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Maybe the mom should get a job if things are that bad, a 12 and 17 year old don't need a stay at home mom.
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Sep 30, 2016 16:21
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monster on a stick posted:Yes he did. Click on his username and you'll see he posted a follow-up: He commented on the post a year ago, but didn't post an update submission with actual financial details. (Usually, when people post in PF they do an "UPDATE: xxx" post) So, as far as we know he is still in the same boat, but he has an entry level IT job and paid for some certificate classes.
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Sep 30, 2016 16:24
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Zo posted:It also probably happens to tens of thousands of Americans a year, many with even more worthless degrees than audio engineering. Tens of thousands of American don't (I hope): - take $300k loans from their 401k and "forget" to pay the IRS back. - Buy a $300k house and move across the country when they're unemployed - Max out 60k on credit cards and only stop because collections came after you. - Do all of this on a $225k household income.
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Sep 30, 2016 16:27
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Leon Trotsky 2012 posted:Tens of thousands of American don't (I hope): It's probably in the hundreds of thousands.
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Sep 30, 2016 16:33
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Leon Trotsky 2012 posted:He commented on the post a year ago, but didn't post an update submission with actual financial details. (Usually, when people post in PF they do an "UPDATE: xxx" post) Which TBF is a lot better than being paid $8/hour as an audio engineer assistant and at least is not making things worse (assuming those certs can help open doors in IT to a better-paying job.) EDIT: I hate to make fun of a guy who decided to pursue a career in music but at least he went to Berklee which is supposed to be pretty good. monster on a stick fucked around with this message at 16:40 on Sep 30, 2016 |
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Sep 30, 2016 16:33
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Dillbag posted:It's probably in the hundreds of thousands. Lol if you think hundreds of thousands of Americans have 300k in their 401k to begin with
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Sep 30, 2016 16:48
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monster on a stick posted:EDIT: I hate to make fun of a guy who decided to pursue a career in music but at least he went to Berklee which is supposed to be pretty good. I mean my biggest red flag from that whole story was that he sounded genuinely surprised to find out that audio engineers barely make more than minimum wage after already sinking $200k into becoming an audio engineer. Like even the people I know who got a degree in art or history or something had some idea of what they were getting into ahead of time.
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Sep 30, 2016 16:53
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ate all the Oreos posted:Lol if you think hundreds of thousands of Americans have 300k in their 401k to begin with The average account balance for my company (where many people are over $100k salary-wise) is only 40k according to BrightScope 
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Sep 30, 2016 16:54
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I work closely with a guy who got a degree in audio engineering, but he dual majored in economics. He got an MBA 8 years later. He never worked in the music industry after graduating, choosing instead to use his econ degree to make actual money.
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Sep 30, 2016 16:55
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My friend who majored in history did so using scholarships and poor people grants and didn't take out a single loan, then got an entry-level job in IT that paid for her to get certs and has worked her way pretty far up since then, which imo is the best possible way to get a "worthless" degree in something you really love but society doesn't value 
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Sep 30, 2016 16:57
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Nail Rat posted:The average account balance for my company (where many people are over $100k salary-wise) is only 40k according to BrightScope At my old employer, so few people were contributing to the 457(b) that they offered a $10 a paycheck raise ($260 a year) and a 3% match to anyone who contributed at least $1 per paycheck. They ended up shutting down the program because less than 4% of employees participated after a year.
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Sep 30, 2016 17:01
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Nail Rat posted:The average account balance for my company (where many people are over $100k salary-wise) is only 40k according to BrightScope i had never heard of this site and was surprised to see how good my employer's stats are, average is 210k per participant.
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Sep 30, 2016 17:04
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Leon Trotsky 2012 posted:At my old employer, so few people were contributing to the 457(b) that they offered a $10 a paycheck raise ($260 a year) and a 3% match to anyone who contributed at least $1 per paycheck. Two companies ago when I lived in Indiana, each department's management was requested to hold a meeting with their staff to remind everyone that there was a 401(k) and a (pretty decent for the midwest) company match. The meetings were required because the company was repeatedly not even using 1/2 of its estimated match funding. People straight up weren't contributing to their retirement accounts. 
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Sep 30, 2016 17:37
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ate all the Oreos posted:Lol if you think hundreds of thousands of Americans have 300k in their 401k to begin with The top one percent comprises some 3.2 million people.
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Sep 30, 2016 17:44
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Sundae posted:Two companies ago when I lived in Indiana, each department's management was requested to hold a meeting with their staff to remind everyone that there was a 401(k) and a (pretty decent for the midwest) company match. The meetings were required because the company was repeatedly not even using 1/2 of its estimated match funding. People straight up weren't contributing to their retirement accounts. how do people not realize that free money is being thrown away?
