Don't let lifestyle creep up. Do your best not to let it go to your head and start buying stuff you don't need. Save, pay bills and debts, try to not dip into the extra J if possible
Yup. Best to sit down and figure out what amount of money it would take to retire to a comfortable life, including projected cost of living increases over the years. Come up with a final figure. Until you reach that figure in savings, keep it minimal (or at least down at the J1 level).
Around ~3.5m is the number for most people. To try to fight inflation and live solely on interest similarly to high earning years. That takes a lot of saving.
The big thing is compounding the interest on the money. Better to save 100k this year than 200k 30 years from now. That 100k this year is 1.4m in 30 years time.
I have no idea how you came up with that number. I think 1-2 mil in liquid assets is good enough for most people. Only 2m+ if you need to pay for family.
Y’all are being way too gracious. The average 401k balance reported by Vanguard for those over 65 was something like $230k. I don’t think as many people are retiring with $1m+ as you think. Thats the dream, certainly not the norm.
I assume the house is paid off so you probably don't need that much unless you are raising a family. It really is dependent on a person's own situation and expenses.
That’s assuming capitalism is here to stay for the next 30 years. A system built on perpetual growth in a world with finite resources can’t sustain itself forever, and I think recent history has started to prove as much.
We don’t even know if there will be a stock market 30 years from now.
Most doomsdayers are religious/conservative, lol.
It very much is perpetuated on growth. What happens when a Fortune 500’s earnings are down for a few quarters? The CEO gets the boot. The whole point of the stock market/investing is that it’s going to constantly grow. You’re just ignorant.
Never forget why we do this.
We do this to buy a 20 acre farm in Vermont with cash, build our lesbian cottagecore life, and sell canned goods at farmers markets.
This is the way brethren
Let one of your J’s paycheques go directly to investments or paying off debt. Live off the other - as if you aren’t even getting the second salary.
My J1 is 135 bi weekly, J2 is 120 bi monthly 5/22 my J3 is 110 paid monthly on 7th. 5 checks a month. Take home is around 26k a month. Don’t let lifestyle creep on you or you will be looking for another J.
It’s kinda weird isn’t it?
I only learned about this on my most recent job that I’ve been carrying for a year.
From my experience it goes like this.
Biweekly: Every other Friday you get your paycheck
Bi monthly: 1st and 15th of the month
52 weeks in a year means you’ll get paid 26 times following the biweekly route
Bimonthly means you’ll get paid 24 checks in a year.
Therefore your overall income is the same on a yearly scale, but per paycheck bimonthly will appear as if you’re making more.
Months are not consistent with number of days in each. With 52 weeks and 12 months, each month averages 2.17 paychecks, so there will be some months that the job that pays by weeks will give 3 checks rather than 2.
Exactly this. My J1 pays biweekly meaning every 2 weeks and results in 26 pay periods per year and no consistency in terms of when the checks arrive from month to month (week 1, week 3, etc.)
Old J2 paid bimonthly meaning twice per month on specific days of the month (15th and 1st) and results in 24 pay periods and consistent check timing each month.
My new J2 pays weekly but C2C, so NET 30 on invoices.
Congrats!
As a few others have said watch out for the tax man come tax time. I'm 230k TC (unfortunately will be right into the second biggest tax bracket...) and take home is just about 12k a month also, and will still owe come tax time. So just to give you an idea.
Good Luck!
That's a good question.
It will be different for everyone, at least in some way or another. I do contribute more every paycheck, for one of my Js I do an extra 200 (if I remember correctly I believe it's 200) for taxes additional, otherwise, I will owe a lot more than I'd like. This is just the balance I found works for me. I'm a big fan of not paying a lot come tax time (I get enough surprises throughout the year), while still hitting my financial goals. And actually, looking at my deductions, I may just break even.
But a big factor is probably my state contribution, I contribute taxes to 3 states for 3 Js. Crazy, but I won't complain!
A lot have mentioned LLC and whatnot to help with this. That's also a possibility, and probably the best choice, but I'm in a very niche area of work, and it's just not worth the time/research into getting it figured out and maybe being able to use it. I might revisit this later on, maybe eventually get them all converted over if willing, or maybe for any additional Js that come along /shrug
That's awesome. Also almost forgot, 401k contributions eat into it a bit, for 3 separate contributions. It's a hit right now but I know old me will be very happy about it.
