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How Closely Do You Monitor Your 401k / Retirement

With 23 years to go you never know, it may go up.

I know my income will continue to go up (from where it is now) but it will take another 8 years or so to get back to what it was in 2018. But that is a one of the benefits of my current employment, my income will continue to go up annually. Plus a pension & 457b (that I will continue to contribute to & increase by 50% of my annual increase).
 
I treated virtually every paycheck as my last for decades. As such, I made a priority of being debt free (everything), first and then investing into retirement. I am not sure if I reversed this order if I would be in a different/better/worse situation.

That being said, I look at my retirement plans about 1X/month when I get a hard copies mailed to me. I am not close to 59-1/2 or greater and think I can absorb the oscillations in the market for the next decade.
 
You are referencing my post and my wife, and yes she put $100 a month away for 2 years, paid rent, ate, bought gas, paid her auto insurance and health insurance, bought clothing, paid utilities, all on a GROSS income of $12,000 the first year, and $16,000 the second year. You actually prompted me to pull out her Social Security earning statements to get those numbers.
I'm sorry you didn't get the helpful advise you sought from credit card help, but keep working to educate yourself on your financial options. Keep asking, keep reading, keep Googling. Without seeing your financial numbers, of course, there is no way to speak to your situation. But I have seen enough of those financial shows to know that a careful eye can find or re-purpose money in a way that adds up to serious money. You just have to really want to do it.

The purchasing power of 16000 in 1979 is now about 56k.

It’s irritating the way people talk to truly low income individuals like they can simply will themselves into wealth.
 
It’s irritating the way people talk to truly low income individuals like they can simply will themselves into wealth.
No, it's work. If they don't try, they will never know. Not sure wealth is the right word, savings, yes. Not sure how on earth encouraging people to set goals and work to achieve can be irritating.
 


No, it's work. If they don't try, they will never know. Not sure wealth is the right word, savings, yes. Not sure how on earth encouraging people to set goals and work to achieve can be irritating.

It’s not about a lack of effort and thinking that it is very telling.

Having someone who wasn’t *actually* low income say to someone who is actually poor “oh I did this, so you can too” and suggest they just need to try hard to make it work is just outrageously out of touch.
 
No, it's work. If they don't try, they will never know. Not sure wealth is the right word, savings, yes. Not sure how on earth encouraging people to set goals and work to achieve can be irritating.
It can be very irritating when a stranger acts like they know better than the person living it. Telling a person who is barley making ends meet that they can find a way to save because they can/do is irritating.
 
It’s not about a lack of effort and thinking that it is very telling.

Having someone who wasn’t *actually* low income say to someone who is actually poor “oh I did this, so you can too” and suggest they just need to try hard to make it work is just outrageously out of touch.
I respectfully, and completely disagree. I literally just got off Facebook where there is a video of Shaq playing basketball with some low income kids. He encourages them to set goals, respect their family and friends, and never give up. Of course he encourages basketball as a route to success. These are kids from the same background as he came from. He says you never know how much you can achieve and points out he has made $700 million working hard towards his goals.
 


I respectfully, and completely disagree. I literally just got off Facebook where there is a video of Shaq playing basketball with some low income kids. He encourages them to set goals, respect their family and friends, and never give up. Of course he encourages basketball as a route to success. These are kids from the same background as he came from. He says you never know how much you can achieve and points out he has made $700 million working hard towards his goals.

1 in 100,000 kids playing basketball in high school make it to the NBA....maybe less. And, of those, only a handful are in the Shaq category. That's not a meaningful way to be successful for the vast majority of human beings. I've always been a saver....it's in my DNA...but I was blessed with a career that paid me an excellent salary. If you are working in the service industry at a $20 an hour job (far above minimum wage, BTW), it's going to be pretty darn hard to save much of anything. That's 41,000 per year, BEFORE taxes. After paying rent, utilities, car payment, insurance, medical care...you are going to be darn lucky to have $10 a week to put away. Now, of course you SHOULD put that away and you SHOULD save, but it's just not very much $$$. If you make double that, yes, for sure you can save (theoretically, about 1/2 of your take home). But, it's shows a serious lack of understanding to say that the working poor can save more than they do (and note that the $20 an hour guy isn't even the working poor...the minimum wage guy can't even afford rent).
 
1 in 100,000 kids playing basketball in high school make it to the NBA....maybe less. And, of those, only a handful are in the Shaq category. That's not a meaningful way to be successful for the vast majority of human beings. I've always been a saver....it's in my DNA...but I was blessed with a career that paid me an excellent salary. If you are working in the service industry at a $20 an hour job (far above minimum wage, BTW), it's going to be pretty darn hard to save much of anything. That's 41,000 per year, BEFORE taxes. After paying rent, utilities, car payment, insurance, medical care...you are going to be darn lucky to have $10 a week to put away. Now, of course you SHOULD put that away and you SHOULD save, but it's just not very much $$$. If you make double that, yes, for sure you can save (theoretically, about 1/2 of your take home). But, it's shows a serious lack of understanding to say that the working poor can save more than they do (and note that the $20 an hour guy isn't even the working poor...the minimum wage guy can't even afford rent).

