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The Lounge>Personal finance and investing megathread extravaganza
DaFace 11:23 AM 06-27-2016
I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin,
this flow chart can help. Ask for advice in the thread for more help!
[Reply]
SAUTO 06:44 PM 06-28-2016
Originally Posted by HonestChieffan:
Im sort of in the market....I just bought a new Chevy 2500 High Country and I love it. But Im leaning toward a "chore truck"..I like the 66 chevy pickup, 71, and 91. single cab short bed 4wd.

Id kill for a 69 mach 1 but wife would kill me.
I've got a 15 ltz with custom sport trim package and love it.

I don't have any 63-66, the 67-72s I keep. I just sold four 88-94 body trucks. They were all long bed though.

There is a guy I know around tightwad that always has a couple trucks for sale 63-66 seems to be his thing.

Ive done plenty of work for him in the past I'll see if I can find his number at the shop tomorrow and see what he's got. If i was going up that way tomorrow I would just stop there on my way by, but I'll definitely be that way next week
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scho63 06:04 AM 06-29-2016
Originally Posted by R8RFAN:
] Yea I do 10% m ost of the time but when I am making too much money in the year I up it to 25% I have about 250k in my 401 right now. Good advice thanks
How can you put 25% into your 401K as the limit is 15%? :-)
[Reply]
LoneWolf 06:38 AM 06-29-2016
Originally Posted by scho63:
How can you put 25% into your 401K as the limit is 15%? :-)
The limit isn't 15%. If I'm not mistaken, the limit is based on a contribution amount. I was told by Fidelity, who runs the 401k plan for the company I work for, that I couldn't contribute more than $18,000 per year. That works out to about 9% of my gross salary so I have 9% contributed to my 401k with a 100% employer match. Someone who makes less can obviously contribute at a higher percentage and someone over 50 years old can contribute more because there is a catch-up contribution clause.
[Reply]
Buehler445 09:17 AM 06-29-2016
Originally Posted by scho63:
How can you put 25% into your 401K as the limit is 15%? :-)
Age accelerated?

Maybe he is talking 25% of AGI?

I'm so long removed from the 401k game, I don't remember the rules.
[Reply]
Amnorix 11:53 AM 06-29-2016
Originally Posted by Buehler445:
Age accelerated?

Maybe he is talking 25% of AGI?

I'm so long removed from the 401k game, I don't remember the rules.

Lone Wolf had it right. 401(k) contribution limits aren't based on percentage of income, but rather flat amounts. $18,000 for <50 years old. $24,000 if you're 50+.
[Reply]
eDave 11:56 AM 06-29-2016
Originally Posted by Amnorix:
Lone Wolf had it right. 401(k) contribution limits aren't based on percentage of income, but rather flat amounts. $18,000 for <50 years old. $24,000 if you're 50+.
Yup. One of my pleasures in turning 50 was jacking that up.
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R8RFAN 05:39 PM 06-29-2016
Originally Posted by scho63:
How can you put 25% into your 401K as the limit is 15%? :-)
i think I can put up to 50 but that does not mean I will get 50% matched

[Reply]
LoneWolf 06:37 PM 06-29-2016
Originally Posted by R8RFAN:
i think I can put up to 50 but that does not mean I will get 50% matched
You can only contribute a max of $18,000 of your money per year if under 50 and $24,000 if over 50. Percentage doesn't matter.
[Reply]
R8RFAN 07:10 PM 06-29-2016
Originally Posted by LoneWolf:
You can only contribute a max of $18,000 of your money per year if under 50 and $24,000 if over 50. Percentage doesn't matter.
Yea I never go a full year at 25 so I have never hit that mark, just turned 50 a couple months ago so basically a 100k job can contrib 25% per year and be right at the max at 50 yrs old right?
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HonestChieffan 07:38 PM 06-29-2016
Today was a good day. Better if you own LLY. But Im still afraid of the EU/Brit issue and Trump going goofy about trade negotiations. From a stock market perspective, he frightens me.
[Reply]
LoneWolf 07:43 PM 06-29-2016
Originally Posted by R8RFAN:
Yea I never go a full year at 25 so I have never hit that mark, just turned 50 a couple months ago so basically a 100k job can contrib 25% per year and be right at the max at 50 yrs old right?
Correctamundo.
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Buehler445 08:05 PM 06-29-2016
Originally Posted by HonestChieffan:
Today was a good day. Better if you own LLY. But Im still afraid of the EU/Brit issue and Trump going goofy about trade negotiations. From a stock market perspective, he frightens me.
Worry about your local economy too. He goes and jacks with trade it may hurt our capacity to retail grain and meat to world markets.
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HonestChieffan 09:19 PM 06-29-2016
Originally Posted by Buehler445:
Worry about your local economy too. He goes and jacks with trade it may hurt our capacity to retail grain and meat to world markets.
Im all over that. I cannot stand Hilldog but Trump scares me to death!! Ag is dead under his goofy trade positions.
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Buehler445 10:18 PM 06-29-2016
Originally Posted by HonestChieffan:
Im all over that. I cannot stand Hilldog but Trump scares me to death!! Ag is dead under his goofy trade positions.
Hillary too. Only hope is that we can get some respectable fools in Congress.

And Tim Huelskamp is the incumbent in my district :-)
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mikeyis4dcats. 08:46 AM 06-30-2016
Originally Posted by R8RFAN:
Yea I never go a full year at 25 so I have never hit that mark, just turned 50 a couple months ago so basically a 100k job can contrib 24% per year and be right at the max at 50 yrs old right?
Math is hard mmkay
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