Anonymous
06/21/2018 11:25
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:Anonymous wrote:Start maxing out that 401k, if at all possible. Does your company have a match?
4% match which fully vests after 4 years. I'm just contributing the 4% to get the match right now, though it would apear they are only giving 2% match (boss loves money and is a little shady). I've considered upping my contribution to the annual max of $18,500. Only thing holding me back is aggressively saving for a down payment and the emotional scar tissue of the 10 months unemployment (and the 2008 recession).
When I was younger, i stupidly contributed only enough to get the company match. All those years lost. Try to max it out if possible.
Anonymous
06/21/2018 10:29
Subject: Re:$115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:agree with the emphasis on retirement. read the FAQ on the reddit financial independence page. stay where you are for a max of 3 years from start to finish and move up.
He needs to stay there for four years in order to get the company match on the 401k. After that...look for a new position unless you have seen substantial raises/promotions.
Anonymous
06/21/2018 10:24
Subject: Re:$115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
agree with the emphasis on retirement. read the FAQ on the reddit financial independence page. stay where you are for a max of 3 years from start to finish and move up.
Anonymous
06/21/2018 10:19
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:Long time lurker, first time poster.
32 years old. I've been in my current job for just over a year now and make $115,000 a year; first decently paid job in my life. I've managed to save up about $58,000 over the last two years and have about $6k in my 401k. Savings are low because I moved to DC for a government job offer that was rescinded once I had settled in, signed a lease, etc. Took 10 months to find a new job. Still coming back from that punch to the gut.
I work in government contracting now, so my job security is only moderately stable. For whatever it's worth, I'm a top performer on my team and extremely well-liked by the client and contractor. 1-2 people are fired every six months and 1-2 people quit every six months (it's intense work). I also work a ton of unpaid overtime and my boss doesn't give per diem when I travel, so there's that.
I very much wish I could buy a condo/house/coop in DC (think NOMA, Eckington, Shaw), but $550k looks like the absolute minimum for anything I would be remotely interested in and I know I'm more than a year away from being able to afford that.
Any real estate, finance, job, or life advice/wisdom from others on the board? I'm thinking I should increase my 401k contribution and focus on saving money and finding a more stable/enriching job environment with a similar income.
401k max out. I have a millennial that works for me (hes 29). I hired him out of college, our company has a generous match. He was beamoning to me on Monday that he feels so behind because he doesn't own a home. I asked him does he at least contribute to our 401k? He said hes been maxing out since he started and has over 250k in retirement. I told him to absolutely chill. Hes wayyy ahead of everyone.
My advice? Absolutely hunker down on the retirement. Homeownership is not all that great.
Anonymous
06/21/2018 06:42
Subject: Re:$115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:Get out of this city as fast as you can and never look back. Your soul will be sucked from your very being if you continue in this God-forsaken town. Sorry to not give a more positive outlook but this city is the pits. Between politics, high real estate prices and a$$holes, this place and environs are the worst.
+1,000,000
If you like this area move to Richmond or Baltimore where real estate is 50% less if you aren't tied down here look at any city across the country except Seattle, SF, LA, Denver, or NY where real estate prices are insane even with the higher salaries.
Anonymous
06/21/2018 06:37
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
^^and the neighborhoods you mentioned are already built up. I don’t think you will be getting much price appreciation for a condo in those areas. Condos historically have less appreciation in the long-term and those areas have already appreciated significantly. If you’re looking to buy a condo in those areas just for a nice place to live, fine, but you probably won’t be making any $ off it at this point unless you buy in a downturn.
Anonymous
06/21/2018 06:33
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
^^the 401k match needs to be figured out though.
My long-term advice would be to get a roommate for now and build your liquid savings. If you are interested in owning property, buy something you can live in and rent out at the same time so someone can help you pay your mortgage.
Keep your expenses low, spend less $$ on things like cars and clothes.
Once you have some decent savings, look for a start-up and try to get equity
My long-term advice would be to get a roommate for now and build your liquid savings. If you are interested in owning property, buy something you can live in and rent out at the same time so someone can help you pay your mortgage.
