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Since the median household income in the US hovers around $52-$55k/year and the average newly created job pays about $35-40k/year, I think that you're dead-on. Even in technology fields like engineering and IT, entry level salaries are well south of $100k; it's staff with experience and proven talent that make 6 figures, not newbies in their first professional jobs.
Well south? What does well south mean? I know people in Atlanta that made 80-85k/yr for their first job in software engineering. I'm fairly certain there are a lot of tech people in San Fran and NYC making ~100k/yr for their first job if Atlanta is paying 80-85. Also aren't lawyers "Newbies in their first professional jobs"? I know a lot of lawyers that made 100k+ straight out of law school. Now having said that I know more that did not make 100k right away, but my point is simply there are people making 100k or around 100k for their first professional jobs, although it is clearly not the norm.
No idea how a smart phone is a money-savings device. Sounds like you are encouraging me to work a second job. Sorry, I value my free time too much for that. I see no point in getting a second job just to afford a smart phone.
Maybe not a money-saving device, but it does make life easier, which in turn may result in recouping some of life's expenses. But don't think that means getting a $75 smart phone plan will generate income.
I know for me, I get a lot of deals through apps and such that do translate to reduced spending. Discounts through things like my fave coffee shops, entertainment discounts, groupon deals, etc etc. I sell items through ebay, and CL through the various apps, and then there is the convenience factor. Having navigation on hand at all times, city maps, being able to pull up walking routes when in a new city, finding gas stations when your low fuel light comes on in an unfamiliar area, access to email, etc etc etc.
All that could save you money and time if you think about it from a bigger POV. A smart phone isn't about posting selfies with your lunch on Instabook.
I held out with my Motorola Razr as long as I could, but i'm in a tech field and "needed" an phone (work pays). Now I can't do without it.
As I have posted in other threads, Verizon is the only carrier that offers decent coverage where I live, and there is no way to get a data plan with Verizon for cheap. Sounds like the consensus is that I should keep maxing out my 401K and keep my dumb phones.
Straight Talk uses Verizon towers and its $45 a month. Unlimited Talk, Text, and Data.
It would be cool if there was a tax free fund you could contribute to so you can pay for retirement healthcare. I guess that is an HSA. I wonder if you could start your own independent of your employment?
No, only if you have a high deductible health insurance plan.
The no brainer part is you want to contribute whatever you need to get your company match. Above that if you are in a high income bracket, contribute heavily to lower tax but if you are already in a low income bracket, stop at company match would e my advice.
It's interesting that everybody else is telling me to keep maxing out my 401K and keep my dumb phones, while you are telling me to only put in what would get me the maximum company match (far less than what I am putting in now) and get a smart phone. Not sure which side to listen to.
Just saw a Sprint commercial....two lines 20gb of data for $100. That is a good deal.
How many months or years of reserve savings do you have?
That brings up another question: how much to save in 401K vs. how much to save in taxable accounts. Is it a good idea to max out your 401K if it means not saving much in taxable accounts? Anybody have an answer?
Slightly off topic, but people often mention a navigation app as a good use of a smartphone (something I can't do with my iPod touch, since I wouldn't have a continuous WiFi signal while driving). My question is, how do people use a smart phone for navigation while driving. You can't hold the phone while driving. So, how do you do it? I'm not asking about apps, I'm asking about how it is physically done? Thanks.
Slightly off topic, but people often mention a navigation app as a good use of a smartphone (something I can't do with my iPod touch, since I wouldn't have a continuous WiFi signal while driving). My question is, how do people use a smart phone for navigation while driving. You can't hold the phone while driving. So, how do you do it? I'm not asking about apps, I'm asking about how it is physically done? Thanks.
This should be a common route, although I'd say get the match even if you aren't to 3-6 months emergency fund as long as you are working on it
I have both a StandAlone GPS that attaches to the windshield. For long trips.
For local trips I use the app on my StrightTalk Phone I have a clip thing that hold the phone, into one of the A/C vents. Since the drain on the battery is very heavy I don't use the NavApp on my phone to much, But if it do , I plug my Phone into the USB outlet in the car, and the AUX plug to the radio, and run music form my library and/or Stream from some Radio station I like.
I think the govt needs to change some 401k rules because the way it is. Many are put off by the limitations.
I think they should add provisions to allow people to pay off their mortgage with 401k without the 10% penalty but just straight income tax. As long as they lived there for 5yrs+ to avoid people flipping and abusing it.
Another limit should be to allow people to pay for their kids college tuition without the 10% penalty, assuming your kids attends college before you can withdrawl penalty free. 529 plans are even worst than 401k.
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