• 0 Posts
  • 5 Comments
Joined 2 years ago
Cake day: July 1st, 2023
  • fishpen0@lemmy.worldtoAsk Lemmy@lemmy.world•what advice was great when you first heard it, but has aged like milk since then?
    5·
    1 month ago

    It’s actually harrowing how little I have in retirement savings compared to them. I spent the first 6 years of my career paying off loans and only contributing up to my employers match. I was illiquid for multiple large economic events while they had cash laying around. They could buy cars when interest was zero. They had a house to refi when interest was zero. I feel like a millennial describing boomers but these are guys in their 30s who went to trade school.

    For me to catch up I have to put money almost entirely in taxable accounts where their money and returns are shielded from taxes. They were actually able to use a Roth for many years where I was only real able to max one out for two years before my promotion put me out of eligibility.

    The earlier you are in a market, the better off you are and trades put you into the market almost 10 years earlier than someone taking 4 years of college and then having 4-6 years of loan payments

  • fishpen0@lemmy.worldtoAsk Lemmy@lemmy.world•what advice was great when you first heard it, but has aged like milk since then?
    6·
    1 month ago

    Right now trade schools are actually providing a better cost to income ratio than college.

    It’s anecdotal but my friends in the Boston area were all making 120-150 in salary plus bonus before I was even out of school and I started in software at 65k and didn’t break into that level for another 4 years. Now I make 230 but they’ve all got houses and decked out retirement funds from having that good money when they were much younger. That extra 20-30k/yr in 401k and IRA funds with 5-6 years more growth time in the market isn’t something to shake a stick at.