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Sep 30, 2016 17:48
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Nail Rat posted:The average account balance for my company (where many people are over $100k salary-wise) is only 40k according to BrightScope Do you have high turnover? Maybe I am being foolishly optimistic, but you have to spend years at a company putting in the max to get six figures. When people switch jobs, they should be rolling the 401k over to an IRA since fees are usually less, unless their old 401k plan was outstanding or they are doing the mega backdoor Roth or something.
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Sep 30, 2016 17:49
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ate all the Oreos posted:Lol if you think hundreds of thousands of Americans have 300k in their 401k to begin with Doesn't seem unreasonable. According to a quick Googling, there are ~125 million full-time workers in the US - at least a quarter of a percent of them surely have a giant retirement egg given how much even the top 1% make. Looking through Brightscope, I was pretty surprised at the list of top plans. http://blog.brightscope.com/2015/12/14/brightscope-top-30-401k-plans-of-2015/ The NFL is on top (what) and oil companies make up a large portion of the list. Dr. Eldarion fucked around with this message at 17:52 on Sep 30, 2016 |
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Sep 30, 2016 17:50
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ice cold horchata posted:how do people not realize that free money is being thrown away? My old job had a partial pension for some employees, so it was a little more reasonable. But 96% not opting in for a free 3% + $260 a year raise blew my mind. They also ruined it for everyone because they stopped the incentive program due to low participation. One of the biggest complaints we had was that "my paycheck is lower" after taking the $260 raise and contributing 3%.
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Sep 30, 2016 17:51
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Dr. Eldarion posted:Doesn't seem unreasonable. According to a quick Googling, there are ~125 million full-time workers in the US - at least a quarter of a percent of them surely have a giant retirement egg given how much even the top 1% make. The NFL spends a LOT of effort trying to prepare players for post-football financial life so I'm not surprised they try to incentivize 401Ks as much as possible.
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Sep 30, 2016 17:57
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It's just another factor of the same mindset and lack of financial education that leads people to put down 3% on a house and get loaded up with credit card debt: most people think it's a waste to save money and they don't want to wait for anything, so retirement is some abstract concept they can worry about later. edit: quote:i had never heard of this site and was surprised to see how good my employer's stats are, average is 210k per participant. quote:Looking through Brightscope, I was pretty surprised at the list of top plans. http://blog.brightscope.com/2015/12...-plans-of-2015/  Is BraveUlysses an NFL player? 
Nail Rat fucked around with this message at 18:02 on Sep 30, 2016 |
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Sep 30, 2016 17:57
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ice cold horchata posted:how do people not realize that free money is being thrown away? At one of my previous employers they had one of those presentations on the 401k program to try and make sure people were participating, and a bunch of people basically said 'why should I do this, if I put my money into stocks its just going to disappear in the next recession, I'll just take it now.' The people running it did their best, but some people were just entrenched that any money they put would just vanish, so the match didn't mean anything.
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Sep 30, 2016 18:00
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ate all the Oreos posted:I mean my biggest red flag from that whole story was that he sounded genuinely surprised to find out that audio engineers barely make more than minimum wage after already sinking $200k into becoming an audio engineer. Like even the people I know who got a degree in art or history or something had some idea of what they were getting into ahead of time. You gotta figure that nobody involved with selling these $200k degrees are exactly shouting this from the rooftops. If that was well known, there would probably be a lot less people signing up for $200k degrees.
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Sep 30, 2016 18:02
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monster on a stick posted:Do you have high turnover? Maybe I am being foolishly optimistic, but you have to spend years at a company putting in the max to get six figures. When people switch jobs, they should be rolling the 401k over to an IRA since fees are usually less, unless their old 401k plan was outstanding or they are doing the mega backdoor Roth or something. A lot of people are lazy and either don't rollover their old 401ks, or roll them into their new 401k rather than an IRA. Which as long as your 401k plan is good isn't really that bad of an idea. Sure an IRA is technically better in most cases since you have full control of it, but if you're just going to put it into low cost index/target date funds and your 401k has good options then it's not really a bad move and I don't blame people for doing so. If people are even thinking about this stuff and saving money in the hundreds of thousands of dollars and making even half-informed decisions around it they are already above average. The Fidelity index funds in my 401k are near-enough-to-make-no-difference in fees compared to the Vanguard index funds in my IRA. Hell, if you're with a huge company with institutional class funds in their 401k you might even technically have better options in your 401k than your IRA - but again we're talking hundredths of a percent difference in annual ER.
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Sep 30, 2016 18:03
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Guinness posted:A lot of people are lazy and either don't rollover their old 401ks, or roll them into their new 401k rather than an IRA. Institutional class rocks, I have an S&P Index fund that's a bit over 1 basis point (or 1/100th of a percent.) We have some target date funds that are 7 basis points if you want to have something that you really don't need to look at until you retire.