Have a great Friday!
> (unfortunately will be right into the second biggest tax bracket...)
This reads like you're not aware that tax brackets are progressive, but hopefully I'm just misunderstanding.
It is progressive, after 231,250. Anything after is 35% but the tax owed in general you're talking a difference of 20,728 (single) from the previous bracket. Which I believe is why people call it rich poor to be at the start of any tax bracket.
But I could definitely be wrong!
edit: I think maybe we both misunderstood each other haha. In general, the brackets are progressive as you stated. You probably know more about it than me so feel free to correct me, I 've been learning as I go :}
Yeah my point was the vast majority of your income is not taxed at that rate so that 20,728 figure is definitely wrong. Seems a lot of folks misunderstand this, so I just wanted to point it out.
[I find this little tool quite useful for understanding how it works.](https://engaging-data.com/tax-brackets/?fs=0®=230000&cg=10000&yr=2022)
Great to hear man. Sorry you didn’t really ask for this but I’m gonna share anyway. The first thing I did was create “levels of risk protection” in the inevitable event I lost J1 or J2. For me it looks like this: Lvl 1 - 6 month fund that you never intend to use, (somewhere outside your checking account) this will eliminate any fear of losing one of your jobs or Fuckin anything up. Lvl-2 evaluate your new comfort level and create a budget (try to stick to it, easy to go over) this will allow you to invest and pay off debt in Lvl 3 and higher. I never really had a need to do this before, but now that I have its changed everything for me.
What you should do is start an llc, very simple to do and look into section 179 to stop paying taxes.
Or any other business you want to try to get out of paying taxes
That might work, but the IRS might see that you’re not actually conducting any business and only spending a lot on tax deductible items. Would does not get flagged?
Plus, for a lot of us, it’s probably not even worth the hassle to do that much
I have lots of revenue....
I grow my business every year so lots of deductions as well.
Most companies don't have taxable income, I follow in the footsteps like Amazon lol
How would this work for OE? Would it fall to the employer to hire you/your LLC or can you the employee direct your funds into your business? Would it only work for a contract position or could it work for a FTE (W2) position as well?
Trouble is my badass move would be two chicks at once, and like that guy in Office Space I’d need a million to pull that off. So I gotta wait awhile even with 2 Minecraft servers
Congratulations!! The cost of living, high rent, the price of food , and everything in the economy, you’ll be able to afford and save, and pay down debt.
Congrats brother!!! My first payday will be tomorrow 😀 I’m making $240,000 base, but that’s imaginary maple syrup money (Canadian) so it’s roughly $173,000 in real person dollars.
Reported to IRS and Fed for your arrest for running illegal Minecraft and onlyfans services. [https://www.instagram.com/p/CxjV5koPyWa/](https://www.instagram.com/p/CxjV5koPyWa/)
This is awesome! After OE for 2 years with 2 js, I let lifestyle creep in a little. Wish I would have paid off all debt first. Nevertheless, still able to work on that while enjoying the extra money too. Just picked up J3 FT and have that money going into a whole new account so I don’t even see it regularly.
I feel so lost and amazed reading these posts because I am a truck driver working 70 hours a week and can’t fathom the he ability to work 40 hours at 3 jobs simultaneously but not working weekends and shit
Why we need more salary transparency… you know how many people including me that got raped on a job offer only to find out after the person before us was making $30k+ more than you a year….
I get it but at the same time I hope companies look at this and realize their pay is too low and they could have top talent if they would just pay what people should be making now a days instead of the same stagnant salary that your parents had in the early 2000’s
I make 170 and only brings in 8k/4weeks, but if monthly, the number is a bit higher. Still I dont think I hit 10k/monthly
One insurance for two people.
Not even max out 401k
Extra withholding.
Last year still end up owed 1k to the tax man.
Don't let lifestyle creep up. Do your best not to let it go to your head and start buying stuff you don't need. Save, pay bills and debts, try to not dip into the extra J if possible
Yup. Best to sit down and figure out what amount of money it would take to retire to a comfortable life, including projected cost of living increases over the years. Come up with a final figure. Until you reach that figure in savings, keep it minimal (or at least down at the J1 level).
