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Old 06-10-2009, 12:16 PM   #21
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1) Cash -- 0
2) Retirement (401k, IRA..) -- 16.5 in 401K plus 10 in ROTHs
3) Investment (meaning incomes goes into taxable account) -- 10K
4) Kids education (429 plans...) -- none, no kiddies

Savings = approximately 40% of income

Our combined household income is pretty low for this forum, fluctuating between $63K and $90K.

Hthighway, welcome to the forum!
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Old 06-10-2009, 12:17 PM   #22
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Holy crap!
Keep in mind this was a "solo" 401K, where it's often easier to get a large "company match" (which just comes off the top of your pay as a 1099-based contractor). You can put in the usual $16,500 like an employee, but take even more out as an "employer match" if you're self-employed.

Not many people working for other employers are going to be getting an $18,000 company match.
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Old 06-10-2009, 12:19 PM   #23
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I "only" have been clippingn coupons since 1986........
Wow...you must have been just a toddler that year...
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Old 06-10-2009, 12:20 PM   #24
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Wow...you must have been just a toddler that year...
I am older than you think..........
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Old 06-10-2009, 12:23 PM   #25
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Originally Posted by Kronk
401k ($16,500 individual plus $18,000 company contribution).
Holy crap!
Yeah, that's the nice part about an individual 401k. You get to put in your normal 401k amount, then add 25% of your W-2 salary as a company match. I pay myself 6,000/month, or 72,000/yr so 18k is 25% of that. I think the federal limit is $49,000 combined and there are probably others on the board who come closer to that than I do.
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Old 06-10-2009, 12:33 PM   #26
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I am older than you think..........
Well now, that's a shame.....
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Old 06-10-2009, 01:09 PM   #27
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this year is tough for us. The HF i worked imploded. I had to take a role with deep pay cut, just to stay in the same industry. Sigh, the easy money time is gone.

Cash: 30k
401k: 30K
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Old 06-10-2009, 01:53 PM   #28
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Good question - I haven't looked at this in a while! Gross income: about $95k (a lot of my pay is based on monthly bonuses, so it varies)

Cash savings: $16,800
401k contributions: about $9,500k
401k match: about $3,800k

Total: about $30,100

So I save 31% of my gross income. I save cash because I'm still scraping together a home down payment. I've neglected my Roth IRA to focus on that until I own my home. Once we own a house with under $200k in loans I'll get down to business on those retirement accounts!

Of course once you add my new wife's student loans and lower savings into this, that percentage is going to drop off a cliff in October...
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Old 06-10-2009, 02:22 PM   #29
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1) 25% for cash
2) 18% for 401k/Roth/HSA/SEP
3) 8% for taxable brokerage
4) 0 for 529
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Old 06-10-2009, 03:16 PM   #30
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1) 12k in cash
2) 33k in 401k's
3) 63k in taxable
4) 12.6k in 529's (3 kids, 350 a month each)

Works out to about 33% savings on gross pay. Just refinanced to a 15 year mortgage 4 months ago and have kids private schooling that eats into the savings a bit.
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Old 06-10-2009, 03:24 PM   #31
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I reduced my pre-tax investments so the $ amount has gone down.

saving $16K minimum per year then up to another $6K but $4K is more likely so ~$20K total

total income pre-tax: $45K base(made $49K last year but i'm too worn out for overtime anymore)

save 44.4%

That's down from the 55.5% I was saving but there was more pre-tax included in that figure.
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Old 06-10-2009, 04:03 PM   #32
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These are my final 2008 numbers, but 2009 probably won't be real different.

Gross income: ~238,000
Cash saved: negligible
401ks: 31,000 + 20,000 in company matches
Taxable investment accts: 86,000
529s: 7,000

Total savings in 2008 ~143,000

We won't say how much our net worth went down, despite the 143k that was added..

Charlotte
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Old 06-10-2009, 06:08 PM   #33
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2008:
Corporation: $90K ($60K market, $30K cash/cash equivalents)
Personal: $7K RRSP (market)
Total: $97K, or ~48% of gross earnings

2009 plan, subject to change:
Corporation: 90K ($30K market, $30K precious metals/commodities/$30K cash)
Personal: $9K in RRSP (GICs), $5K in TFSA (GICs)
Total: $104K, or ~52% of projected gross earnings

Translation:
RRSP = registered retirement savings plan, like an IRA
TFSA = tax free savings account, like a Roth
GIC = guaranteed investment certificate, like a CD

Nobody gives me any free money.
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Old 06-10-2009, 06:48 PM   #34
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Nearly half our income goes to Federal, State, Local, and Property Taxes. The irony is that we are a government employee and a government retiree, so we are indirectly paying our own salary/pension! (The rest of it, we feel sure, goes to indirectly support some large extended family of non-taxpayers).

$22.5K to TSP (only I contribute). I do not receive any matching from employer.

DCA'ing ~ $2K/month into the market. I wonder when my balances will start looking like I'm putting money in there! Lately, I always get the feeling that the money is going into a big black hole.

All other funds, that we do not have to spend, are going toward the mortgage and home equity loan principal balances. I can't rest, I mean retire, until those are zero'd out.
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Old 06-10-2009, 07:08 PM   #35
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I look at this as an income statement; portfolio management (which bin it goes into) is separate:


_________________2008 Actual____________2009 Plan
Income___________411,271_______________442,394
Spending_________308,587________________308,696
Savings__________102,684________________133,699
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Old 06-10-2009, 07:12 PM   #36
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Quote:
Originally Posted by Culture View Post
Income - $372K
Quote:
Originally Posted by Charlotte View Post
These are my final 2008 numbers, but 2009 probably won't be real different.

Gross income: ~238,000
Quote:
Originally Posted by 45th Birthday View Post
I look at this as an income statement; portfolio management (which bin it goes into) is separate:


_________________2008 Actual____________2009 Plan
Income___________411,271_______________442,394
Spending_________308,587________________308,696
Savings__________102,684________________133,699
After reading this thread, I feel so poor!! My salary will never hit six figures.

You all have done really well.
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Old 06-10-2009, 07:23 PM   #37
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Based on combined gross income of $161K:1) Cash/TFSA: $26K2) RRSP's: $25K (incl. company matches of almost $14K)3) Taxable Acct: $10K4) RESP: $2500 (for 1 child but this amount will double since kid #2 is due in Dec. :-) )Not incl. employer matches on the RRSP's, we save almost 40% of our gross income. We're putting a lot in cash right now since I'll be going on maternity leave in Nov. for one year (and not sure yet if I'll be going back to work at the end of it).
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Old 06-10-2009, 07:34 PM   #38
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Saving? I no longer expect to make any stinkin' savin'.

With iffy part-time work (1099 and W2), if I make enough to avoid dipping into my portfolio, I feel good already. Don't want to sell low, ya know?
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Old 06-10-2009, 07:46 PM   #39
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1) Cash - 10% of FIRE net income saved, for fun travel or big ticket items. dh2b matches.

2) Retirement (401k, IRA..) - N/A, I'm FIREd.

3) Investment (meaning incomes goes into taxable account) - 20% of FIRE net income is invested through DCA into existing MFs, most of current targets are TE type.

4) Kids education (429 plans...) - N/A, my dogs already have their licenses.
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Old 06-10-2009, 07:48 PM   #40
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Ah, we now put about 35k into various flavors of retirement accounts. We also amortize about 15k of debt a year. When times were better the bulk of my bonus pay was lofted into taxable accounts, but those days are over.
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