(Closed) Should we start posting NWR budgets?

posted 7 years ago in Money
Post # 17
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6112 posts
Bee Keeper
  • Wedding: August 2012

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@soontobemrsm11:  I am no expert either, but I’m always wanting to learn new things!  I do not work in finance.  I’m on an early retirement forum, but sometimes that is a bit over my head.  I need to take it down a level!

I have been keeping track of my expenses in a spreadshet for almost 10 years now.  I like to fiddle with numbers in a spreadsheet.

Post # 18
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3051 posts
Sugar bee
  • Wedding: February 2015

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@sienna76:  I’m so conflicted because I love finance but not necessarily BANKING finance. I love budgeting. But I don’t think I can find a job budgeting without a finance degree. & even though I may go back to grad school for an MBA one day, it’s not gonna happen anytime soon lol But idk if I can imagine not working with money/finances of some sort. I hate life altering decisions! haha! I definitely know nothing about retirement. I’m 24 and just recently started thinking about a 401k and decided I’ll start contributing next year when I decide if I’m going to stay with my job…I seriously don’t know how any of that works. I guess that should be on my list of “learn this soon”. I was just curious because I can relate to you’re statement about talking finances all day. I wondered if maybe your love paired with your career and if that was working out for you =)

Post # 19
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6112 posts
Bee Keeper
  • Wedding: August 2012

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@soontobemrsm11:  If I were youd I’d open a Roth IRA right now and start putting money into it.  The max is $5,500 for this year, so that’s only $458.33/month and there are catch up contributions allowed if they do not let you deposit over $458.33 per month (mine does not).  Try Vanguard or Fidelity for opening an account.  The sooner the better honestly!  Then if you do have $ left over to put aside, I’d look into the 401k and see if your company matches as well.  Even if you think you’re going to leave in a year, it’s free matching.

I do work at a computer so I have my finances spreadsheet open all the time here at work, but my job has nothing to do with it LOL.

Post # 20
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3051 posts
Sugar bee
  • Wedding: February 2015

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@sienna76:  I think I have to be there 3 years before it’s vested. If not 3 then definitely 2…that’s why I’m unsure about contributing. If I DO end up staying, I don’t want to regret not contributing, but if I don’t end up staying, I don’t want a mess to deal with when I leave since I don’t know much about retirement accounts. Don’t Roth IRA’s have a max contribution based on your income? I make very little because I’m still part time $5500 is more than 1/3 of my annual pay right now. My SO is the one who makes the most money but she is NOT finance minded and it was hell even getting her to get some of her money out of her checking & into a savings. It literally took 6 months. Are Roth IRA’s invested in stocks and stuff?

My company works with Fidelity. I just don’t know if I should trust them to invest whatever they think is good or I should be trying to pick my own? I don’t want to accept the default but I don’t know much better right now =(

Post # 21
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2324 posts
Buzzing bee

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@LadyBlackheart:  whhaaat? Ther’s a money matters board on the nest??

Post # 22
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933 posts
Busy bee
  • Wedding: August 2013

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@soontobemrsm11:  The 2 or 3 years until it’s vested is just the company match. Your contributions are always yours.  If you leave the company the money will stay in the fund until you’re ready to take it with you (to another fund).

You can sign up with a contribution dollar amount or percentage. It can be small. Once you’re enrolled you will have funds to choose from. Some of them might have easy to understand names like, “Retirement 2045”  If not just choose a large or medium cap index fund to start.  You can learn this by doing it.

Post # 23
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3459 posts
Sugar bee
  • Wedding: May 2012

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@sienna76:  What is the early retirement forum you use?  I forgot to buy a lottery ticket yesterday so I’ll need to plan instead.  (j/k)

And for my non-wedding finance post, can anyone tell me what the difference is between a roth 457 and say a roth 401k?  My work just told me they will soon offer a Roth 457 and I’ve never heard of it before, though I do know about 401ks, IRAs and 403b.

Post # 24
Member
23 posts
Newbee
  • Wedding: October 2012

Hi Bees,

I’ve been getting more in control of our finances in the last few months. Working on paying down debt and saving for retirement. I have been searching for forums or books that might be helpful in learning more about personal finance. If any bees have suggested reads/sites I would love to share information.  Thanks!

Post # 25
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6112 posts
Bee Keeper
  • Wedding: August 2012

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@kay01:  I have heard of those, but they are not offered where I work.  I don’t know much about them or their pros and cons.  We have a Roth 403b offering here though! 

 

This link explained the Roth 401k the best to me for the Roth 401k though

http://en.wikipedia.org/wiki/Roth_401%28k%29

 

And a chart for comparing trad 401k, Roth and Roth 401k

http://en.wikipedia.org/wiki/Comparison_of_401%28k%29_and_IRA_accounts

 

The forum I use is early-retirement.org.  They might be able to help!

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