Is Making $100K/Year Enough to Achieve FIRE?
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- Опубликовано: 27 июл 2024
- Episode #523
Is a six-figure salary enough to achieve FIRE? If you’re working towards financial independence, you know that any extra money at the end of the month can help propel you to your goals faster, but with inflation eating away most, if not all, of your paycheck, what do you do? If you want to reach early retirement, do you need a massive salary to save you from the high cost of rent, food, gas, and other everyday essentials? Or, can you easily retire with a $100K/year income if you make the right moves? Let’s find out!
Today, Scott and Kyle are reviewing some of the hottest headlines in the world of personal finance and giving you their honest opinions. First, we talk about whether or not a six-figure salary is enough to achieve the “American Dream,” and if it isn’t, what YOU can do to make the most of that money. Then, we venture to a debate that everyone has an opinion on: should you withdraw from your retirement reserves to buy your first primary residence? Is this a smart money loophole or a move that could cost you in the long run?
How much do you need to retire? According to Americans, the figure is close to $1.5M, but is this actually how much a smart saver or spender would need? Plus, we talk about the one generation on a surprisingly great track to wealth in retirement (it’s NOT the boomers!). Finally, are you fed up with guilt tipping? Don’t want to pay an extra quarter of your bill every time you go out to eat? Join the club because we’re discussing how tipping is getting out of control.
Show Notes at:
link.chtbl.com/Money
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Articles from This Episode:
$100K/Year: www.cnbc.com/2024/04/16/why-a...
Withdrawing from Retirement: www.usatoday.com/story/money/...
How Much to Retire: www.usatoday.com/story/money/...
Gen Z’s House Hacking: www.dispatch.com/story/busine...
Guilt Tipping: www.cnbc.com/2024/03/31/as-gu...
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00:00 Intro
00:53 Is $100K/Year Enough?
07:47 Use Retirement Funds to Buy a House?
15:05 Americans Need $1.46M to Retire
25:22 Fed Up of Guilt-Tipping?
32:17 Connect with Kyle!
I borrowed money from my 401k in order to make the down payment on a new home. That said I only borrowed what I was sure I could re-coup in equity from the sale of our old home. We only had about a month of overlap where we owned two houses, and I paid the money back into the 401k immediately. So I only missed out on a month of growth on that chunk of money.
the tablet tipper thing is annoying , and it usually starts with 18% , 21% , and 24% .....how is the traditional 15% not even a STARTING point ? ...(especially with service . in general , being worse than ever) ... i usually keep cash for the tip to avoid this nonsense
When I see these, I ignore them. I give what I like
I doin't tip for fast food.
I do not either, but if the server did something I feel was EXTRA & BEYOND most servers I experienced during say the past 12 months, shit, I'll give them a tip & tell them I appreciate what they did
I’m team no tip at the drive through! People should never donate to any fast food restaurant regardless of the charity, most of that money doesn’t go where it should.
Did ya'll know you need a masters degree to be a librarian?
Nowadays even some kiosks will ask for tips. It’s ridiculous
I started to pay attention cause a lot of restaurants base the % on the total with the tax included. It’s insane they want me to a tip on the tax portion! Also, I a little off topic why the hell do you see restaurateurs with 7-10 restaurants all of them close within 2-3years then they turn around and do the cycle all over again. I feel like some of these restaurants operate in a completely unsustainable fashion, so the owners can get more money in their pockets all while saying “Nah I don’t want to pay them, you do it.”
0 tip, 0 round up, 10% restaurant pick up/delivery, 20% sit down waiter. That's my rule
I'll add that I also have a $10 minimum. If it warrants it I'll gladly tip MUCH more. Especially around the holidays. My family goes out before Christmas and we give a few hundred to 1k for a tip. If my wife and I aren't in town for it we’ll go out and give a $100 tip. And we always change up to restaurant we go to.
10% to pick up your own food?....
I heard thise 'donate to this charity' at checkout lines have already been paid/pledged by the business and they are just trying to recoup from the consumer what they already donated.
What does the Bible tells us
Give what your heart ❤️ is willing to give, that’s it, stop nuking it
❤❤❤
This has got to be one of the dumbest ways to think😂. There is a fraction of people who are able to look at their accounts and watch it grow and not dip into it. These millennials and younger are never going to make it😂
nope! 100K is like the 60K of past itd barely enough to do anything at all
Lol with a home paid off, I am sure you can do A LOT with 60k/yr, yes even in a VHCOL area.
-source, I manage the books for a family in this situation
I feel bad for people making $60k now
@@RedPandas3111 The couple for the family I manage the books for (budget of