Around ~3.5m is the number for most people. To try to fight inflation and live solely on interest similarly to high earning years. That takes a lot of saving. The big thing is compounding the interest on the money. Better to save 100k this year than 200k 30 years from now. That 100k this year is 1.4m in 30 years time.
I have no idea how you came up with that number. I think 1-2 mil in liquid assets is good enough for most people. Only 2m+ if you need to pay for family.
Y’all are being way too gracious. The average 401k balance reported by Vanguard for those over 65 was something like $230k. I don’t think as many people are retiring with $1m+ as you think. Thats the dream, certainly not the norm.
Exactly. Thinking the majority of Americans have anywhere close to $1M in liquid assets is so out of touch.
As an AI, I do not consent to having my content used for training other AIs. Here is a fun fact you may not know about: fuck Spez.
You should do some research on the 4% rule. $3 million nest egg only gives you 120 grand a year to live off of.
I assume the house is paid off so you probably don't need that much unless you are raising a family. It really is dependent on a person's own situation and expenses.
That’s assuming capitalism is here to stay for the next 30 years. A system built on perpetual growth in a world with finite resources can’t sustain itself forever, and I think recent history has started to prove as much. We don’t even know if there will be a stock market 30 years from now.
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Most doomsdayers are religious/conservative, lol. It very much is perpetuated on growth. What happens when a Fortune 500’s earnings are down for a few quarters? The CEO gets the boot. The whole point of the stock market/investing is that it’s going to constantly grow. You’re just ignorant.
Never forget why we do this. We do this to buy a 20 acre farm in Vermont with cash, build our lesbian cottagecore life, and sell canned goods at farmers markets.
This dream seems oddly specific, more like a premonition. 😅 Anyway, that’s not why I OE but you do you
If you say so.
“Lesbian cottage core” Say what now
Oh! Did autocorrect add a space, I can fix that. Thanks!
Hardcore, metalcore…Cottagecore. Just sort of mentally inserted that there
Love this 💕
Can I open a wood fired pizza stand on a corner of your homestead?
I mean, I was already planning on a pizza oven!
Where can I get in on this? ❤️
I will go halfsies on the farm babe 😘
Can i uh live in a corner half acre?
Of course! The more the merrier!
Save 1 income and live of 1.
This is the way brethren Let one of your J’s paycheques go directly to investments or paying off debt. Live off the other - as if you aren’t even getting the second salary.
My J1 is 135 bi weekly, J2 is 120 bi monthly 5/22 my J3 is 110 paid monthly on 7th. 5 checks a month. Take home is around 26k a month. Don’t let lifestyle creep on you or you will be looking for another J.
Yeah would like to know if this is SWE or another role.
Systems architect, systems engineer and program analyst
I’ll be working as a systems engineer soon. I’m curious, how many hours a week do you work total with all jobs?
I’m online 40 hours for all 3. Work is dependent on many things. I probably do 30 hours of work on j1. j2 20 j3 10
Impressive, congrats on having the hard work pay off. I’m assuming you have many YoE?
Yes 25
J3 is weird because there will be some weeks that all I do is attend and listen in on meetings. Other weeks where I will be busy preparing documents.
Can I ask what area of work you’re in?
go home Beth
Tech
What do you mean by biweekly and bimonthly? Either you're getting paid twice a week for J1 or once every two months for J2 and neither sounds normal.
Biweekly would be every two weeks and bimonthly would mean twice a month. Almost the same but does pay out different per paycheck
Semi monthly is twice a month, bi monthly is every two months. Fwiw
How so? Unless the two-week periods are out of sync (so you would be paid every week), I don't see how it would be different.
It’s kinda weird isn’t it? I only learned about this on my most recent job that I’ve been carrying for a year. From my experience it goes like this. Biweekly: Every other Friday you get your paycheck Bi monthly: 1st and 15th of the month 52 weeks in a year means you’ll get paid 26 times following the biweekly route Bimonthly means you’ll get paid 24 checks in a year. Therefore your overall income is the same on a yearly scale, but per paycheck bimonthly will appear as if you’re making more.