Keep your expenses low, spend less $$ on things like cars and clothes.
Once you have some decent savings, look for a start-up and try to get equity
Anonymous
06/21/2018 06:29
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
You’re 32 and are building a nice savings. Why do you need to find a stable job? This is the time for you to take risks.
Anonymous
06/20/2018 23:59
Subject: Re:$115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Get out of this city as fast as you can and never look back. Your soul will be sucked from your very being if you continue in this God-forsaken town. Sorry to not give a more positive outlook but this city is the pits. Between politics, high real estate prices and a$$holes, this place and environs are the worst.
Anonymous
06/20/2018 22:38
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
I would prioritize saving for retirement over the down payment. Suggest you max out the 401k.
Anonymous
06/20/2018 20:18
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:
4% match which fully vests after 4 years. I'm just contributing the 4% to get the match right now, though it would apear they are only giving 2% match (boss loves money and is a little shady).
This is an ERISA violation. Your boss is not just shady, s/he is crooked. Find another job, preferably somewhere else with lower housing costs if you prioritize home ownership.
Anonymous
06/20/2018 19:50
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Anonymous wrote:Start maxing out that 401k, if at all possible. Does your company have a match?
4% match which fully vests after 4 years. I'm just contributing the 4% to get the match right now, though it would apear they are only giving 2% match (boss loves money and is a little shady). I've considered upping my contribution to the annual max of $18,500. Only thing holding me back is aggressively saving for a down payment and the emotional scar tissue of the 10 months unemployment (and the 2008 recession).
Anonymous
06/20/2018 19:27
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Start maxing out that 401k, if at all possible. Does your company have a match?
Anonymous
06/20/2018 19:20
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Everything starts with a stable job. Find one first. Until then avoid any big money commitments like buying a house... keep your savings liquid until then
Anonymous
06/20/2018 18:54
Subject: $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers
Long time lurker, first time poster.
32 years old. I've been in my current job for just over a year now and make $115,000 a year; first decently paid job in my life. I've managed to save up about $58,000 over the last two years and have about $6k in my 401k. Savings are low because I moved to DC for a government job offer that was rescinded once I had settled in, signed a lease, etc. Took 10 months to find a new job. Still coming back from that punch to the gut.
I work in government contracting now, so my job security is only moderately stable. For whatever it's worth, I'm a top performer on my team and extremely well-liked by the client and contractor. 1-2 people are fired every six months and 1-2 people quit every six months (it's intense work). I also work a ton of unpaid overtime and my boss doesn't give per diem when I travel, so there's that.
I very much wish I could buy a condo/house/coop in DC (think NOMA, Eckington, Shaw), but $550k looks like the absolute minimum for anything I would be remotely interested in and I know I'm more than a year away from being able to afford that.
Any real estate, finance, job, or life advice/wisdom from others on the board? I'm thinking I should increase my 401k contribution and focus on saving money and finding a more stable/enriching job environment with a similar income.
32 years old. I've been in my current job for just over a year now and make $115,000 a year; first decently paid job in my life. I've managed to save up about $58,000 over the last two years and have about $6k in my 401k. Savings are low because I moved to DC for a government job offer that was rescinded once I had settled in, signed a lease, etc. Took 10 months to find a new job. Still coming back from that punch to the gut.
I work in government contracting now, so my job security is only moderately stable. For whatever it's worth, I'm a top performer on my team and extremely well-liked by the client and contractor. 1-2 people are fired every six months and 1-2 people quit every six months (it's intense work). I also work a ton of unpaid overtime and my boss doesn't give per diem when I travel, so there's that.
I very much wish I could buy a condo/house/coop in DC (think NOMA, Eckington, Shaw), but $550k looks like the absolute minimum for anything I would be remotely interested in and I know I'm more than a year away from being able to afford that.
Any real estate, finance, job, or life advice/wisdom from others on the board? I'm thinking I should increase my 401k contribution and focus on saving money and finding a more stable/enriching job environment with a similar income.