And poor kids don't have the same opportunities as rich kids. I know this as adult seeing how better the opportunities are for kids by me now than when I grew up. Income inequality is a problem. And it keeps getting worse.

Wages for low earners haven't significantly gone up in decades. And their opportunities to grow their money is also terrible. The expectation is that they spend every dollar they make. That's why the Fed keeps rates low. It encourages spending and taking on debt. Rich folk don't need to spend every dollar they make, and they can grow that money at a far faster rate. And this makes inequality even worse.
 
I respectfully, and completely disagree. I literally just got off Facebook where there is a video of Shaq playing basketball with some low income kids. He encourages them to set goals, respect their family and friends, and never give up. Of course he encourages basketball as a route to success. These are kids from the same background as he came from. He says you never know how much you can achieve and points out he has made $700 million working hard towards his goals.

Again, there’s nothing wrong with encouraging to save. Everyone should try to save what they can. That isn’t the issue.
 
industry at a $20 an hour job (far above minimum wage, BTW), it's going to be pretty darn hard to save much of anything. That's 41,000 per year, BEFORE taxes. After paying rent, utilities, car payment, insurance, medical care...you are going to be darn lucky to have $10 a week to put away. Now, of course you SHOULD put that away and you SHOULD save, but it's just not very much $$$. If you make double that, yes, for sure you can save (theoretically, about 1/2 of your take home). But, it's shows a serious lack of understanding to say that the working poor can save more than they do (and note that the $20 an hour guy isn't even the working poor...the minimum wage guy can't even afford rent).
Never made much more than this and managed to save.
 
Never made much more than this and managed to save.
Yes, but you were also a dual-income household. So assuming you & your wife both made this, you were in a MUCH better situation than someone like me who is single and supporting a family making less than that. There were many years where I spent every penny of my paycheck on basics and had to make the decision on whether to buy my kids a new pair of shoes they needed and short pay the electric bill or pay the electric bill and hope the old shoes could last another month.
 
Yes, but you were also a dual-income household. So assuming you & your wife both made this, you were in a MUCH better situation than someone like me who is single and supporting a family making less than that. There were many years where I spent every penny of my paycheck on basics and had to make the decision on whether to buy my kids a new pair of shoes they needed and short pay the electric bill or pay the electric bill and hope the old shoes could last another month.
Like I said, I know that situation since my dad died when I was 9 and my mom had to support us on her paycheck. Maybe that is why I feel the way I do, it was how I grew up. I never wanted for anything I needed. But sometimes eating dinner out meant McDonalds not a steakhouse. My wife is of the same mindset. Her parents divorced when she was 9, and while the court awarded custody to her dad, she elected to live with her mother who refused alimony. Her most vivid memory of Christmas as a kid wasn't how few gifts there were under the tree, but having to carefully unwrap them so the wrapping paper could be reused.
 
Maybe that is why I feel the way I do, it was how I grew up.
This is true in many aspects of our lives. Our background very much affects our outlook on things. Because I spent many years of my early adult years not only lower income but at or below the poverty line I am still very thrifty in my spending. But being thrifty in your spending and choosing to save money vs spend is much different than being thrifty & still not having money to save.
 
I respectfully, and completely disagree. I literally just got off Facebook where there is a video of Shaq playing basketball with some low income kids. He encourages them to set goals, respect their family and friends, and never give up. Of course he encourages basketball as a route to success. These are kids from the same background as he came from. He says you never know how much you can achieve and points out he has made $700 million working hard towards his goals.
I’ve met Shaqs parents several times, In fact I’ve been to there home near Orlando, yes he purchased the home.. Shaq may have come from early humble beginnings but he certainly didn’t grow up poor. I will say this, his mother was one of the kindest people I ever met.
 
It can be very irritating when a stranger acts like they know better than the person living it. Telling a person who is barley making ends meet that they can find a way to save because they can/do is irritating.

Christa, I know it can be irritating but when you the OP of this thread throws out this type of question....... it IS mostly all strangers answering with their views. There are many many different people with many many different $$ situations here on the DIS that will throw their 2 cents replies on a thread like this. It is what it is......and here's a hug to you. :hug:
 
Christa, I know it can be irritating but when you the OP of this thread throws out this type of question....... it IS mostly all strangers answering with their views. There are many many different people with many many different $$ situations here on the DIS that will throw their 2 cents replies on a thread like this. It is what it is......and here's a hug to you. :hug:
It is not the opinions based on their own personal experiences & situation, that can be irritating. It is when one basically ignores what a poster is saying and says "I did it so you can to."

Thankfully for me right now, I am able to put a little toward a 457b account. But on the other side, I have had to cut over $200 in monthly expenses recently because I lost a small second income last year. I am lucky that there were extras that could be cut and am making ends meet.
 
Guess we will have to. Though I do have to say it is pretty difficult to save money that you honestly don't have.

That's what my friends say.

The reality is a family needs to be in the asset accumulation mindset. What this really means is that we need more multi-generational homes. These are rarely built. Instead, you get a single kitchen and more square feet than you know what to do with. And since our peers overspend, the price for goods go up, not because their salary has gone up, but because they took on additional debt.

When was the last time you heard a poor family say: instead of going to Disney, we're going to have a staycation and invest.
 

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