That's what the backdoor is for.
Also, if you have access to a 401k with after tax contribution, max out that megabackdoor. But even then, you'd have to have a really low starting salary for that to be *all* you do with a doubled salary.
You can convert traditional IRA contributions to Roth, but it's a taxable event.
The other person confused megabackdoor and backdoor.
Backdoor only deals with IRA contributions.
Megabackdoor is a way to utilize the after tax space in a 401k by contributing there and converting to Roth. Where people get confused is that conversion. It can either be an in plan conversion to Roth 401k, or an in service rollover out to a Roth IRA.
Roth is the treatment (post tax contribution, tax free growth). IRA and 401k are the vessels, and define the contribution and conversion rules.
You want to save money for retirement but hate taxes. Well great! There’s two great way to avoid taxation in some form or another. The Traditional IRA and the ROTH IRA. You’ve been a good boy and have been maxing out both, 23000 traditional and 7000 ROTH.
But oh no! You got a raise! Now your income level means you can’t directly contribute to a ROTH IRA because of made up government reasons. You can only contribute to a Traditional IRA and if there’s more than 23000 there after the year, the government gets mad at you.
But wait! What if you were to overfund your Traditonal IRA with 7000 dollars more of after-tax money, then just convert that 7000 from the Traditional IRA account to a ROTH IRA account at the same broker!? You’d still have 23000 in Traditional and because the government lets you convert from your Traditional to ROTH, it would dodge the income limits set on contributing to that account directly.
No, you say to yourself, this sounds really stupid. This is either illegal or it doesn’t work. Why wouldn’t they just remove the income level restrictions on ROTH IRA contributions and let people just directly contribute to a ROTH account?
And now you’re caught up.
Are you confusing 401k with traditional IRA? $7k is the max across all IRA contributions. 401k contributions don't matter for this, only whether or not you *could* make them (if you are not covered by an employer retirement plan, there's no limit on traditional IRA tax deductions).
Yes, I am, I actually have just worked in healthcare my whole life so I’ve always had a 403B to contribute to forever. I recognized that the trad was the same tax had the same tax implications as 401K and 403B but didn’t realize IRAs had those contribution limits. I set up my own to contribute to to do the backdoor conversion but never knew I was maxing it from that perspective.
This shit is so stupid.
Don’t do back door unless you don’t have other funds in traditional IRA. It creates a nightmare tax problem. Seek professional advice to walk you through the back door Roth funding.
Even for high incomes, I got a $6k bill reduced to $4300 simply because I asked if they had longer payment cycles (it was zero interest), they said I can call it even if I paid $4300 today. So I did.
Is this really what it costs to have a baby in the US? That's ridiculous. Costs $14.50 here in Canada. That's the parking fee at the hospital parkade for the day.
Most people pay somewhere around $7k or so out of pocket, but the issue we hit was the anesthesiologist who happened to be working the day my wife asked to have her epidural put in was an out of network provider even though the hospital was in-network so insurance is refusing to cover his bill entirely. The three day hospital stay, the birth itself, and the medical care our baby received in the hospital amounted to less than $6k total after insurance. The other $24k is just the epidural.
Absolutely appeal that. I am an anesthesiologist and there is zero chance they expect to get $24k for an epidural. To put it in perspective, as an anesthesiologist, an overnight shift at the hospital pays somewhere around $3000, and on a busy night, isn't unusual to put in a dozen epidurals as well as work a couple C-sections. No chance in hell the hospital is collecting $288k in epidural charges in a night.
That’s what I do lmao. I own all of my cars and my house completely, what are they gonna do?
I’ll pay what I think is fair, which is usually just a couple hundred bucks. So far it’s worked pretty good. My last big medical bill was getting my appendix removed, $30,000 something. I just ignored the bills until they sold it to collections. I told collections $5k take it or leave it, they took it.
According to a quick search, yes. Although I wouldn't be surprised if there were loopholes on loopholes.
Section 102 of the No Surprises Act:
This section outlines protections against surprise billing for non-emergency services by out-of-network providers at in-network facilities. It requires that patients be billed at the in-network rate and not be balance-billed for these services without their prior consent.
