60 DOD - Week 6 - Finances

stonepimpletilists · 2017-05-09T19:34:12+00:00

It's the one thing I've had on lock. Freed up an extra 3k a month selling off the other condo.

Now? shore up the retirement fund. it's enough now to retire in teh woods, Want to retire downtown instead.

Oh, and increase the fuck you fund to 2 years salary

jigglydee · 2017-05-10T04:38:12+00:00

Open up several online accounts, you can get free ones, no fees to set up, and no running costs.

The next step is important to automate. You need to set this up once then not have to manually do this afterwards. It's critical. Either set this yourself through your main account, or your employer should be able to do thiswhen paying you:

Split your pay that goes into each account. Roughly as follows:

10%- fun account - you blow this money every month. No ifs, no buts. Spend it on nice luxuries, dinners, whatever, but spend it.

10%- long term investment, you don't touch this until you retire, regardless off how much is going into your super/retirement plan. This is an account you own and you gey to play with -in terms of what to invest into- for your retirement. You DO NOT pull money out of this unless it's for investment and until the day you are ready to retire.

60% main expense- household and necessities.

10%- medium term investment. For shorter term investments, buying shares, or property etc, or setting money aside for business.

10%- charity or holiday or whatever. Depends on your circumstance.

Change the percentages depending on your income, household expenses, and other important bills. Warning- You may struggle to blow your fun account every month and watch them savings build up.

Do this. If you earn $1 a day or you earn $1000 a day. It doesn't matter.

The_Litz · 2017-05-09T17:51:05+00:00

Sell sell sell. I have a habit of never getting rid of stuff. I don't buy stuff on the impulse, so there isn't toooo much stuff, but I can do with less. hardly ever sell something. Starting this habit of selling.

Start by selling 'Dead capital' items . Stuff that are nice to have, cost money and are under utilised.

My bike is currently for sale. After each sale I will find the next item.

Finances are split. Considering to move her off my health insurance to her own insurance. Going to check the costs involved.

addictedtoyourface · 2017-05-09T18:09:41+00:00

Back during TFA's Men of March, I did some soul searching with the finances.

I upped the percentage I'm putting towards retirement, and also opened up a Roth IRA.

I'm in agreement with The_Litz, in that I have too much shit I don't need. I recently started reading The Life-Changing magic of Tidying Up. The book suggest starting with one category (not room) and getting rid of everything that isn't useful or doesn't bring consistent joy. When I'm complete with all categories, I'm going to sell everything I can, and take the rest to charity, or a dump.

The new rule is, "If you buy something new, you must get rid of something old".

black_jack_davy · 2017-05-09T19:42:05+00:00

Maintain the course. Started at beginning of year, but a bit sloppy. Will fix. Pursue a chance to make extra money at work (done). Will work on a couple of side gigs seriously through the summer.

GargantuaBlarg29 · 2017-05-09T23:40:37+00:00

Job just opened up one level higher. If I apply I'm very likely to get it. I abhor managing people, and think upper management are a bunch of morons. I may also end up wearing 3 hats. But the $.

I plam on applying so I can ask the questions I need to make an educated decision.

nightmancommeth · 2017-05-09T23:51:16+00:00

I work at a job where my job is essentially sit there and wait for someone to fuck up and fix it. I have trained these guys and put in different policies and protocols so this rarely happens. I essentially work maybe 3 days a month. It can get super boring but the pay isn't too bad. How should I be spending all this free time at work? This has perplexed me for weeks.

TaistoKarhu · 2017-05-10T05:23:41+00:00

I'm going to open up a discrete saving account for a fuck you fund and make an automatic transaction from the paycheck The money's just too tight right now for me put it somewhere where I can see it, but I really need this to get going.

Also in my job I got involved with a work that's supposed to be way over my position but due to skills I have acquired in other ways I was able to convince my boss to let me in the team. He did mention it will show in my salary but I'll make it a point to sit down with him and negotiate the specifics of the raise in 2 weeks.

Also, I will sell a few things I have in mind. I usually sell anything I'm not using thats worth something, not a fan of clutter, but it's been a while since I went theough my stuff.

WisdomTangoFoxtrot · 2017-05-11T18:48:13+00:00

Already in progress. Passive income generation in progress. Promotion plan being implemented at work.

Biggest thing I need to get under control is getting my expense reports in on time. I need a secretary. Actually...I'm going to research those online personal assistants.

And a CPA.

fatalbinoninja · 2017-05-11T20:47:57+00:00

I've taken over finances for the last 8 months and slowly gotten things in order. Multiple debts were paid off, services were trimmed down and money has slowly become less of a problem.

This all helped immensely as I have now moved out of the house and am living with a friend while the divorce plays out. I'm having to split my paycheck between both places but have everything under control and am still able to put more into savings. The divorce will be finalized by the end of the month so that financial issue will be resolved.

While moving out I only took the essentials and left everything else at home. It's just stuff and I'm now actively thinking of selling off most of it and just going by with the bare minimum as I work through monk mode and really center myself. In addition to that, I am finally going to be able to start making some serious savings with all my extra money. Just knowing that I'll be able to do that just makes me unbelievably happy.

The general plan for the next few months is similar to u\jigglydee has:

10% into a fun account

50% to bills, utilities and expenses

20% to roth ira

20% to vanguard and short term mutual funds

I will be tinkering with the numbers month to month but overall this should work pretty well for me. I'll be doing some side jobs as well with woodworking and should be able to bring in a decent amount of cash for the holiday season. All that extra money will be going to savings as well.

The long term goal of all this is to be able to retire when I hit 40. That's 7 years away so I'm going to a be a busy busy man until then.

FrozenSoil · 2017-05-12T16:39:47+00:00

This is the biggest personal issue for me.

We are doing "ok". Income is better due to wife's new job and some consistent pain increases on my end, but two kids under 3 the costs are eating us alive.

I've got a car that I've had sitting for over a year that I'm hoping to move soon. Wife and I have talked a number of times of selling all the stupid crap we have but nothing ever comes of it.

I will have to take care of this and get things organized and get things moving.

thunderbeyond · 2017-05-13T12:16:57+00:00

I've never really considered finances before. I hate credit cards, and the only loans I've ever had have been for investments. My habit is to budget - so that I know I have money set aside. And controlmthe spending so that I can have something left over to save.

Title	60 DOD - Week 6 - Finances
Author	bogeyd6
Upvotes	12
Comments	19
Date	May 9, 2017 3:43 PM UTC (9 years ago)
Subreddit	Posted in /r/MarriedRedPill
Original Link	https://old.reddit.com/r/marriedredpill/comments/6a6712/60_dod_week_6_finances/
Archive Link	https://theredarchive.com/r/MarriedRedPill/60-dod-week-6-finances.198843 https://theredarchive.com/post/198843

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