Current Events > got promoted, another 10k raise

(+) Yeah! (+)

climbing that ladder boyz

Congrats man. Can you spot me 2k. I promise I won't use it on drugs
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Lost_All_Senses posted...

Congrats man. Can you spot me 2k. I promise I won't use it on drugs

i have 71 cents in my bank account

Lost_All_Senses posted...

Congrats man. Can you spot me 2k. I promise I won't use it on drugs

FrenchCrunch posted...

Lost_All_Senses posted...

Congrats man. Can you spot me 2k. I promise I won't use it on drugs

i have 71 cents in my bank account

Ugh, I guess Ill make due with that. But you owe me one
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Lost_All_Senses posted...

FrenchCrunch posted...

Lost_All_Senses posted...

Congrats man. Can you spot me 2k. I promise I won't use it on drugs

i have 71 cents in my bank account

Ugh, I guess Ill make due with that. But you owe me one

that was funny, thanks

Yo man, can I hold a dollar?
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FrenchCrunch posted...

Lost_All_Senses posted...

FrenchCrunch posted...

Lost_All_Senses posted...

Congrats man. Can you spot me 2k. I promise I won't use it on drugs

i have 71 cents in my bank account

Ugh, I guess Ill make due with that. But you owe me one

that was funny, thanks

:3. But really, You got any plans to do something you couldn't afford prior?
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Lost_All_Senses posted...

:3. But really, You got any plans to do something you couldn't afford prior?

pay bills on time instead of a month behind

eat more than ramen once a day

FrenchCrunch posted...

Lost_All_Senses posted...

:3. But really, You got any plans to do something you couldn't afford prior?

pay bills on time instead of a month behind

eat more than ramen once a day

Yay, stress relief. Best use of money.
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Promoted from what to what
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REMercsChamp posted...

Promoted from what to what

34k to 44k

FrenchCrunch posted...

REMercsChamp posted...

Promoted from what to what

34k to 44k

I mean what position. A raise is different than a promotion.
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REMercsChamp posted...

FrenchCrunch posted...

REMercsChamp posted...

Promoted from what to what

34k to 44k

I mean what position. A raise is different than a promotion.

right. went from data entry grunt to liability adjuster. insurance.

FrenchCrunch posted...

REMercsChamp posted...

FrenchCrunch posted...

REMercsChamp posted...

Promoted from what to what

34k to 44k

I mean what position. A raise is different than a promotion.

right. went from data entry grunt to liability adjuster. insurance.

Well that's good. Don't want to be a grunt your whole life.
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REMercsChamp posted...

FrenchCrunch posted...

REMercsChamp posted...

FrenchCrunch posted...

REMercsChamp posted...

Promoted from what to what

34k to 44k

I mean what position. A raise is different than a promotion.

right. went from data entry grunt to liability adjuster. insurance.

Well that's good. Don't want to be a grunt your whole life.

id rather be a grunt but that dont pay the bills yaknow?

Awesome
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Grunt= less cash but less stress. I kinda miss having few responsibilities.

When I worked part time I could do whatever I wanted. 25 hours a week and before that I did 20. So much free time.
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Congratulations and good luck!
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gguirao posted...

Congratulations and good luck!

appreciate it. starting on the 26th. gonna have to deal with zero dollars until then but nothing im not used to

I just got a 10K raise too. Pretend like you only got a 5K raise and put the rest straight into retirement accounts. Thank me later (when you're 65)

clearaflagrantj posted...

I just got a 10K raise too. Pretend like you only got a 5K raise and put the rest straight into retirement accounts. Thank me later (when you're 65)

gonna have to use the money to pay the bills/debt

FrenchCrunch posted...

clearaflagrantj posted...

I just got a 10K raise too. Pretend like you only got a 5K raise and put the rest straight into retirement accounts. Thank me later (when you're 65)

gonna have to use the money to pay the bills/debt

How were you getting by before the raise? Were you not capable of living within your means? I saw you mentioned your salary was 34K, was your budget exceeding your income?

clearaflagrantj posted...