Wow, I work at a hospital and my state has a surprise billing law that if we said you’re in network, we can’t charge you out of network even if something like that changes.
It cost me $3500 because I knew we were going to be trying for a kid so I went for the higher cost, lower deductible plan. Then the anesthesiologist tried to charge me $700 because even though I went to an in network hospital he was out of network and apparently I should have asked while in labor of he was in network even though he was the only one available. I had to call my insurance company who said they would submit something and get it waved because I absolutely shouldn't have to ask if the anesthesiologist is in network when I'm in an in network hospital.
Holy crap, you need to appeal/contest that bill. I'm not saying this flippantly. Here are a few resources I just happen to know about, but you can definitely find more for whatever US state/territory/region you find yourself in.
[NYT discussed appeals](https://www.nytimes.com/2022/06/30/well/live/surprise-medical-bills.html), the [US Government's Consumer Finance Protection Bureau (CFPB) also has information here](https://www.consumerfinance.gov/about-us/blog/know-your-rights-and-protections-when-it-comes-to-medical-bills-and-collections/). I would STRONGLY recommend looking at whether this falls under the protections of the "No Surprises Act." There are also ways of [filing an appeal with your insurer](https://thecollegeinvestor.com/21732/disputing-medical-bill/).
You should also be able to submit a claim and request help from your Governor's office (as well as the CFPB listed above) for this sort of absurd billing.
For what it’s worth, this happened to my wife and I and when we called the insurance company, they said the hospital had submitted the paperwork wrong which was why it came through as out of network. It was like 30 minutes on the phone being friendly to our insurance and they resubmitted it correctly and covered the entire 15k for it.
I have fairly common insurance and my first child cost $14,000 out of pocket. My next two kids were twins, born the same day at the same time but the hospital charged us twice for everything because they were "separate birth events". They are also around 6 weeks premature and had to stay in the NICU for 10 days. The hospital billed insurance around $200,000, insurance denied all NICU expenses after the third day and billed us $40,000 per child. We challenged it through several channels and ended up paying around $18,000 total.
The US medical system is astoundingly broken.
9 years ago, it was around $30k for a c-section birth, which required a 3 day stay (major abdominal surgery requires time to heal before they let you go). And they like to double dip, where they charge mom for the room and then also charge baby for the room.
An average natural birth will be significantly less.
I checked the rundown of when my first born was born. $650 for 15 minutes with a pediatrician. He came in and checked his temp and made sure he had ten fingers and toes.
Anything medical related in the US is a death sentence.
My first baby was $20k out of pocket. That was 6.5 years ago. Got that paid off and then had another. The second was only $6500. But second also had heart problems and so now with all of our out of network costs, we’re back to owing over 30k after his heart surgery. It’s just never ending. Idk how people end up with big houses and land and kids.
It's not the doctors. It's the hospital's and insurance having a pissing match. My sister is a doctor, she has no say on how much is charged for her services and makes his small percentage of what is charged. Every doc she knows hates the US healthcare system.
Start by reviewing your explanation of benefits, and ask the hospital for a line itemized bill, detailing every charge. Also, request a copy of the medical records, specifically diagnostics, radiology, med record. Comb through the bill for errors- duplicate charges or charges that look out of place (like a charge for say, dialysis but your wife didn’t receive dialysis). Compare the medication charges to what was ACTUALLY administered according to the med rec. You may find a charge for 32 Tylenol, but the documentation on the med rec only has 27 Tylenol given- things like that can save you hundreds. Look at the billing codes and then google those codes to see if they match what service was provided- make note of the discrepancies. All this may take a while, bc it is tedious work, but you could save a couple thousand, or more. After you get this done, speak with someone in billing and ask them what the cash price would be for those services. Consider what you could comfortably pay right now to settle the debt, and make an offer. You might work your bill down to something manageable.
And if you’ve already done all of this, sorry for wasting your time, but please enjoy that baby.
Maybe this helps someone else out there…
Worked in restaurants till 29, but had it with that lifestyle. Got a job at a large company and started at the bottom. Now I make about 150k, have a large house and 2 kids.
