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Money and Finances
Reply to "Budgeting/savings question"
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[quote=Anonymous]This may be a very basic question, but some of us are at intro 101 levels when it comes to personal finance. A lot of books (i.e. I will teach you to be rich--Ramit Sethi; financial feminist by Toni Dunlap) provide broad guidelines for saving, investing and spending. For example, Sethi's book says to invest 10% in retirement, savings at 5-10%, fixed costs at 50-60%, etc.). But I am confused--does this refer to pre-tax or after-tax amounts? For example, if I make $100k per year, but 20% is taken out in taxes, do I put 10% of the 100K into retirement or 10% of the after tax 80K? (I know that some funds like 401ks are pre-tax). I know these are just broad guidelines and that everyone is different but curious how other folks approach these numbers.[/quote]
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