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Sep 30, 2016 18:06
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Ashcans posted:At one of my previous employers they had one of those presentations on the 401k program to try and make sure people were participating, and a bunch of people basically said 'why should I do this, if I put my money into stocks its just going to disappear in the next recession, I'll just take it now.' The people running it did their best, but some people were just entrenched that any money they put would just vanish, so the match didn't mean anything. god drat people are loving stupid
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Sep 30, 2016 18:42
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I guess the audio guy could have tried out for one of the military bands, they make E-6 pay right out of basic and get BAH and whatnot. If he joined one of the main bands in DC he would get $2436 monthly pay plus $2109 tax free a month for housing allowance which ain't bad for starting out.
Animale fucked around with this message at 18:45 on Sep 30, 2016 |
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Sep 30, 2016 18:42
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lol if your company doesn't make your retirement planning opt out just lol
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Sep 30, 2016 18:48
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Animale posted:I guess the audio guy could have tried out for one of the military bands, they make E-6 pay right out of basic and get BAH and whatnot. If he joined one of the main bands in DC he would get $2436 monthly pay plus $2109 tax free a month for housing allowance which ain't bad for starting out. Air Force just got rid of theirs.
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Sep 30, 2016 19:54
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NancyPants posted:Air Force just got rid of theirs. Really? There's still vacancies listed. Sadly I don't know anyone there right now so I can't just walk across the street and ask them.
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Sep 30, 2016 20:18
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Guinness posted:The Fidelity index funds in my 401k are near-enough-to-make-no-difference in fees compared to the Vanguard index funds in my IRA. Hell, if you're with a huge company with institutional class funds in their 401k you might even technically have better options in your 401k than your IRA - but again we're talking hundredths of a percent difference in annual ER. This is why I still haven't rolled over my 401K at PFE from five years ago. I have access to perfectly good Vanguard target retirement funds at lower expense ratios than I can get on my own, so why bother? I'll be rolling the other four companies this winter, though. Sheer laziness on the other ones. 
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Sep 30, 2016 20:58
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I just quit my job without having another one lined up and am moving from a nearby suburb to the heart of Austin to try my luck as a technical writer. I feel like this is pretty drat BWM but hopefully freelancing will help me pad up until I find a solid gig. Here's to hoping this leap of faith is worth it because living and working with conservatives is killing me inside. Plus I work for a start up so I'm currently definitely underpaid.
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Sep 30, 2016 21:30
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KingSlime posted:I just quit my job without having another one lined up and am moving from a nearby suburb to the heart of Austin to try my luck as a technical writer. Maybe you should move to not-Texas if you don't like working with conservatives.
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Sep 30, 2016 21:35
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Born and raised here, there's lots of areas that aren't as heavily tainted as the outskirts of major metro areas. Mostly I just want to be around my friends, reliable transportation, musicians, etc as I don't have a car. Moving up here away from the loud, expensive, and overcrowded parts of town was a mistake.
KingSlime fucked around with this message at 21:41 on Sep 30, 2016 |
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Sep 30, 2016 21:38
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KingSlime posted:because living and working with conservatives is killing me inside. I'll trade you.  We'd both be happy. I live in a liberal shithole. I guess at least we have good schools? I've long considered moving to a not-Austin part of Texas, but have yet to make that leap. But BWM related, I'm quitting my job too without another one lined up, so I wish you good luck. VV Well bust out some horse stories then. Moneyball fucked around with this message at 23:00 on Sep 30, 2016 |
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Sep 30, 2016 22:53
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GrassIsAlwaysGreener.txt going on here. 
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Sep 30, 2016 22:56
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The lack of 401k participation is the US is pretty sad. When millennials start nearing retirement I fully expect there to be a huge loving backlash when people start to realize the trouble they're in.
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Sep 30, 2016 23:02
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Hufflepuff or bust! posted:edit: lol just noticed my name change courtesy of the gibbis thread. GWM! From a few pages ago but thanks for tipping me off that one was going on
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Sep 30, 2016 23:03
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El Mero Mero posted:The lack of 401k participation is the US is pretty sad. When millennials start nearing retirement I fully expect there to be a huge loving backlash when people start to realize the trouble they're in. As a Gen X'er, I hope this entire drama that is going on with the boomer's happens again, with them. I want to be alive to see a complete cycle of the wheel.
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Sep 30, 2016 23:08
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ate all the Oreos posted:I mean my biggest red flag from that whole story was that he sounded genuinely surprised to find out that audio engineers barely make more than minimum wage after already sinking $200k into becoming an audio engineer. Like even the people I know who got a degree in art or history or something had some idea of what they were getting into ahead of time. $8 an hour is below minimum wage in Los Angeles, though. Even years ago it was $9.
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Oct 1, 2016 00:44
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Found another gem on Reddit: https://www.reddit.com/r/legaladvice/comments/5588xc/judge_ordered_more_child_support_then_what_mother Judge won't let him only pay $200/mo in child support to his babymama because the kid will be on welfare if that's all he pays. BWM, pissing off the judge at your child support hearing.
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Oct 1, 2016 07:10
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