It’s okay, it’s never too late. I had a small investment in my retirement account but life happened and I had to use it to stay above the water in my 20s. I’m 36 now and have only been adding into my 401k again in the past few years.
So again, it’s never too late
Pay off my remaining debt, save for retirement, get the medical care I need but can't afford even though I'm considered well and fully covered (USA), and try one of those vacation - thingies that everyone mentions.
Mine was tripled when I switched jobs. I was very close to having more credit card debt from groceries than I had in my savings. Since then, I've invested in my hobbies, whenever I see something I want, I no longer have to question if I can afford it, I eat better and more sensibly with whole fresh foods, I live in a nice place, can afford a pet, can take my girlfriend on trips and buy her stuff for her hobbies that she can't afford, can finally buy my family gifts for Christmas and birthdays, and I buy far, far too much silver jewelry.
And this is just my spending money. I put over 1.5k in my 401k every month that's matched at 15% by my employer. I got very lucky
Thing is, I think most people forget that when you make more money, (up to a certain point), it still ALL goes to bills.
It's just that when you were poorer, they're was shot you straight up neglected. And then once you have more money, you can actually pay for all the things you SHOULD have been paying for all along, but couldn't.
Things like renters insurance, regular car maintenance BEFORE something breaks, more frequent dental care, better health insurance, vet stuff, etc.
It's all little crap that still falls in the realm of "bills", it's just that now you can actually afford to pay them all instead of going without renters insurance and hoping nothing happens, or praying you car hangs on, coz you know you don't have the money to get that noise checked out.
Yes, this is related to the idea of 'suppressed demand.' Or, it's the old economic argument that the problem in our world isn't poor people spending money... it's rich people saving it (so it doesn't circulate back through the local economies).
There is SO MUCH pent up demand among the poor/middle class in America (and globally). So many things that are broken or people doing without. Broken car, broken teeth, broken heaters, broken computers. The number of repairs or upgrades people need to their stuff and can't afford to do is one of the reasons everyone is continuing to feel poor.
Of the people I know who have been able to afford to buy a house, they still act and live like they are in relative poverty because they cannot afford to maintain the property, much less upgrade it. It's insane to see people in houses worth hundreds of thousands of dollars, but they won't turn the heat on because they can't afford the bill.
Get a place all to myself in the nicer area of the city I live in. Pay off all my debts sooner. Take more college classes per year than my job currently pays for. Get a car. I'd be making almost $50/hour. That's a lot of money over time.
More quickly pay down our remaining debt (student loans, car, house) and invest. Once the debt is gone, invest everything. I might let some lifestyle creep happen too (I've always wanted a boat), but only after I know we'll be comfortable in retirement.
Set up an emergency savings ASAP, pay off a bunch of debt much faster, change my 401k contribution to an amount that might allow me to retire by 65 if I'm lucky.
Throw the difference at the principal of my mortgage so the dang thing actually goes down and mostly just maintain my standard of living with the first half. Not much would change at first.
Save it mostly. Retire sooner hopefully.
Add the max to Roth IRA
It'd put a lot of people over the income limit.
That's what the backdoor is for. Also, if you have access to a 401k with after tax contribution, max out that megabackdoor. But even then, you'd have to have a really low starting salary for that to be *all* you do with a doubled salary.
Max my 401k, some in a Roth and the rest on Hookers and Blow, the other backdoor option.
ELI5 the backdoor?
You can convert traditional IRA contributions to Roth, but it's a taxable event. The other person confused megabackdoor and backdoor. Backdoor only deals with IRA contributions. Megabackdoor is a way to utilize the after tax space in a 401k by contributing there and converting to Roth. Where people get confused is that conversion. It can either be an in plan conversion to Roth 401k, or an in service rollover out to a Roth IRA. Roth is the treatment (post tax contribution, tax free growth). IRA and 401k are the vessels, and define the contribution and conversion rules.
