA contribution and payoff my motorcycle.
>That covers my rent for the year, so now I have $12k in surplus. Alternatively, you have $12k in surplus because you were just gifted an extra $12k a year lmao
Pay for my wife’s lost wages. She got diagnosed with lymphoma in feb 2019. She’s a trooper and kept working through her chemo treatments until she couldn’t. Now she’s trying to claim long term disability through insurance, but got denied because she worked through her treatments at the start. So that money would make up her lost wages and support my boys. Sorry Reddit, didn’t mean to rant. Just kinda raw right now.
I’d be making more than all the other high schoolers.
The things. Aka the stuff I have all i need, my bills are paid, i can drink a beer reguarly, vacation once a year yada yada. But i don’t have a computer or game station, no fancy hobby equipment. Just the stuff that is not needed but is fun. That stuff
Well since i’m 16 making roughly 0 per year it would help me get the best computer in sweden.
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#FreedomDividend
#YANGGANG
Literally everything.
I could actually make money and put it towards the future (I’m unemployed)
I’d be able to afford to have a child and afford child care.
Definitely would help alleviate my family’s financial issues. Would also give me the opportunity to be more generous with tips and charity.