Oh wise Fat wallet Sages I seek your wisdom. I have an account, but my normal account contains part of my name and since I’m giving some personal financial information I opted not to use it.
Background: I’ve worked in the past in the Phone industry, Bank, University, and Health care provider, but I feel that this latest job will be a potential career (CA govt). I know I’m a bit behind in my savings, but I took a hit during the recession and had issues with an investor that I trusted. I would greatly appreciate any tips or suggestions to maximize saving / investing for starting a new career and possibly new outlets that I haven’t contemplated.
My current plan is to go back to school (part time) while working. Because I have limited experience (in auditing) I was thinking of going to the local junior college and getting an accounting AS or certificate to fortify my knowledge base. I also would like to get a Masters for career development, but I’m not sure what MS Accounting or MBA and if it is needed (read an article about several people with post graduate degrees saying it wasn’t worth it)
Personal info: Age: 28 Children: none (don’t really want any) Status: Single Current Bachelors: Economics
Finances: Car: paid off Housing: Paid for I just pay utility bills Savings: 401k: $4,000; Liquid: $1,000 Travel: Drive about 600 miles a month, but I may drive more with the new job CC Debt: $2,000 School Debt: $10,000 (I can pay this off with an UTMA)
New employer: state Govt Salary: 40-50k
Goals: Go back to college and get a masters (in 4 years). Save for college and retirement. Look into possible rental properties (5 years) New car, hopefully something sporty
Questions: Is there an account to save up for one’s own education? I know there are 529 but I think those are mostly for dependents. Do I need insurance if I have no dependents? I think that my savings can cover my funeral expenses. Based off what I’ve listed do you have any tax saving tips? For a person in the audit industry, what Master’s program would you suggest?
Also if you have any other comments or suggestions or need to clarify anything please post.
Thanks,
TLDR: I just started a new job with state govt and I need suggestions on how to maximize my potential earning / savings (Ie: post graduate schooling, Saving 401k/Roth) so I can avoid my fear of working when I’m old.
fatboy131 said: Goals: New car, hopefully something sporty Goals: Used car, hopefully something economical.
lotusgardener
Broke Member
posted: Feb. 5, 2013 @ 1:24p
You said your new job looks like a career to you. What are you getting the MS in and how is that going to help you in a state government job, specifically in accelerating your income?
Squeezer99
Addicted Member
posted: Feb. 5, 2013 @ 2:12p
Go fed, there's no money to be made in state gov
imbatman
Nerdy Member
posted: Feb. 5, 2013 @ 2:31p
red for alt id
soundtechie
Pickle King
posted: Feb. 5, 2013 @ 2:39p
LiquidSilver said: fatboy131 said: Goals: New car, hopefully something sporty Goals: Used car, hopefully something economical.
Guy 1: I'm gonna get a muscle car! Guy 2: what kind of muscle car? Guy 1: a particularly muscular one, and I'm gonna paint flames on the side! Guy 2: what will you do with your muscle car? Guy 1: I will use it to attract women. Guy 2: What sort of women will be attracted to a muscle car? Guy 1: Wild women who do crazy things! Guy 2: Sound like a good plan.
MANY YEARS LATER....
Guy 1: I'm gonna get an economy car. Guy 2: what kind of economy car? Guy 1: a particularly economical one, and I'm gonna paint it a color that won't attract the attention of the police. Guy 2: what will you do with your economy car? Guy 1: I will use it to attract women. Guy 2: What sort of women will be attracted to an economy car? Guy 1: Sane women, who make rational decisions. Guy 2: Sound like a good plan. Guy1: God, I hope so!
chantspel
Senior Member
posted: Feb. 5, 2013 @ 2:52p
fatboy131 said: I feel that this latest job will be a potential career (CA govt). Godspeed.
ZenNUTS
Deez
posted: Feb. 5, 2013 @ 2:58p
Maybe OP can teach us, how do a 28yo got a paid off house and car in CA?
makinbutter
Nerdy Member
posted: Feb. 5, 2013 @ 3:05p
ZenNUTS said: Maybe OP can teach us, how do a 28yo got a paid off house and car in CA?
read closer. housing is "paid for."
i'm guessing--lives with parents, car from parents, probably from high school.
chantspel
Senior Member
posted: Feb. 5, 2013 @ 3:18p
imbatman said: red for alt id
Green for red
acroBios
Member
posted: Feb. 5, 2013 @ 4:02p
fatboy131 said: TLDR: I just started a new job with state govt and I need suggestions on how to maximize my potential earning / savings (Ie: post graduate schooling, Saving 401k/Roth) so I can avoid my fear of working when I’m old.