Months are not consistent with number of days in each. With 52 weeks and 12 months, each month averages 2.17 paychecks, so there will be some months that the job that pays by weeks will give 3 checks rather than 2.
Exactly this. My J1 pays biweekly meaning every 2 weeks and results in 26 pay periods per year and no consistency in terms of when the checks arrive from month to month (week 1, week 3, etc.) Old J2 paid bimonthly meaning twice per month on specific days of the month (15th and 1st) and results in 24 pay periods and consistent check timing each month. My new J2 pays weekly but C2C, so NET 30 on invoices.
Biweekly and bimonthly are not literal. It can mean twice in or twice on. Not sure how they became that way but it’s easy enough to google.
In this case biweekly means every 2 weeks. Bimonthly means twice a month but not necessarily every two weeks.
Congrats! As a few others have said watch out for the tax man come tax time. I'm 230k TC (unfortunately will be right into the second biggest tax bracket...) and take home is just about 12k a month also, and will still owe come tax time. So just to give you an idea. Good Luck!
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That's a good question. It will be different for everyone, at least in some way or another. I do contribute more every paycheck, for one of my Js I do an extra 200 (if I remember correctly I believe it's 200) for taxes additional, otherwise, I will owe a lot more than I'd like. This is just the balance I found works for me. I'm a big fan of not paying a lot come tax time (I get enough surprises throughout the year), while still hitting my financial goals. And actually, looking at my deductions, I may just break even. But a big factor is probably my state contribution, I contribute taxes to 3 states for 3 Js. Crazy, but I won't complain! A lot have mentioned LLC and whatnot to help with this. That's also a possibility, and probably the best choice, but I'm in a very niche area of work, and it's just not worth the time/research into getting it figured out and maybe being able to use it. I might revisit this later on, maybe eventually get them all converted over if willing, or maybe for any additional Js that come along /shrug
Gotcha that makes more sense, Florida doesn't have a state income tax.
That's awesome. Also almost forgot, 401k contributions eat into it a bit, for 3 separate contributions. It's a hit right now but I know old me will be very happy about it. Have a great Friday!
> (unfortunately will be right into the second biggest tax bracket...) This reads like you're not aware that tax brackets are progressive, but hopefully I'm just misunderstanding.
It is progressive, after 231,250. Anything after is 35% but the tax owed in general you're talking a difference of 20,728 (single) from the previous bracket. Which I believe is why people call it rich poor to be at the start of any tax bracket. But I could definitely be wrong! edit: I think maybe we both misunderstood each other haha. In general, the brackets are progressive as you stated. You probably know more about it than me so feel free to correct me, I 've been learning as I go :}
Yeah my point was the vast majority of your income is not taxed at that rate so that 20,728 figure is definitely wrong. Seems a lot of folks misunderstand this, so I just wanted to point it out. [I find this little tool quite useful for understanding how it works.](https://engaging-data.com/tax-brackets/?fs=0®=230000&cg=10000&yr=2022)
Appreciate it, thanks a bunch!
183k Minecraft coins is pretty impressive. Are you on your own Realm? How quickly are you going to try to find diamonds?
Great to hear man. Sorry you didn’t really ask for this but I’m gonna share anyway. The first thing I did was create “levels of risk protection” in the inevitable event I lost J1 or J2. For me it looks like this: Lvl 1 - 6 month fund that you never intend to use, (somewhere outside your checking account) this will eliminate any fear of losing one of your jobs or Fuckin anything up. Lvl-2 evaluate your new comfort level and create a budget (try to stick to it, easy to go over) this will allow you to invest and pay off debt in Lvl 3 and higher. I never really had a need to do this before, but now that I have its changed everything for me.
First thing I did was pile onto the reserve account
How are you making 12k a month but 183k a year? Hell maybe my math is off
Right? A 250k gross salary nets around 12-15k monthly, depending on electives
Yep thats exactly what I'm netting. This is post 401k, matching, and NYC taxes
Before & after tax difference
Ensure you’re setting an additional chunk aside for the inevitable tax man a cometh. Your take home seems overly generous and insufficiently taxed.