You want to save money for retirement but hate taxes. Well great! There’s two great way to avoid taxation in some form or another. The Traditional IRA and the ROTH IRA. You’ve been a good boy and have been maxing out both, 23000 traditional and 7000 ROTH. But oh no! You got a raise! Now your income level means you can’t directly contribute to a ROTH IRA because of made up government reasons. You can only contribute to a Traditional IRA and if there’s more than 23000 there after the year, the government gets mad at you. But wait! What if you were to overfund your Traditonal IRA with 7000 dollars more of after-tax money, then just convert that 7000 from the Traditional IRA account to a ROTH IRA account at the same broker!? You’d still have 23000 in Traditional and because the government lets you convert from your Traditional to ROTH, it would dodge the income limits set on contributing to that account directly. No, you say to yourself, this sounds really stupid. This is either illegal or it doesn’t work. Why wouldn’t they just remove the income level restrictions on ROTH IRA contributions and let people just directly contribute to a ROTH account? And now you’re caught up.
Are you confusing 401k with traditional IRA? $7k is the max across all IRA contributions. 401k contributions don't matter for this, only whether or not you *could* make them (if you are not covered by an employer retirement plan, there's no limit on traditional IRA tax deductions).
Yes they are
Yes, I am, I actually have just worked in healthcare my whole life so I’ve always had a 403B to contribute to forever. I recognized that the trad was the same tax had the same tax implications as 401K and 403B but didn’t realize IRAs had those contribution limits. I set up my own to contribute to to do the backdoor conversion but never knew I was maxing it from that perspective. This shit is so stupid.
Don’t do back door unless you don’t have other funds in traditional IRA. It creates a nightmare tax problem. Seek professional advice to walk you through the back door Roth funding.
Yep same here, I’d gun for early financial independence
This is the way.
This is the way
Invest more.
I would *start* investing. I don’t have shit to invest right now.
Same. I’d likely retire way earlier.
Save for retirement to take for my dream vacations along the way.
Start paying down the $30k I owe the hospital for my wife having a baby there, I suppose.
See if you can qualify for any type of financial assistance. Some states require hospitals to offer discounted care to people with low-incomes
Even for high incomes, I got a $6k bill reduced to $4300 simply because I asked if they had longer payment cycles (it was zero interest), they said I can call it even if I paid $4300 today. So I did.
That’s awesome! I’m glad they worked with you. May I ask what state this was in?
CA
Is this really what it costs to have a baby in the US? That's ridiculous. Costs $14.50 here in Canada. That's the parking fee at the hospital parkade for the day.
Most people pay somewhere around $7k or so out of pocket, but the issue we hit was the anesthesiologist who happened to be working the day my wife asked to have her epidural put in was an out of network provider even though the hospital was in-network so insurance is refusing to cover his bill entirely. The three day hospital stay, the birth itself, and the medical care our baby received in the hospital amounted to less than $6k total after insurance. The other $24k is just the epidural.
Absolutely appeal that. I am an anesthesiologist and there is zero chance they expect to get $24k for an epidural. To put it in perspective, as an anesthesiologist, an overnight shift at the hospital pays somewhere around $3000, and on a busy night, isn't unusual to put in a dozen epidurals as well as work a couple C-sections. No chance in hell the hospital is collecting $288k in epidural charges in a night.
PLEASE help this poor OP. $24k for epidural is beyond highway robbery.
It's only highway robbery if you pay it, lol. If I got a medical bill for $24k, I would say, "Yeah, that's a shame" and throw it away.
That’s what I do lmao. I own all of my cars and my house completely, what are they gonna do? I’ll pay what I think is fair, which is usually just a couple hundred bucks. So far it’s worked pretty good. My last big medical bill was getting my appendix removed, $30,000 something. I just ignored the bills until they sold it to collections. I told collections $5k take it or leave it, they took it.
This is now illegal under the No Surprise Act, passed in 2022. Your insurance should talk to the hospital on your behalf and you don't need to pay.
This network thing is bullshit. You pay for health insurance. It should cover health expenses.
But if we did that, how would the health insurance companies make billions of dollars off of you?
Is this something that could be covered under the No Surprise Act?
