Comments for My Money Design http://www.mymoneydesign.com Designing Financial Freedom Fri, 16 Feb 2018 02:21:45 +0000 hourly 1 https://wordpress.org/?v=4.9.4 Comment on How Much Should I Contribute to My 401(k) Plan? This is the Number You Need to Hit! by MMD http://www.mymoneydesign.com/personal-finance-2/retirement/how-much-should-i-contribute-to-my-401k-plan/#comment-102794 Fri, 16 Feb 2018 02:21:45 +0000 http://www.mymoneydesign.com/?p=7984#comment-102794 Sadly, I’m not surprised how low the number of participants there are. I used to be a manager, so I saw first hand which employees did and did not contribute. It was really, really unfortunate. But moreso because they did not care.

Nice work maxing out! Glad to hear you’re taking advantage of it.

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Comment on How Much Should I Contribute to My 401(k) Plan? This is the Number You Need to Hit! by Bernz JP http://www.mymoneydesign.com/personal-finance-2/retirement/how-much-should-i-contribute-to-my-401k-plan/#comment-102781 Tue, 13 Feb 2018 17:13:02 +0000 http://www.mymoneydesign.com/?p=7984#comment-102781 You’ll be surprised to know that a lot of employees are not contributing to their 401k. I personally know of a couple. They said they simply do not care. My first two years at work, I was contributing 3% of my salary. After those two years, I started maxing out my contributions and that was one of the best financial moves I’ve ever done in my life.

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Comment on Monthly Budget Not Working? Why An Annual Budget Is Better by Mark Jr. M. http://www.mymoneydesign.com/personal-finance-2/savings-budgeting/annual-budget-vs-monthly-budget/#comment-102758 Fri, 09 Feb 2018 14:56:21 +0000 http://www.mymoneydesign.com/?p=10301#comment-102758 I had tried to budget my money so many times. My each attemps was regrettable. As you mention in your article, i had missed so many extra expenses. As a result all process is ended with minus target. I gave up at the end. Maybe your budget managing could be worked. Why not? I will try one more time, thanks.

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Comment on How to Retire on $500,000 In Your 50’s or 60’s by Mike Stadler http://www.mymoneydesign.com/personal-finance-2/retirement/how-to-retire-on-500k-in-your-50s-or-60s/#comment-102698 Sun, 04 Feb 2018 20:34:06 +0000 http://www.mymoneydesign.com/?p=9887#comment-102698 Enjoyed the article. I’m not certain where the $1 million figure came from but it seems that what a person needs for retirement is a function of lifestyle choices and other income (e.g. social security) that supplements retirement savings. And I’m not sure that the 77 year old retiree will be spending the same way as the 65 year old retiree might.
I’ll find out soon enough but I don’t think most folks need nearly the amount that the experts say they need to have a comfortable retirement.

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Comment on The 401(k) Age 55 Rule for Early Retirement Income by Adele http://www.mymoneydesign.com/personal-finance-2/retirement/401k-age-55-rule/#comment-102636 Tue, 30 Jan 2018 21:20:54 +0000 http://www.mymoneydesign.com/?p=10160#comment-102636 if you get laid off at 54 and you turn 55 the same year all is well…..that’ s my understanding.

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Comment on What is the Minimum Retirement Savings You Could Comfortably Live On? by JoeHx http://www.mymoneydesign.com/personal-finance-2/retirement/minimum-retirement-savings/#comment-102579 Thu, 25 Jan 2018 20:28:53 +0000 http://www.mymoneydesign.com/?p=6546#comment-102579 Right now, I’m assuming I’ll need 25x my household income (rather than expenses). That means I’ll need $2.5 million since my wife and I make about $100k together.

However, we live on about half my take-home income. The rest goes towards savings/investments and debt. That’s about $16k, so we would only need $400k.

We got a baby on the way, so we’ll probably end up living on more than half my income. For now, though, we’re socking away as much as we can while we wait for baby.

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Comment on What is the Real Cost of Driving per Mile? by Jared Williams http://www.mymoneydesign.com/personal-finance-2/savings-budgeting/what-is-the-real-cost-of-driving-per-mile/#comment-102545 Mon, 22 Jan 2018 20:05:34 +0000 http://www.mymoneydesign.com/?p=8828#comment-102545 This was a very thought-provoking article. To be honest, I have never thought about it that way. I change tires about once a year and a half and spend about $100 dollars of gas a month. I haven’t even taken into consideration the my car’s depreciation haha.

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Comment on How Much Should I Contribute to My 401(k) Plan? This is the Number You Need to Hit! by David http://www.mymoneydesign.com/personal-finance-2/retirement/how-much-should-i-contribute-to-my-401k-plan/#comment-102498 Fri, 19 Jan 2018 03:20:50 +0000 http://www.mymoneydesign.com/?p=7984#comment-102498 I’m personally opting out and investing in much higher yielding things. I should be able to make more than my company would match in the long run with the compound interest.

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