be honest, how much credit card debt do you have? care to share?

[hmgROCK]

i have about $200ish at the moment
still really early in the beginning of the month
at the end of the month, i will have around $600ish give or take

I usually paid them all off
and collect my point/reward for the month

i don't really owe anyone money
been doing really good
unfortuntely, i can't say that for the rest of my fellow hmong brother and sister

[Special_K]

hmgrock - do you have a mortgage? Car loan? Tuition? If I lived with family and didn't own a home, took the bus or rode a bike and didn't go to college, I'd prob be in your situation right about now, but I own a home, cars and received my masters, I've got debt, but great debt. I'm on top of payments and still am able to live comfortably.

I guess not having debt is good, but I don't mind my debt.

[flint-rod]

@ special_k... hmgrock asked specifically about credit card debt... i agree with you though... debt motivates many of us to work hard for the things we have...

btw, i have about 5.4k in credit card debt that i owe on the 16th of this month... no worries... i have the money on hand ready to pay it...

[hmgROCK]

hmgrock - do you have a mortgage? Car loan? Tuition? If I lived with family and didn't own a home, took the bus or rode a bike and didn't go to college, I'd prob be in your situation right about now, but I own a home, cars and received my masters, I've got debt, but great debt. I'm on top of payments and still am able to live comfortably.

I guess not having debt is good, but I don't mind my debt.

no
my house is already paid for
i got lucky
during the 2008 housing crisis
the house were dirt cheap
im talking like 30-40k for a nice 3 bedroom
plus i forgot
but i got that first time home buying credit where they paid you up to $8000

[hmgROCK]

@ special_k... hmgrock asked specifically about credit card debt... i agree with you though... debt motivates many of us to work hard for the things we have...

btw, i have about 5.4k in credit card debt that i owe on the 16th of this month... no worries... i have the money on hand ready to pay it...

i have financial background
my advice to you is to look at it from a different point of view

for example:

Samsung tv $1000
goes on sell for $600

and you went out and buy it
did you save $400??

no, you spent $600
you didn't save anything

[flint-rod]

i have financial background
my advice to you is to look at it from a different point of view

for example:

Samsung tv $1000
goes on sell for $600

and you went out and buy it
did you save $400??

no, you spent $600
you didn't save anything

agreed... i only charge my credit card for the cash back rewards... i currently have over 600 dollards in cash back rewards...

[hmgROCK]

agreed... i only charge my credit card for the cash back rewards... i currently have over 600 dollards in cash back rewards...

$5k+
is a lot espcially in a month

i think you are doing something wrong
if you break down the number for you
i can help you out a little if you want

[flint-rod]

$5k+
is a lot espcially in a month

i think you are doing something wrong
if you break down the number for you
i can help you out a little if you want

i don't charge 5.4k on a consistent basis... this is a one time deal kind of charge...

[hmgROCK]

i don't charge 5.4k on a consistent basis... this is a one time deal kind of charge...

Than Roth IRA for you
Unless you are making six figures
You’re welcome

[flint-rod]

Than Roth IRA for you
Unless you are making six figures
You’re welcome

the s/o and i gross over 200k last yr combined... filed jointly... we ended up paying federal and state back... total 8k... i teach so i don't make a whole lot... she on the other hand... makes 4 times what i make... any suggestions...?

[hmgROCK]

the s/o and i gross over 200k last yr combined... filed jointly... we ended up paying federal and state back... total 8k... i teach so i don't make a whole lot... she on the other hand... makes 4 times what i make... any suggestions...?

You two make too much to qualify for a Roth IRA
You can do a backdoor ROTH IRA if you want.

Since you are a high incomer
I suggest you max out your 401k
That’s a whopper $18k
You will need to go to Human Resources and increase your 401k percentage like 18% till you max it out

[Special_K]

Flint - my bad LOL! Read it wrong. Thanks,

Hmg - are you a financial advisor? I'm meeting with our deferred comp Friday and I want to go aggressive, what or how much should I put in if I want to retire at 60. Currently we are matched $35.00. I put in $75.00 = $110.00 per paycheck, monthly 220.00 Thoughts suggestions? Roth I put in $10.00, but I was told I should put in more to my roth acct, tax now so if I touch it later no tax penalty. ??

[hmgROCK]

Flint - my bad LOL! Read it wrong. Thanks,

Hmg - are you a financial advisor? I'm meeting with our deferred comp Friday and I want to go aggressive, what or how much should I put in if I want to retire at 60. Currently we are matched $35.00. I put in $75.00 = $110.00 per paycheck, monthly 220.00 Thoughts suggestions? Roth I put in $10.00, but I was told I should put in more to my roth acct, tax now so if I touch it later no tax penalty. ??

My company match 100%, only up to 6%
So I put 6% in the 401k and the rest in my Roth
That’s a 100% rate of return
Crazyyyy

Look like your company is only doing 50% of your contribution
Still good
Match up to the percentage and put it in a Roth

Roth had an income limit
If you make 6 figures it don’t work

If you want to be aggressive
I suggest 100% stock
Again, we don’t buy single stock
We buy the whole market


You can do like 3 fund portfolio in your Roth

1. Total US market 60%
2. Total international market 30%
3. Total bond 10%

[hmgROCK]

401k money is not tax
You work it goes in
When you retire and take out
It get tax

Roth IRA
Get your paycheck net income in your bank
Already tax
Uncle Sam already took his share
You put that into the Roth IRA and get tax free money when you retired



Roth is good for poor people
Because our rate is almost Zero
We get almost all it back when we do taxes
Better to pay tax now than later

[SummerBerry]

@ special_k... hmgrock asked specifically about credit card debt... i agree with you though... debt motivates many of us to work hard for the things we have...

btw, i have about 5.4k in credit card debt that i owe on the 16th of this month... no worries... i have the money on hand ready to pay it...

Does that mean you already paid 10k? I remember your upcoming vacation to Disney World was 15k.