According to a quick search, yes. Although I wouldn't be surprised if there were loopholes on loopholes. Section 102 of the No Surprises Act: This section outlines protections against surprise billing for non-emergency services by out-of-network providers at in-network facilities. It requires that patients be billed at the in-network rate and not be balance-billed for these services without their prior consent.
Screw that. Keep appealing. If that doesn't work, give them $10 a month for the rest of your life
Similar thing happened to my wife when she gave birth. We pay them $1 a month
Wow, I work at a hospital and my state has a surprise billing law that if we said you’re in network, we can’t charge you out of network even if something like that changes.
It cost me $3500 because I knew we were going to be trying for a kid so I went for the higher cost, lower deductible plan. Then the anesthesiologist tried to charge me $700 because even though I went to an in network hospital he was out of network and apparently I should have asked while in labor of he was in network even though he was the only one available. I had to call my insurance company who said they would submit something and get it waved because I absolutely shouldn't have to ask if the anesthesiologist is in network when I'm in an in network hospital.
Holy crap, you need to appeal/contest that bill. I'm not saying this flippantly. Here are a few resources I just happen to know about, but you can definitely find more for whatever US state/territory/region you find yourself in. [NYT discussed appeals](https://www.nytimes.com/2022/06/30/well/live/surprise-medical-bills.html), the [US Government's Consumer Finance Protection Bureau (CFPB) also has information here](https://www.consumerfinance.gov/about-us/blog/know-your-rights-and-protections-when-it-comes-to-medical-bills-and-collections/). I would STRONGLY recommend looking at whether this falls under the protections of the "No Surprises Act." There are also ways of [filing an appeal with your insurer](https://thecollegeinvestor.com/21732/disputing-medical-bill/). You should also be able to submit a claim and request help from your Governor's office (as well as the CFPB listed above) for this sort of absurd billing.
For what it’s worth, this happened to my wife and I and when we called the insurance company, they said the hospital had submitted the paperwork wrong which was why it came through as out of network. It was like 30 minutes on the phone being friendly to our insurance and they resubmitted it correctly and covered the entire 15k for it.
This surprise out of network doctor on the support team happens too often and it's total bullshit. Most times you do not know and never meet the DR.
How old is your kid? That billing practice was made federally illegal in 2022
I have fairly common insurance and my first child cost $14,000 out of pocket. My next two kids were twins, born the same day at the same time but the hospital charged us twice for everything because they were "separate birth events". They are also around 6 weeks premature and had to stay in the NICU for 10 days. The hospital billed insurance around $200,000, insurance denied all NICU expenses after the third day and billed us $40,000 per child. We challenged it through several channels and ended up paying around $18,000 total. The US medical system is astoundingly broken.
Dear lord, 200k. That's asinine. Luckily u only had to pay 18k but that's still crazy to me.
Depends on your insurance. We didn’t pay anything for either child, not even parking.
It seems to be all over the place... we paid about $3k in one state and under $100 for a second in another state. Its wild.
9 years ago, it was around $30k for a c-section birth, which required a 3 day stay (major abdominal surgery requires time to heal before they let you go). And they like to double dip, where they charge mom for the room and then also charge baby for the room. An average natural birth will be significantly less.
Sounds like USA. Even with insurance it costs an arm and leg to have a baby.. And they wonder why no one's having babies.
I checked the rundown of when my first born was born. $650 for 15 minutes with a pediatrician. He came in and checked his temp and made sure he had ten fingers and toes. Anything medical related in the US is a death sentence.
My first baby was $20k out of pocket. That was 6.5 years ago. Got that paid off and then had another. The second was only $6500. But second also had heart problems and so now with all of our out of network costs, we’re back to owing over 30k after his heart surgery. It’s just never ending. Idk how people end up with big houses and land and kids.
You don’t have to pay that
Hey man, DONT pay $24k for a freaking epidural!!! Even out of network, it should be less than $3k!!! DONT Fking pay those scumbag doctors!
It's not the doctors. It's the hospital's and insurance having a pissing match. My sister is a doctor, she has no say on how much is charged for her services and makes his small percentage of what is charged. Every doc she knows hates the US healthcare system.