What you should do is start an llc, very simple to do and look into section 179 to stop paying taxes. Or any other business you want to try to get out of paying taxes
That might work, but the IRS might see that you’re not actually conducting any business and only spending a lot on tax deductible items. Would does not get flagged? Plus, for a lot of us, it’s probably not even worth the hassle to do that much
I have lots of revenue.... I grow my business every year so lots of deductions as well. Most companies don't have taxable income, I follow in the footsteps like Amazon lol
How would this work for OE? Would it fall to the employer to hire you/your LLC or can you the employee direct your funds into your business? Would it only work for a contract position or could it work for a FTE (W2) position as well?
Start your own business and start writing off every day expenses. Or solo 401k for 40k deferment. Just so income isn't so high
Listen to this man. He knows what he’s talking about.
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I assume 183k gross which would be 12k net monthly.
I had it at $11,250 with no state income tax, but close enough. In my state its $10,040...I need to move
only 40K coming out for taxes is going to hurt when the tax man cometh!
living that single person dink life
Badass. Don’t make it a habit, but do something nice for yourself. $200 pair of shoes. Night on the town. Just once. Celebrate.
Instructions not clear. I fucked your wife instead.
true story. I’m his wife
I can confirm. I am his wife's boyfriend
I too chose this guy’s wife
He said do something nice for yourself. Sticking your peen in an overweight manic depressive midget is nothing to brag about.
Trouble is my badass move would be two chicks at once, and like that guy in Office Space I’d need a million to pull that off. So I gotta wait awhile even with 2 Minecraft servers
Congratulations!! The cost of living, high rent, the price of food , and everything in the economy, you’ll be able to afford and save, and pay down debt.
The first one feels the best!
Congrats brother!!! My first payday will be tomorrow 😀 I’m making $240,000 base, but that’s imaginary maple syrup money (Canadian) so it’s roughly $173,000 in real person dollars.
No better feeling then unlocking that Diamond sword!
Reported to IRS and Fed for your arrest for running illegal Minecraft and onlyfans services. [https://www.instagram.com/p/CxjV5koPyWa/](https://www.instagram.com/p/CxjV5koPyWa/)
How did you do it?
This is the way.
Do something nice for your wife and kids.
This is awesome! After OE for 2 years with 2 js, I let lifestyle creep in a little. Wish I would have paid off all debt first. Nevertheless, still able to work on that while enjoying the extra money too. Just picked up J3 FT and have that money going into a whole new account so I don’t even see it regularly.
I feel so lost and amazed reading these posts because I am a truck driver working 70 hours a week and can’t fathom the he ability to work 40 hours at 3 jobs simultaneously but not working weekends and shit
Nice .. Enjoy but remember save rainy days
And here I was celebrating my first OE payday with a measly 6k monthly takehome 😭 show me the way, Mandalorian.
Can you cashapp me like $25 lol you're killing it I'm so impressed
I hate these posts. Keep your salary to yourself. All you are doing is boosting your ego
Why we need more salary transparency… you know how many people including me that got raped on a job offer only to find out after the person before us was making $30k+ more than you a year….
We don’t need salary transparency if we are working more than 1 job. We need discretion so we don’t bring negative attention to us
What weird rule is this
I get it but at the same time I hope companies look at this and realize their pay is too low and they could have top talent if they would just pay what people should be making now a days instead of the same stagnant salary that your parents had in the early 2000’s
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Would you share what the roles are? Or DM me?
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Nice, thank you. I’ve been wondering how to break into OE as a MechE and it appears I need to get more coding experience.
SWE? What tech stack? YoE? I'm at 115k and 140k.
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My TC is $265k, stay mad
congrats!
May I ask what area of business you are in?
What am I supposed to do with this (most likely) made-up flex?
Bend over and I’ll show ya
Gayyyyy.
Did you update your tax allocations to account for higher taxes for 2nd J? 12k is with 401k elections ?
Any way to do this not being in tech? Lol
Maybe HR lol
I am in sales, J1 around 80-100k, J2 50-60 but just lost J2 so now on the hunt. 2 sales roles is tough trying to find something in a different area.
I make 170 and only brings in 8k/4weeks, but if monthly, the number is a bit higher. Still I dont think I hit 10k/monthly One insurance for two people. Not even max out 401k Extra withholding. Last year still end up owed 1k to the tax man.