$4700 monthly income

[Greg S]

Down here in Coral Springs (S.FL) a 3-2, 1500sqft (a/c) is going for around 575k, property taxes @ 20k/year. Conversion Condo's (3-2) are beween 200k and 250k & 8k for prop tax.

Damn, that's one thing I'm glad of with home prices in California. Paid $380,000 for the current house, now worth $630,000 after two years but my property tax is based on the purchase price and only $4600 a year. If I had to pay 20k I'd be pissed.

poboxjosh:

Max out on 401K is actually $14,000 this year and $15,000 next year, so just make sure you do not go over that, you can do 40% as long as it doesn't pass the dollar amount. Make sure that you are maxing out a Roth IRA before you max your 401K as that leave the money available to you in case of an emergency and the principle is not taxable when you withdraw it since you already paid taxes on it before putting it away.


DeanSweet:

Tha market is not risky as long as you only invest in stocks that you know somethiing about the business, or fully research it before hand. Investing in stuff that you know nothing about on the other hand is just plain stupid and something that I never do. I average a 20% return each year working this way, but I am very careful and it is only done with the play money in my Traditional IRA, not my main accounts, those are in mutual funds which have a greater long term stability. You also have to make the time to stay on top of it. Fortunately I have spare time at work to keep track of my investments and move money as need be online.

 

[BacDoc]

I drive a Legacy GT. Soon a trade in of the wife's Honda Passport for a Treailblazer SS. I make more than double that.

 

[Amarek]

After reading everyones posts and money woes I can only hope that my simple advice will not go unheard. I have lived with this motto my entire life (31) and it has never failed or let me down.

Simply put the magic of COMPOUND interest. Make it work for you and not against you.

This will work for someone in Canada the States or a tribesmen in Uganda. A simple tool is called LADDER investing. By using bonds or GIC's or whatever you have that will give you a return higher then inflation. Invest anything you can bi-weekly, monthly whatever and whenever. every year buy with a maturity date in 5 years. So in 5 years your first bond matures, take all of the money PLUS your COMPOUND interest and get another 5 year bond.

Now this is a very simple, SAFE and easy tool for the first time investor to understand the power of money. I started when I was very young(13) and now have over $130 000 in bonds and GICs. At times it was only $50 month and sometimes $500/month.

Now for the naysayers. I am not saying this is the best and only and obviously not the quickest way but IT WORKS. Sorry for making you read so much!

 

[dbzeag]

I make the low end of that before taxes. I am currently paying for my Protege 2001 ($267 a month), insurance ($95 a month), rent ($470 a month), school loans ($290 a month), 401K (10% of income), cell phone ($60 a month).

I am paying for food as well, but that's about $200 a week or so. Also I am saving about $100 a month in a savings account. $50K a year doesn't go very far.

PS - I also forgot what is averaging out to be $250 a month in car maintainance (30K mile stuff, oil changes, gas, the like).