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Yeah, I thought that article was yet another piece of crap!
140K does make it loads easier than it one were making 40K....
But the crux of the article is important, that it's possible to pay down debt and save if we really hunker down and live miserably for several years (!!)
Is it really that hard to erase $70K in debt on that kind of income? Some of the comments at the bottom are ridiculous, I didn't go through them all, but two really stood out:
"Anyone can erase $70K worth of debt, even on an income of $25K/yr."
"If you want to make $140K a year all you need to do is try harder. It's easy, anyone can do it."
It's true that it's easy to pay down that amount if you have a great income, but you'd be surprised at how many people in that situation don't.
The underlying problem is that people compare themselves to other people in their peer group, which usually includes people making the same or more income, and there's a very strong tendency to only "compare up" to the people making more than you and to ignore the people making less.
On an absolute basis, not that much money is really required for most people to live a basic way of life with nutritious food, a roof over their heads, etc. That's how immigrants from 3rd World countries can come to the US and do fairly well even on low paying jobs. They spend money only on things they absolutely need, not on stuff that they want and then reclassify as a "need". They get their sense of happiness and well being from friends, family, churchn and community instead of from consumerism. What a concept
If I was a radiologist and my first job paid $220,000/yr and was later able to contribute $250,000/yr into my retirement plan, I'd be able to stash $1 million in savings too!
Yahoo Finance is coo coo for cocoa puffs. I don't know what these editors are smoking.
Please explain how it's possible for ANYONE to put $220k a year into retirement.
Btw, I had $32k in loans and I made $35k and I told them I didn't want 30 years to pay it back - I crossed it out and put 10 years - my payment is $321 a month. I'm almost done.
Please explain how it's possible for ANYONE to put $220k a year into retirement.
I'm not sure... I can only figure out how to put $54k away per a year. $49k 401k limit and $5k IRA limit. Double that if you're married (which I'm not).... but that's still under $220k.
I'm not sure... I can only figure out how to put $54k away per a year. $49k 401k limit and $5k IRA limit. Double that if you're married (which I'm not).... but that's still under $220k.
Hmmm...something about being a government employee...
Egggggsactly...seems like someone else is coo coo for cocoa puffs.
"In at least two of the past eight years, you contributed more than $250,000 to retirement savings. How did you do that? Until recently I worked as a navy contractor, and I was basically self-employed, so I was able to save more money in tax-deferred retirement accounts than the average employee. In addition to funding my 401(k) account, I established a traditional defined-benefit pension plan for my business, which allowed me to contribute as much as $240,000 in one year. I used any excess money to pay down my mortgage or to add to personal savings and my IRA."
I don't know how he did it... but I was just referencing the article.
If I was a radiologist and my first job paid $220,000/yr and was later able to contribute $250,000/yr into my retirement plan, I'd be able to stash $1 million in savings too!
Yahoo Finance is coo coo for cocoa puffs. I don't know what these editors are smoking.
I read that article in a magazine. I'm glad he was able to save 1 mil in a relatively short amount of time but the average person is making no where near that amount of money.
Yahoo Finance is coo coo for cocoa puffs. I don't know what these editors are smoking.
I have completely stopped reading any article on any serious subject on Yahoo. Whatever those guys are getting paid it is too much.
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