How were you getting by before the raise? Were you not capable of living within your means? I saw you mentioned your salary was 34K, was your budget exceeding your income?

student loans went up a lot after i stopped going to school. also my dad kind of fucked me over along with some other personal bullshit i dont want to go into. so yeah, pretty much. i could probably pull out of the current rut if i had to but the raise is going to expedite that greatly

FrenchCrunch posted...

clearaflagrantj posted...

How were you getting by before the raise? Were you not capable of living within your means? I saw you mentioned your salary was 34K, was your budget exceeding your income?

student loans went up a lot after i stopped going to school. also my dad kind of fucked me over along with some other personal bullshit i dont want to go into. so yeah, pretty much. i could probably pull out of the current rut if i had to but the raise is going to expedite that greatly

Happy to hear that, those payments you're making now with the raise you earned are going to go a long fucking way for your future

clearaflagrantj posted...

Happy to hear that, those payments you're making now with the raise you earned are going to go a long fucking way for your future

question for you since youre savvy: do i save or do i pump the money into my debts to get rid of them asap

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....
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Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

FrenchCrunch posted...

Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

You can't look up tax brackets on your own?
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FrenchCrunch posted...

clearaflagrantj posted...

Happy to hear that, those payments you're making now with the raise you earned are going to go a long fucking way for your future

question for you since youre savvy: do i save or do i pump the money into my debts to get rid of them asap

Heirarchy of saving is:

1. Establish Emergency Fund of roughly 2-3 months expenses. That way if you get laid off or some sudden expense like your car breaks down, you have enough money in your bank account to get by without taking on credit card debt

2. Match employer contribution to 401k (i.e. if employer contribution maxes at 5%, match it).

3. Pay off any debts higher than 5% interest (using avalanche method, i.e. highest interest rates first)

4. Max out personal retirement accounts like 401k, tIRA, and HSA

5. Save for other goals, like early retirement, house downpayment, getting ahead on low interest debts, etc.

reddit.com/r/PersonalFinance

reddit.com/r/FinancialIndependence

Both excellent resources

clearaflagrantj posted...

FrenchCrunch posted...

clearaflagrantj posted...

Happy to hear that, those payments you're making now with the raise you earned are going to go a long fucking way for your future

question for you since youre savvy: do i save or do i pump the money into my debts to get rid of them asap

Heirarchy of saving is:

1. Establish Emergency Fund of roughly 2-3 months expenses. That way if you get laid off or some sudden expense like your car breaks down, you have enough money in your bank account to get by without taking on credit card debt

2. Match employer contribution to 401k (i.e. if employer contribution maxes at 5%, match it).

3. Pay off any debts higher than 5% interest (using avalanche method, i.e. highest interest rates first)

4. Max out personal retirement accounts like 401k, tIRA, and HSA

5. Save for other goals, like early retirement, house downpayment, getting ahead on low interest debts, etc.

reddit.com/r/PersonalFinance

reddit.com/r/FinancialIndependence

Both excellent resources

will most of my raise go to taxes meaning i wont really be making much more?

FrenchCrunch posted...

Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

Based on just federal income taxes, you are currently paying $4080 in taxes, with the raise it will go to $5810. So of that $10,000 you will earn $8270 post tax.

This is not including state income tax, or any other considerations like government assistance or any student debt tax write offs. A salary calculator online would be more useful

Congrats
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clearaflagrantj posted...

FrenchCrunch posted...

clearaflagrantj posted...

Happy to hear that, those payments you're making now with the raise you earned are going to go a long fucking way for your future

question for you since youre savvy: do i save or do i pump the money into my debts to get rid of them asap

Heirarchy of saving is:

1. Establish Emergency Fund of roughly 2-3 months expenses. That way if you get laid off or some sudden expense like your car breaks down, you have enough money in your bank account to get by without taking on credit card debt

2. Match employer contribution to 401k (i.e. if employer contribution maxes at 5%, match it).

3. Pay off any debts higher than 5% interest (using avalanche method, i.e. highest interest rates first)

4. Max out personal retirement accounts like 401k, tIRA, and HSA

5. Save for other goals, like early retirement, house downpayment, getting ahead on low interest debts, etc.

reddit.com/r/PersonalFinance

reddit.com/r/FinancialIndependence

Both excellent resources

Sounds like a Primerica thing.
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FrenchCrunch posted...

will most of my raise go to taxes meaning i wont really be making much more?

