Secrets of 401k Millionaires and my new 22% Strategy

[kgtest]

I took a second look at my current budget. Yeah, unless we are super frugal I have roughly another 2grand I could save, so that puts a dent in my 15k "pay myself the difference" bucket I need to get to in order to achieve the above 22%.

SO coming up with the other 13k without starting to go negative is the problem that this guy needs to find a solution to. Hmmmmm. Getting the wife to quit smoking or sacrificing/selling the truck is one way, but I just don't see that as "realistic" because of our age and need for one reliable vehicle in our professions. I tried to get the DH to quit smoking when I finally quit a while back and she just about took me out of the equation.

I think I may turn to a small import/export business and I could also fall back on a niche carpentry trade I learned while not going to college to pickup the additional 12k/year easily but I would need to do some marketing, sales and execution and that does come with a price of about an extra 20hrs/week of work but it certainly has the staying power of $15k/year.

I might rather take a hit to my housing then have to work harder to keep our retirement on track... hmm something to think abouit.

 

[lrak]

Please do expand on the Savers credit. I understand the EIC.

It is a tax credit worth up to $2k for a low income couple saving in retirement plans. If you are guys are using Roth IRAs, it sounds like you will certainly make too much for the savers credit. Assuming you are married filing jointly your combined income needs to be less than 59,000 in 2013 to get any credit at all. If you were really making $21,875, it would be a huge boost to income but you wouldn't have enough to put a roof over your heads.

Plan Now to Get Full Benefit of Saver