Sudden jump in income

Liam Ramirez
Liam Ramirez

I was working at a start up making 50k a year, but they ran out of cash and as soon as word started to get out, everyone got offers from other companies.

I just accepted an offer to work at a big tech firm for 120k, plus an annual bonus.

Any tips on how to manage a massive sudden uptick in income?

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John Parker
John Parker

Invest it, dont spend a cent extra. Thats the real secret behind wealth. Most people will get a raise and spend the extra money, which is a bad idea.

Tyler Morales
Tyler Morales

Is this actually something that happens? Most of my friends who worked at startups that went OOB had to go job hunting...

Grayson Gutierrez
Grayson Gutierrez

If they match 401k put in as much as possible.That's a start w/free extra money.

John Adams
John Adams

They do, should I put in more than they match?

I took some finance classes in college and have the crux of marketers and equities down, should I manage my own portfolio? 120k doesn’t really seem like it’s worth hiring a manager or fiduciary or something.

Ayden Sanchez
Ayden Sanchez

Don't buy brand new cars
Don't go on expensice vacations
Don't use instagram
Dca into s&p500 and slowly into btc&eth
Be patient

Samuel White
Samuel White

I wish I could make that much money, but all I can do is fucking draw.

Isaiah Murphy
Isaiah Murphy

give it away to poor muslims in your city.
they need the money more than you!

Jaxson James
Jaxson James

read mr. money moustache
buy VTSAX
max out 401k every year
invest in taxable accounts too

Michael Watson
Michael Watson

Max out your 401k contribution, up to what your employer matches. E.g. if you work at Facebook, they match up to 7%, so you should put in 7%. There’s not much benefit to putting in more than what your employer will match (and you might hit the federal limit for 401k contributions), so don’t go higher than what you have to in order to maximize what your company pays you. I suggest you go with a pre-tax (not a Roth) 401k. Put it all in a Target 2060 retirement fund, if your company’s 401k offers target retirement funds.

Then you should open a Roth IRA on Vanguard and deposit the maximum amount every year. The limit for this year is $5,500 and next year’s is $6,000. Also put it all in a Target 2060 retirement fund.

Take any leftover money and put it in a brokerage account. This is your YOLO account. Buy whatever stocks you think will do well.

That’s pretty much it.

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Ian Reed
Ian Reed

muh 401k.
Save all your shekels 4ever
You fuckers are so short sighted it's amazing.

Connor Scott
Connor Scott

Life should be enjoyed. All these boomers 401k will be wiped out in the 2019 Great Recession.

Gavin Myers
Gavin Myers

tattoo artist earning 100 an hour
patreon art

atleast you have marketable talent

Gabriel Green
Gabriel Green

enjoy life when years of savings are wiped out by your lack of diligence
good times

David Sanders
David Sanders

All in on link

Gavin Jones
Gavin Jones

[email protected] this redditor

Buy LINK every paycheck. If you average in, its fool proof and essentially free money.

Kayden Sanders
Kayden Sanders

You're the one who is short sighted. At a 30% tax bracket, with $120k/year user will be making $84k/year after taxes. Assuming he lives cheaply and keeps his expenses down to $2k/month, that's $60k/year he can invest. Contributing that amount, an even split monthly, at a 6% return rate, after 10 years he'll have $812,000 saved. Two more years and he'll have over a million. What's more than that, he'll be generating $56k a year in interest alone could retire with over a million saved and live solely on the interest at a wage higher than the average American salary after only 12 years.

Sorry you're so poor that you don't even understand basic math or think ahead further than what malt liquor you're going to drink during the next football game while you think. Don't worry, though, you'll have a lot of time to sit alone in misery and dwell on much you hate niggers and how all your problems are the fault of other people doing you wrong. Fucking pleb. KYS.

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Brody Ortiz
Brody Ortiz

Jobhunted at a failing startup
can't even spell startup correctly.
doubt.jpg

Jonathan Gray
Jonathan Gray

this is good advice. but i'd say maximize risk now when you're just starting out because the target 2060/55 have too much bond activity

Andrew Perez
Andrew Perez

Max out 401k for free money, look into rental properties for residual income. You can actually hire people to do the day to day maintenance. Crypto is a meme but also the future; it's hard to pick a long term winner.

Kevin Allen
Kevin Allen

Tfw I make 135k a year
I didn't realize I could do that. Thank you for posting that user.

Kayden Bennett
Kayden Bennett

pay any denbts, don't change your lifestyle, invest until you have a very healthy portfolio for your age group

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