Like I mentioned in my previous post, you will be seeing a huge increase, the other poster was lying to you.

Marginal tax brackets means that the higher taxes rates only affect a portion of your salary, to break it down into simpler terms:

Tax brackets would be something like money less than 10K isn't taxed, 10-20K is taxed 10%, 20-30K is 30%.

If your salary is 15K, the first 10K is untaxed, the remaining 5K is taxed at 10% so you would pay $500 total.

If you got a raise to 25K, the first 10K is still untaxed, the second 10K is taxed 10% ($1,000), and the last 5K is taxed at 30% ($1,500). So you would pay $2,500 total in taxes. So you pay more in taxes, but you still make more. Tax brackets will never make you earn less.

That above information does not include special circumstances like government assistance though. There's also a lot of fuckery with being married vs filing as a single person, etc.

clearaflagrantj posted...

FrenchCrunch posted...

Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

Based on just federal income taxes, you are currently paying $4080 in taxes, with the raise it will go to $5810. So of that $10,000 you will earn $8270 post tax.

This is not including state income tax, or any other considerations like government assistance or any student debt tax write offs. A salary calculator online would be more useful

i looked up my pay info and entered in everything deducted from my check into a salary calculator. if i did it right i'll be making an extra $620 per month, which is my rent

donkeyjack posted...

Sounds like a Primerica thing

It's literally the furthest possible thing from a MLM/Pyramid scam. Frugality is focused on saving money, eliminating high interest debts, and maxing out retirement accounts so you can retire early. The only two ways to do this are to increase your salary and to decrease spending. The latter is way more powerful than the former. If you can live off half your salary you can retire within 15 years. Living within your means is important.

I'd never advocate a MLM scam, my coworkers tricked me into going to an Amway event and it was the dumbest and strangest two hours of my life

FrenchCrunch posted...

i looked up my pay info and entered in everything deducted from my check into a salary calculator. if i did it right i'll be making an extra $620 per month, which is my rent

Sounds about right if you also pay state income tax.

Congrats. As someone that literally just got the same raise, it takes a shitload of mental fortitude to dissuade yourself from buying more shit. Good luck

clearaflagrantj posted...

FrenchCrunch posted...

i looked up my pay info and entered in everything deducted from my check into a salary calculator. if i did it right i'll be making an extra $620 per month, which is my rent

Sounds about right if you also pay state income tax.

Congrats. As someone that literally just got the same raise, it takes a shitload of mental fortitude to dissuade yourself from buying more shit. Good luck

congrats to you as well. i live in TX so there's no state income tax. I used a TX salary calculator

i know just because i have money for something doesnt mean i can afford it. unfortunately i know im still poor, but setting aside a little of that money and pumping the rest into debts gives me hope. it sounds more appealing than buying new stuff anyway

yeah Ash you and clear are two people i hold in high regard on here. always good to see both your input

FrenchCrunch posted...

yeah Ash you and clear are two people i hold in high regard on here. always good to see both your input

pm them next time?
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oh man that's more than i thought i'd be getting honestly. has me a little excited. gonna get so much weight off my back

while i'm in this frugal mood i think i'll cancel my cable and my hulu subscription

woo

FrenchCrunch posted...

clearaflagrantj posted...

FrenchCrunch posted...

Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

Based on just federal income taxes, you are currently paying $4080 in taxes, with the raise it will go to $5810. So of that $10,000 you will earn $8270 post tax.

