I am at about 10 percent now, but at times in my not so wise youth I have been at as much as 40-50 percent. Those days are definitely past for me

 

That means you're going to modify it to be way faster than you could ever possibly need it to be -- right?

Oh, and get an engine management with 2 maps. One for daily driving and one for methanol injection! Oh yeah!

 

All the people posting about 401k's and think they are good ideas, should also go open Roth IRAs. Not saying the 401k is bad, I think they are great, but a Roth IRA is a nice compliment for retirement. Look into it.

 

Maybe we need a finances and investments section of the site

 

Good idea.


My wife & I met with a financial advisor/investor a few days ago. He claims that at our ages (30 & 31) we need to put about $1,500 a month away for retirement savings. My fiance already has $40k saved.

He says we should only max out our 401k up to where our companies won't match anymore, and put the rest in IRA & mutual funds. IRA investments are not taxable but there's a limit on how much you can put in each year & he claimes the remainder of the $1,500 should go in mutual funds.

Of course he make 5% on any money we give him to invest. Not sure if we're going to invest with him or not, but he did give us a lot of tips/info.

So... after speaking with him I've decided to wait a bit on getting my X. I want to knock out my college debt first. Hopefully I'll get one the first part of '09 if all goes well.

 

hahaha much* that was a typo =]

 

exactly what i was saying putting money into a 401k seems pointless unless your getting matched by your employer. cuz when you pull out you get screwed from what i have learned you loose about 50% of what you pull out from your 401k if you pull it out for a business before you retire that so inflexible. plus you can out live your earning from it. idk im still young so im not down for that yet. id rather invest in something a lot more flexible ( like a fast evo hahah jk ) based on the fact that i have no idea where ill be in 6 8 10 years and what i will need.( but where ever i go i can get there fast with an evo hahhaha )

plus on a 401k i dont pay tax now but i pay it on a lot bigger amount latter on? no thanks. over the year do taxes go up or down .. =] yeah thats what i thought unless im getting matched i dont think it is worth it.


ill pay tax now while they are lower AND when getting taxed on a lower amount.



or just buy an evo now.. idk this suck i wish i where already waelthy.

 

ohhh hahaha nvm

 

The amount matched by an employer is up to the company. For instance at my job my employer matches up to 4% of my salary. This means for every dollar I invest, they add an extra dollar up to 4% of my salary.

This money is also fully vested. This is another thing that is dependant on your company. what it means in my case is that once the money is in the 401k then it is my money. Some companies will match a greater percentage, but if you quit or leave the company before a certain time period then you only get a certain percentage of the money they matched. However, all the money you put into it is yours!

401k was designed as an incentive to help people prepare for retirement. You do not pay taxes on the money you have invested in your 401k if you wait untill you are 65 to withdraw the money. You are correct that there is a penalty for withdrawing money before 65, but this penalty isn't really like your loosing money, it just means you have to pay some tax on the money. Which is logical since a 401k is an incentive to save for retirement, not an incentive to save for a new car. But at least you can still access the money if you run into financial trouble.

Basically the money you put into your 401k is income that you DON'T pay tax on!!! it would be retarded to not put as much as you can into your 401k, especially if your company matches a certain amount of the money you invest. You can think of the amount the company matches as being a raise. So for me, since my company matches 4%, then I am making 4% more then what I got hired at. Actually more, since that 4% the company matches and the 4% I contribute I don't pay taxes on!

And lastly you have the power to controll how your money is invested, so it's not like you would save more money by not putting any into your 401k and then investing it yourself. You can still invest it the same way you noramlly would. Anyway, 401k FTMFW!

 

is anyone else besides me enjoying reading this thread and getting an idea of what everyone is making? guess its just me...

christian, you need to learn a lot more about 401ks buddy...not to mention Roth 401k's and Roth IRAs...

 

oh i know i have to. in fact i will always be a student of financial literacy. im pretty new into all this im just saying from iv learned, my best friends parents are investors and they where telling me how a 401k isnt all that great, and you should only invest as much as you are getting matched, cuz you could easily make more on that money, and not only that physical money that you are making is the good,

but i believe that what you learn by doing so is even more valuable, goin broke is a temporary state, but bing poor is a mentality, and way of thinking imo.

, i mean if you dont want to do anything with your money and play it safe, just have it all there then go for it, but i rather play it smart then safe. if there is not risk there probably isnt very much return.

im sure you all know this but as i see it, there are three variable, liquidity, risk, and earnings, you can never have all three, you will always sacrifice one for another

but i feel and i bet many do that while 401k's are great, they aren't high yielding, but there safe?

i believe i can make a lot more money on my money other ways.and learn valuable lessons while doing so. i like to think as my money as little employees i have that work 24/7 with out ever stopping and i like keeping my little employees as busy as possible.

i could completely off hahah so idk im just learning

 

14.3%

 

"Basically the money you put into your 401k is income that you DON'T pay tax on!!! it would be retarded to not put as much as you can into your 401k, especially if your company matches a certain amount of the money you invest. You can think of the amount the company matches as being a raise. So for me, since my company matches 4%, then I am making 4% more then what I got hired at. Actually more, since that 4% the company matches and the 4% I contribute I don't pay taxes on!"






yes you do... in a 401k you pay taxes after the fact..... you ALWAYS pay tax... its when and on what amount is what matters. and can make the difference.


or thats what i thought...

 

Ding ding ding......except Roth 401(k)...works the opposite...your contribution is based on after-taxed income. Interest is not taxed either under Roth 401(k).

 

ahhh that sounds a lot better, ill be looking into a Roth 401k

no need to be sarcastic there.