Cart leading the horse a little here? I mean seriously you are 28, you have a LONG road of work ahead of you unless you get lucky in the lottery, an IPO or marry rich.
Live frugally, save, get more education if it will translate into good pay raises in your field. Maybe 30 years from now you can start asking yourself if you have enough to retire on if you were to live another 30 years after that. And those time frames 30 years, are longer than you have been alive. Worry about the present, live frugally and the rest will fall into place to the extent it can.
Yankees
Senior Member - 3K
posted: Feb. 5, 2013 @ 4:06p
LiquidSilver said: fatboy131 said: Goals: New car, hopefully something sporty Goals: Used car, hopefully something economical.
These aren't the cars you are looking for...
fatboy131
New Member
posted: Feb. 5, 2013 @ 5:27p
acroBios said: Cart leading the horse a little here? I mean seriously you are 28, you have a LONG road of work ahead of you unless you get lucky in the lottery, an IPO or marry rich.
Live frugally, save, get more education if it will translate into good pay raises in your field. Maybe 30 years from now you can start asking yourself if you have enough to retire on if you were to live another 30 years after that. And those time frames 30 years, are longer than you have been alive. Worry about the present, live frugally and the rest will fall into place to the extent it can.
Well I like to plan things out. I had fun in college and strayed off what I thought I wanted to do and right now I'm looking to to create a guide line so I can plan out what I want to do.
ZenNUTS said: Maybe OP can teach us, how do a 28yo got a paid off house and car in CA?
I paid the car off by saving and working. (2005 Camry)
Regarding the house, I took care of an elderly relative who was terminally ill and provided in home care. After she passed I just continued living there while my parents manage the property.
Lol the car is well just something I'm looking into and it isn't really important. I know to buy used and something that doesn't guzzle gas. I really wanted an electric car, but there aren't that many options in that market. If it makes it easier just forget about the car.
I just wanted to crowd source ideas to look at my situation from a different point of view. So far over the next two years I plan to Max out my IRA and go to community college to learn more about accounting / auditing. I live relatively frugally (don’t drink or go to bars), but I do like to go out and enjoy myself.
qcumber98
Pickled
posted: Feb. 5, 2013 @ 6:07p
fatboy131 said: I feel that this latest job will be a potential career (CA govt).Or a potential furlough.
JTausTX
Senior Member
posted: Feb. 6, 2013 @ 9:40a
Max your retirement options, create a six to twelve month emergency fund (can be placed in a Roth IRA so that you don't lose that space). Once that's done, save up for your new car or whatever other goals you may have.
Regarding the house - so your parents own it? And they don't ever intend to do anything with it other than let you live there? If so, see if they would give you the title so that you can at least be responsible for your own property taxes, maintenance, and so forth.
fatboy131
New Member
posted: Feb. 6, 2013 @ 12:08p
JTausTX said: Max your retirement options, create a six to twelve month emergency fund (can be placed in a Roth IRA so that you don't lose that space). Once that's done, save up for your new car or whatever other goals you may have.
Regarding the house - so your parents own it? And they don't ever intend to do anything with it other than let you live there? If so, see if they would give you the title so that you can at least be responsible for your own property taxes, maintenance, and so forth.
THANKS! I'm still waiting out for retirement options, I just finished my pre-employment yesterday. I was planning on doing a 6 month emergency fund, but I like the idea of a 12 month one. BTW I thought any money placed in an Roth was taxed if you take it out before retirement.