This is not including state income tax, or any other considerations like government assistance or any student debt tax write offs. A salary calculator online would be more useful

i looked up my pay info and entered in everything deducted from my check into a salary calculator. if i did it right i'll be making an extra $620 per month, which is my rent

Yes you will be making more money. Dont listen to people who have never had jobs in their lives.

chris1234128 posted...

FrenchCrunch posted...

clearaflagrantj posted...

FrenchCrunch posted...

Renraku_San posted...

You're in a higher tax bracket now, most of the raise will go to taxes.

I wouldn't be too excited....

@clearaflagrantj does it work like this?

Based on just federal income taxes, you are currently paying $4080 in taxes, with the raise it will go to $5810. So of that $10,000 you will earn $8270 post tax.

This is not including state income tax, or any other considerations like government assistance or any student debt tax write offs. A salary calculator online would be more useful

i looked up my pay info and entered in everything deducted from my check into a salary calculator. if i did it right i'll be making an extra $620 per month, which is my rent

Yes you will be making more money. Dont listen to people who have never had jobs in their lives.

Ooooo, nice cheapshot there bro. I actually work at grocery store and do have a job, I got promoted to assistant floor manager, but I didn't feel the need to post a thread here about it.
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Renraku_San posted...

FrenchCrunch posted...

yeah Ash you and clear are two people i hold in high regard on here. always good to see both your input

pm them next time?

I mean this is his topic, I'm just here to answer questions and give my two cents, and I hope what I'm posting helps others as well

Asherlee10 posted...

clearaflagrantj posted...

it takes a shitload of mental fortitude to dissuade yourself from buying more shit.

I just scare myself into planning for emergencies and retirement. Every time I make an expensive purchase I ask myself, "Will I need this money if something bad happens?" and "Is this item worth getting right now when I could just put this towards my retirement?"

I've gotten good about making my present self treat my future self pretty well.

That is the name of the fucking game right there. Frugality is no different than a diet.

Though at times I feel like I needlessly pinch pennies more than I should, and I ask that "is this item worth losing an earlier retirement" question on almost every discretionary expense. It can't be healthy.

Interestingly enough I recently calculated what age I could retire based on when I decided to stop saving money, it's called a "coast" age, i.e. "I am 26 years old, if I save until I'm 35, I will be able to retire when I'm 48." It's obvious that the earlier you save the more important it is, but the impact of saving excessively, especially later in life, is smaller than you think. If I remember correctly if I maxed out my retirement accounts I could retire at 45 by the earliest, that would require saving until 45, but if I saved until just 35-38 or so, I could retire at about 48-50. At a certain point you have to ask yourself if you're willing to defer retirement for a few years if it means allowing yourself to spend more for many more years.

It all comes down to a healthy balance of saving and enjoying life, and financial knowledge of understanding all of this is key.

Renraku_San posted...

Ooooo, nice cheapshot there bro. I actually work at grocery store and do have a job, I got promoted to assistant floor manager, but I didn't feel the need to post a thread here about it.

TC's proud of his promotion and this is a social board, no reason for hostility. Congratulations on your promotion too

clearaflagrantj posted...

That is the name of the fucking game right there. Frugality is no different than a diet.

Though at times I feel like I needlessly pinch pennies more than I should, and I ask that "is this item worth losing an earlier retirement" question on almost every discretionary expense. It can't be healthy.

Interestingly enough I recently calculated what age I could retire based on when I decided to stop saving money, it's called a "coast" age, i.e. "I am 26 years old, if I save until I'm 35, I will be able to retire when I'm 48." It's obvious that the earlier you save the more important it is, but the impact of saving excessively, especially later in life, is smaller than you think. If I remember correctly if I maxed out my retirement accounts I could retire at 45 by the earliest, that would require saving until 45, but if I saved until just 35-38 or so, I could retire at about 48-50. At a certain point you have to ask yourself if you're willing to defer retirement for a few years if it means allowing yourself to spend more for many more years.

It all comes down to a healthy balance of saving and enjoying life, and financial knowledge of understanding all of this is key.

oh man that seems stressful to think about