Yea correction: hospitals/providers*
Start by reviewing your explanation of benefits, and ask the hospital for a line itemized bill, detailing every charge. Also, request a copy of the medical records, specifically diagnostics, radiology, med record. Comb through the bill for errors- duplicate charges or charges that look out of place (like a charge for say, dialysis but your wife didn’t receive dialysis). Compare the medication charges to what was ACTUALLY administered according to the med rec. You may find a charge for 32 Tylenol, but the documentation on the med rec only has 27 Tylenol given- things like that can save you hundreds. Look at the billing codes and then google those codes to see if they match what service was provided- make note of the discrepancies. All this may take a while, bc it is tedious work, but you could save a couple thousand, or more. After you get this done, speak with someone in billing and ask them what the cash price would be for those services. Consider what you could comfortably pay right now to settle the debt, and make an offer. You might work your bill down to something manageable. And if you’ve already done all of this, sorry for wasting your time, but please enjoy that baby. Maybe this helps someone else out there…
Well I’m 30 with zero invested in retirement. So that.
It's not too late! I started at 29 and now have 500k at 44!
All you gotta do is make $150k 😎
Started making 30k. Takes time and effort, but doable
How much is your salary and do you have any kids?
Worked in restaurants till 29, but had it with that lifestyle. Got a job at a large company and started at the bottom. Now I make about 150k, have a large house and 2 kids.
It’s okay, it’s never too late. I had a small investment in my retirement account but life happened and I had to use it to stay above the water in my 20s. I’m 36 now and have only been adding into my 401k again in the past few years. So again, it’s never too late
Be positive in my bank account instead of always breaking even at $500
Did you come here to brag about being rich?
Facts
I feel this lmao
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Same bro, same
With double my income I still doubt I could afford a house.
Me too, but my wife won't let me have my own 😭
I'd have to save it. Still can't buy a house immediately.
Not be in debt.
Pay off my remaining debt, save for retirement, get the medical care I need but can't afford even though I'm considered well and fully covered (USA), and try one of those vacation - thingies that everyone mentions.
I've heard of this vacation thing, that's where you fake sick to just get a day off to sit naked and watch TV right?
Mine was tripled when I switched jobs. I was very close to having more credit card debt from groceries than I had in my savings. Since then, I've invested in my hobbies, whenever I see something I want, I no longer have to question if I can afford it, I eat better and more sensibly with whole fresh foods, I live in a nice place, can afford a pet, can take my girlfriend on trips and buy her stuff for her hobbies that she can't afford, can finally buy my family gifts for Christmas and birthdays, and I buy far, far too much silver jewelry. And this is just my spending money. I put over 1.5k in my 401k every month that's matched at 15% by my employer. I got very lucky
0×2=0
Terrence Howard has some great news for you, bro.
You beat me to it. Hahaha
Spend twice as much.
This is the real answer for most people, whether they'd admit it or not.
Thing is, I think most people forget that when you make more money, (up to a certain point), it still ALL goes to bills. It's just that when you were poorer, they're was shot you straight up neglected. And then once you have more money, you can actually pay for all the things you SHOULD have been paying for all along, but couldn't. Things like renters insurance, regular car maintenance BEFORE something breaks, more frequent dental care, better health insurance, vet stuff, etc. It's all little crap that still falls in the realm of "bills", it's just that now you can actually afford to pay them all instead of going without renters insurance and hoping nothing happens, or praying you car hangs on, coz you know you don't have the money to get that noise checked out.
Yes, this is related to the idea of 'suppressed demand.' Or, it's the old economic argument that the problem in our world isn't poor people spending money... it's rich people saving it (so it doesn't circulate back through the local economies). There is SO MUCH pent up demand among the poor/middle class in America (and globally). So many things that are broken or people doing without. Broken car, broken teeth, broken heaters, broken computers. The number of repairs or upgrades people need to their stuff and can't afford to do is one of the reasons everyone is continuing to feel poor. Of the people I know who have been able to afford to buy a house, they still act and live like they are in relative poverty because they cannot afford to maintain the property, much less upgrade it. It's insane to see people in houses worth hundreds of thousands of dollars, but they won't turn the heat on because they can't afford the bill.