House - My Mom owns it. I tried to talk to her about the title and she kind of skirted around the idea.
fw101
Silly Member
posted: Feb. 6, 2013 @ 12:18p
fatboy131 said: I thought any money placed in an Roth was taxed if you take it out before retirement. Contributions to a Roth IRA (not earnings) can be taken out at anytime for any reason, with no tax or penalty. However, do so only in case of a dire emergency. House - My Mom owns it. I tried to talk to her about the title and she kind of skirted around the idea.Drop it. Doesnt mean you shouldnt pitch in for "rent" or maintenance/upkeep of the house.
brettdoyle
Senior Member - 2K
posted: Feb. 6, 2013 @ 1:55p
I heard Los Angeles county requires porn actors to wear condoms and they were hiring inspectors to make sure the industry is complying with the regulations.
Could OP be one of the lucky ones that get to do that job?
fongo61
Member
posted: Feb. 6, 2013 @ 4:59p
uutxs said: fatboy131 said: I thought any money placed in an Roth was taxed if you take it out before retirement. Contributions to a Roth IRA (not earnings) can be taken out at anytime for any reason, with no tax or penalty. However, do so only in case of a dire emergency. House - My Mom owns it. I tried to talk to her about the title and she kind of skirted around the idea.Drop it. Doesnt mean you shouldnt pitch in for "rent" or maintenance/upkeep of the house.
ooh cool thanks.
yeah, now that I have a job that pays more I told her that I'd help out and pay for utilities and upkeep. I figure I'm lucky to have the situation I'm in.
fongo61
Member
posted: Feb. 6, 2013 @ 5:00p
brettdoyle said: I heard Los Angeles county requires porn actors to wear condoms and they were hiring inspectors to make sure the industry is complying with the regulations.
Could OP be one of the lucky ones that get to do that job?
yeah... I don't think I would like that job. I'm sure it would be interesting and I can have some good stories, but I'll pass. haha
I'll just post on my Main account right now since everyone seems to disapprove.
jaytrader
Handsome Member
posted: Feb. 6, 2013 @ 5:25p
fongo61 said: I'll just post on my Main account right now since everyone seems to disapprove.
AKA you accidentally posted on your main account above this post, and now have "decided" to just post on your main account, since everyone seems to disapprove. Nice backpedal there, bud!
JTausTX
Senior Member
posted: Feb. 6, 2013 @ 5:56p
fatboy131 said: JTausTX said: Max your retirement options, create a six to twelve month emergency fund (can be placed in a Roth IRA so that you don't lose that space). Once that's done, save up for your new car or whatever other goals you may have.
Regarding the house - so your parents own it? And they don't ever intend to do anything with it other than let you live there? If so, see if they would give you the title so that you can at least be responsible for your own property taxes, maintenance, and so forth.
THANKS! I'm still waiting out for retirement options, I just finished my pre-employment yesterday. I was planning on doing a 6 month emergency fund, but I like the idea of a 12 month one. BTW I thought any money placed in an Roth was taxed if you take it out before retirement.
House - My Mom owns it. I tried to talk to her about the title and she kind of skirted around the idea.
Well, Roth contributions are post-tax, but you don't have to pay taxes on them again. Contributions (not earnings) can be withdrawn at any time for any reason, though it's not a good idea to do so because you'll lose the tax-advantaged space. It's pretty common for people in your situation to keep say six months E-fund in a regular savings account and another 3-6 months in a Roth, either in a money market account or maybe a super-safe bond fund, so that they don't have to touch the Roth except for a really bad situation.
Depending on how stable your job is, you personally may not need more than a six month or so emergency fund. Twelve is a little high - Suze Orman recommends 8, I think, which is a pretty good number for most people I think.
Yes, as said drop the title issue but offer to pay for the maintenance (perhaps into a savings account) and taxes.
qcumber98
Pickled
posted: Feb. 6, 2013 @ 6:01p
jaytrader said: fongo61 said: I'll just post on my Main account right now since everyone seems to disapprove.
AKA you accidentally posted on your main account above this post, and now have "decided" to just post on your main account, since everyone seems to disapprove. Nice backpedal there, bud!
fatboy131 said: I have an account, but my normal account contains part of my name and since I’m giving some personal financial information I opted not to use it.
fongo61 said: I'll just post on my Main account right now since everyone seems to disapprove.
Horace Fongo61, is that you? Glad to hear you got a new job. How are your folks, Mr. and Mrs. Fongo61?
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BostonOne
Senior Member - 1K
posted: Feb. 7, 2013 @ 7:37p
Could you elaborate on the issues you had with the investor you trusted?
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