Wait for the severance or start a new job and have no income gap? I’m trying to decide what’s best in this situation. The company I work for is closing the office and sending our jobs to a larger entity. I am being offered a severance of just about $10k to stay till the end on 12/1. In the mean time I have been applying for many jobs and coming up empty handed. The one and only application that is very promisi…

Spending over half my income on rent? Hello! I (23F) am relocating for work to an expensive east coast city. I will be making $72,000 a year. I really want to live alone, and that would put me at about $2000-$2200 in rent most likely. I calculated my monthly take home earnings at $3913 after taxes and 6% 401k contribution. This would mean I’d be spending more than half of my take h…

Spending half of my monthly income on rent? I don’t have a car. I am enrolled in food benefits, which throws me an extra $300 bone each month. Currently taking the bus an hour and a half to my job that starts at 7am (I wake up around 4:00am, the bus leaves at 5:30am) Waking up three hours before work is difficult. Toured and applied for an apartment that would cost me $1025, nearly one of…

Fights over discretionary income Reddit community, tell me where I’m wrong. My wife and I have been married for 10 yrs+. Till last year I was the single earner. I have managed the finances well, I would like to think so. I paid for her masters, I did my MBA. I paid off all my loans – car and student (200k + USD). We brought a 1M home (10% downpayment). All my money. 0 credit ca…

30 year old dual income no kids, now what? We bought a house in 2020 with a 30 year old low interest loan, both have jobs that offer good pensions, and no debt excluding our mortgage. We pay $400 extra each month for our mortgage. We save about $2000 a month and contribute max to our roth IRA, and some to a 457b. Our emergency fund covers 6 months of expenses. Now what? We aren’t ever ha…

Is this a reasonable car price for a decent income? Is $25k car loan to much for a 140k income? Details: Thinking of upgrading to a new to me, used car. Current income with spouse is 140k gross. The car I want is 25k. Paying taxes/registration in cash. It is not a need but a want. Current car is valued at 14k. Is 25k for a car loan okay? 🤔 Please advise. x submitted by /u/No_Skill424

Dividend ETFs as retirement income Is it viable to live off of dividend ETFs as a retiree? Just doing some rough math but it seems like for every $250 in an etf such as SPHD you would receive $1 in dividend income per month. To me this seems like a great way to have income without touching the account balance. What are some of the advantages and disadvantages to this? submitt…

Am I investing too much or my income? I am 23, make about 60k 9-5 and 20k on the side hustles. I currently have monthly expenses of $1k , no debt, and don’t really have a rent becoming I live with my parents and do renovations and work for them as my rent. Between my Roth $550, brokerage mutual fund $800 and a HYSA $650 a month. ( the HySA is from when I had a car payment but paid …

Married filing separately + income driven student loan plan Good news, my partner and I (both 29) got married this year! Bad news, because he earns so much more than I do, my monthly student loan payment will jump like crazy if we file our taxes as married filing jointly. Because I’m on track to qualify for Public Service Loan Forgiveness in 6 years, this jump will mean that I end up paying way more on m…

At what income is it realistic to max 401k? Have a toddler, daycare, saving for house renos. I thought I did ok but it says I need to devote something crazy like 47% of my paycheck to max it. With daycare there would be almost nothing left. Is this only realistic for high earners? submitted by /u/candyapplesugar

Getting Married, Combined income too much for Roth IRA. I am getting married in November. I already do a Backdoor Roth IRA, However, my Fiance makes under the amount and has not worried about it. Our combined income will be too much, therefore she needs to do a backdoor. Is it too late? She has made about 11% gains on her contributions this year, and has contributed $4000. Can we just convert that + …

Reaching my limit…how will our lives be down to 1 income? I (44) am a HS dropout out, but through a series of luck I managed end up in a decent career as a procurement manager where Ive been doing this role for 16yrs. I make 80k, 5week vacation, WFM so its not a bad deal and Ive become very good at my job that requires very little work. Problem is I work for a bunch of not very nice people and theyve w…

Apartment Income Verification My wife and I recently moved to a new city after some time abroad. We both got jobs fairly quickly here and are currently staying in a short-term rental. Our stay in this rental is up soon and we’re talking to a leasing agent at the complex where we’re trying to get a long-term apartment. The income requirement to move in is 2.75 x the monthly …

IRS says I underestimated my income because of a Roth IRA withdrawal I received a letter from the IRS today (it’s definitely a real letter from them, not a scam) saying that I understated my income in 2021 because I withdrew money from my Roth IRA. I took $40k from my account for the down payment on my house. I’ve always been under the impression that there is no penalty for withdrawing from the principle balance…

Should my aging low-income single mom retire in Korea or US? My single mom is turning 65 soon and has the option of reinstating her South Korean citizenship once she turns 65, thus making her a dual US/Korean citizen. She is adamant about gifting all her assets away and applying to live in HUD senior living housing, but I don’t know how good of an idea that is or whether that’s even allowed? Her estimated…

What should I do to maximize income after bootcamp? I an 19, married no kids. I have about 10k in savings right now and I will be shipping to bootcamp tomorrow. I should get 24k from bootcamp pretax. This is going to not only leave me with a very large amount of money but also with most of my expenses paid by the military so I can save even more. The only big expense that i have during that time …

Is spending 30% of your income on rent actually recommended? I just received a raise, now make $90,000/yr. I’ve wanted to live in a nicer apartment for a long time. My current apartment is 500sq feet and somewhat depressing, it is also very cheap. I spend 9% of my current income on rent. I work from home so having a nice place to live and work would be awesome. But I’ve lived ‘below my means’ for so long,…

Am I making the most of our income? Hello! I’m reviewing our finances and wondering what I could do better. I am 31F and husband is 34M, we have two kids under 4 and are both hoping to retire early-ish (but not insanely early). Retirement balances: $20K (my 401k), $17K (my Roth IRA), $17K (his Roth IRA), plus his pension that should pay out about $4500/month (no plans to move from…

Question regarding Roth income limitations Hello, my salary is higher than the current income limitations for Roth IRAs, so I cannot contribute to a Roth IRA. However, my company’s 401K plan offers both traditional and roth options, and I’ve been contributing to the Roth 401K for the past few years since there is no income limitation for 401k plans. If/when I leave my current job, will I…

Gross Income and 401k Hello- I’m really trying to figure this out and running into a brick wall. You guys are always super helpful so I’m going to lean on my fellow redditors. This year has been better than most for me and my wife (filing jointly) and I’m concerned about income limits for funding both of our Roth IRAs. For context- I’ve already fully funded my Rot…