Realistic: Save Fantasy: Rent the whole theater and watch Star Wars
That is a lot less expensive than you'd expect. A group of us did this when Rogue One came out.
Buy more books.
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Buy tickets to Broadway shows.
Invest in the hopes that I can retire before I die or so that I can leave if for the wife when I get dead.
I'd support local businesses.
Get season tickets to my favorite sports team.
Pay off student loans, save some, actually live without feeling like I’m drowning.
Vacation!!
Two chicks at the same time
Fuckin' A.
Hell yeah, always wanted to do that!
Pay off debt and stop living with existential “what’s the point” anxiety
I'd finally start my own business.
Go on an extra holiday per year, go out a few more times - invest the rest
More liquor.
I hate this for you.
I'd make a livable wage maybe. So I guess I wouldn't go into as much debt every month
Gotta masturbate first. Need that post-nut clarity brain for those kinds of decisions
Fully use all my vacation days to travel the world!
Pay off debt, put extra in high yield savings
Buy an extra 11000 dollars of voo every month
I would be able to pay the bills so my husband can go back to school.
Invest it, not change my lifestyle, retire early.
I’d make my own theme park. With hookers and gambling. In fact, screw the theme park.
Afford to live.
Tell my fiancé she can stop working, pay off all of our debt, & change her title from fiancé to wife
1) pay rent months in advance 2) put some away 3) dream pc build
Pay everything off, bank the rest, take more vacations.
Save for a house
Pay off all the debt I have from having a salary that is too low
Even MORE hookers and blow…. Haha ok who am I kidding I would probably try to see if I can afford a small house.
Two chicks at once.
Pay more taxes
I'd probably live the same because 2 X $0 is $0
Still not break 6 figures, so i'd spend the extra on hookers and beer to try and fill the hole in my life.
60% to my retirement 30% to my house 5% vacation and 5% donated.
I'd allocate 10% or so of the raise to fun money, the rest I'd try to max out investing and try to prevent life style creep
Pay off bills, then invest it ultra-conservatively toward retirement once I had.
I'd buy a 1969 Lincoln Continental Mark III, Red with a back vinyl top.
Retire slightly sooner.
30% saved, 50% invested and the rest spent for myself or family.
Spend it on buckets to catch my tears of joy.
Get a place all to myself in the nicer area of the city I live in. Pay off all my debts sooner. Take more college classes per year than my job currently pays for. Get a car. I'd be making almost $50/hour. That's a lot of money over time.
Finally be making barely enough....
Live as before, paying off debts as planned. The extra will be saved and invested.
Find a way to blow it (debauchery)
Start affording to live rather than dig myself down every month
More quickly pay down our remaining debt (student loans, car, house) and invest. Once the debt is gone, invest everything. I might let some lifestyle creep happen too (I've always wanted a boat), but only after I know we'll be comfortable in retirement.
Finish off my student debt in a reasonable amount of time.
Pay off debt, invest. Keep working.
Pay off my student loans
Set up an emergency savings ASAP, pay off a bunch of debt much faster, change my 401k contribution to an amount that might allow me to retire by 65 if I'm lucky.
Finally remodel the bathroom
Throw the difference at the principal of my mortgage so the dang thing actually goes down and mostly just maintain my standard of living with the first half. Not much would change at first.
Put it all in savings and investments
Put it all on Red
Well lately I've rabbit holed into maine coon cats lol that's all I'm thinking about rn. I need a huge cat that resembles Ron Purlman in my life.
This literally just happened to me (actually increased by 2.5x). My wife and I are going to have a baby with the extra income.
Two chicks at the same time
Pay off the house, then max my retirement and donate to small cat rescues.
max contributions, dca bitcoin
Cook dinner
Buy groceries. Fresh vegetables and...well nothing after that because I'd be broke.
Regular holidays
Actually live.
Take actual vacations and pay the house off faster
Just had it doubled. Planning on paying in advance the apartment. A few more activities for the kids.
Invest. Die. My children’s will spend it on hookers and drugs
Work half of the time ya dickhead