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That is the most I have ever earned in a year; my average is around $12K and currently I make $12K. And I have a student loan payment greater than 10% of my gross income. Now how much do you expect me to have?
Have you looked into the student loan repayment options that are based on income? At 12K, you might be eligible to make no payment at all.
Do you mind posting your monthly budget? I find it hard to believe you can't find $15 somewhere.
Well yes I do have $15 somewhere. I'm buying and selling online (I've found a profitable niche where I can flip things for a small profit) and that's where my few extra dollars are going. Right now I have abt $10K in goods on hand, eventually that will be turned into cash. I like to think I can ultimately turn those few extra bucks into a larger pile this way than by putting it into a fund in today's market.
Well yes I do have $15 somewhere. I'm buying and selling online (I've found a profitable niche where I can flip things for a small profit) and that's where my few extra dollars are going. Right now I have abt $10K in goods on hand, eventually that will be turned into cash. I like to think I can ultimately turn those few extra bucks into a larger pile this way than by putting it into a fund in today's market.
So to be clear, the issue isn't that you cannot save for retirement, the issue is that you refuse to?
Buying/selling online is not a good substitute for a retirement account.
Have you looked into the student loan repayment options that are based on income? At 12K, you might be eligible to make no payment at all.
I'm not eligible because my loans are in default. They should be out of default in about five months, then I can use one of the affordable repayment options and on my current income my required payment would be zero.
Now how's that for a Catch-22? For a long time I was unable to come up with enough money to pay enough to get my loan out of default, with the result that I have payed thousands of extra dollars in fees and penalties. Without all the extra fees, my balance today would be under $1000.
I'm not eligible because my loans are in default. They should be out of default in about five months, then I can use one of the affordable repayment options and on my current income my required payment would be zero.
Now how's that for a Catch-22? For a long time I was unable to come up with enough money to pay enough to get my loan out of default, with the result that I have payed thousands of extra dollars in fees and penalties. Without all the extra fees, my balance today would be under $1000.
That's good. Put some of the savings into a retirement fund!!
So to be clear, the issue isn't that you cannot save for retirement, the issue is that you refuse to?
Buying/selling online is not a good substitute for a retirement account.
At my income, the tax savings for a tax-deferred account would be negligible. I think I can make more money this way, especially if I can pull off a related project that will generate an additional income.
At my income, the tax savings for a tax-deferred account would be negligible. I think I can make more money this way, especially if I can pull off a related project that will generate an additional income.
And this is precisely the line of thinking that prevents people from having money at retirement. Can you show me your spreadsheets and calculations that brought you to this conclusion?
Do you mind posting your monthly budget? I find it hard to believe you can't find $15 somewhere.
It's $15 per week, and yes freemkt could save $15 per week if financial security mattered to him/her.
Clearly, it doesn't.
I feel sorry for those who think big government is going to come to their rescue. The money just isn't there, and there's no way the government can borrow enough AND pay the interest on the debt.
No , I don't listen to Tony Robbins.. he is an extremist and does not appeal to me . His message I have heard about and many will get in debt listening to him
I put the principles of money to work . Some are in proverbs of the bible.
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