1) why the alias if you are already a regular member? Stupid me made my normal account with my name in it
2) overall you are doing very well for your age/income. Alcohol is very high and counterproductive; we buy the better spirits, invite friends over for cocktails and never come close to that amount. Sure it's high, but relative to my other expenses it's not outlandish. I'm a craft IPA fanatic that pays for the good local brews. I think for an unhealthy hobby it's OK. There are people on here that are super into food and can justify higher restaurant bills.
3) the subaru SUV. Just stop with the excuses. If it's important to you fine, but we are also avid outdoor types and I can think of a dozen other vehicles you could buy used that won't cost you $394/mo for 3 (or more) years. This is your biggest money sink right now. Please provide examples? For me, I've already invested the money and have special items in my car that would cost much more to sell/replace with a new car. I'm thinking special all weather floor mats, roof rack system, etc.. I obviously could get a cheap prius or a 10 year old subaru, but they just aren't as reliable or able to handle heavy snow conditions
No idea if your rent is reasonable for your area or not, but $1k to split an apartment is high for many areas. Boston is SUPER expensive to rent. We live in a suburb and it's that much. We pay $1600 a month for a 2 bedroom.
Is anything totally amiss with what I'm doing above?Where does the other $11.4K/yr* go?
Is anything totally amiss with what I'm doing above?Where does the other $11.4K/yr* go?
*Based on putting the numbers in the case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/) and assuming 7% for state tax.
I'm actually questioning the apartment. Why do you need a 2 bedroom if you're a couple? Sure it is nice for each person to have their own room, but considering that your girlfriend isn't even earning anything yet it seems quite luxurious.
Also "just outside" of downtown Boston seems like it would be very expensive. I think you could find a smaller place in a less expensive area. Your girlfriend could then bike to university (assuming that it's currently close to your place - if not then even easier).
The "After-tax investable" amount in the table below. Perhaps I mistyped a number or two?Not sure where you're finding the $11k? MA has pretty high taxes. I've simplified my numbers provided obviously and things line up on my actual statements. I have upwards of $800 each pay period in deductions for taxes, ss, healthcare, etc..Is anything totally amiss with what I'm doing above?Where does the other $11.4K/yr* go?
*Based on putting the numbers in the case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/) and assuming 7% for state tax.
Category | Monthly | Comments | Annual |
Salary/Wages for earner #1 | $7,083 | $85,000 | |
401(k) / 403(b) / TSP / etc. | $1,500 | At maximum | $18,000 |
Employer Match | $425 | $5,100 | |
Subtotal 1 | $5,583 | $67,000 | |
Federal Total Income (for IRS tax) | $5,583 | $67,000 | |
Federal tax | $824 | 2017 rates, S, stand. ded., 1 exempt. | $9,889 |
State/City tax | $367 | Guess, using 7.00% * (AGI - Exempt'n) | $4,407 |
Soc. Sec. tax | $439 | Assumes 1 earner paying | $5,270 |
Medicare tax | $103 | $1,233 | |
Total income taxes | $1,733 | $20,798 | |
Income before other expenses | $3,850 | $46,202 | |
Monthly Average Expenses: | |||
Rent | $1,000 | $12,000 | |
Car Insurance | $105 | $1,260 | |
Car Maintenance, Registration, etc. | $88 | $1,056 | |
Dining (Lunch/Dinner/Etc.) | $100 | $1,200 | |
Electricity | $35 | $420 | |
Fuel/Public Transport | $75 | $900 | |
Groceries | $250 | $3,000 | |
Medical (Doctor, Hospital, etc.) | $25 | Input to Itemized Deductions | $300 |
Miscellaneous | $150 | $1,800 | |
Pets | $70 | $840 | |
Wine/Beer/Tobacco | $150 | $1,800 | |
Non-mortgage total | $2,048 | $24,576 | |
Loans: | |||
Car | $394 | $4,728 | |
Other tax-advantaged investments: | |||
Roth IRA | $458 | At maximum | $5,500 |
Total Expense | $2,900 | $34,804 | |
Total to invest | $950 | $11,398 | |
Summary: | |||
"Gross" income | $7,083 | $85,000 | |
Income taxes | $1,733 | $20,798 | |
After-tax income | $5,350 | $64,202 | |
IRA+401k/403b/TSP/457 | $1,958 | $23,500 | |
Living expenses | $2,048 | $24,576 | |
Non-mortgage loans | $394 | $4,728 | |
After-tax investable | $950 | $11,398 | |
The "After-tax investable" amount in the table below. Perhaps I mistyped a number or two?Not sure where you're finding the $11k? MA has pretty high taxes. I've simplified my numbers provided obviously and things line up on my actual statements. I have upwards of $800 each pay period in deductions for taxes, ss, healthcare, etc..Is anything totally amiss with what I'm doing above?Where does the other $11.4K/yr* go?
*Based on putting the numbers in the case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/) and assuming 7% for state tax.
Category Monthly CommentsAnnual Salary/Wages for earner #1 $7,083 $85,000 401(k) / 403(b) / TSP / etc. $1,500 At maximum $18,000 Employer Match $425 $5,100 Subtotal 1 $5,583 $67,000 Federal Total Income (for IRS tax) $5,583 $67,000 Federal tax $824 2017 rates, S, stand. ded., 1 exempt. $9,889 State/City tax $367 Guess, using 7.00% * (AGI - Exempt'n) $4,407 Soc. Sec. tax $439 Assumes 1 earner paying $5,270 Medicare tax $103 $1,233 Total income taxes $1,733 $20,798 Income before other expenses $3,850 $46,202 Monthly Average Expenses: Rent $1,000 $12,000 Car Insurance $105 $1,260 Car Maintenance, Registration, etc. $88 $1,056 Dining (Lunch/Dinner/Etc.) $100 $1,200 Electricity $35 $420 Fuel/Public Transport $75 $900 Groceries $250 $3,000 Medical (Doctor, Hospital, etc.) $25 Input to Itemized Deductions $300 Miscellaneous $150 $1,800 Pets $70 $840 Wine/Beer/Tobacco $150 $1,800 Non-mortgage total $2,048 $24,576 Loans: Car $394 $4,728 Other tax-advantaged investments: Roth IRA $458 At maximum $5,500 Total Expense $2,900 $34,804 Total to invest $950 $11,398 Summary: "Gross" income $7,083 $85,000 Income taxes $1,733 $20,798 After-tax income $5,350 $64,202 IRA+401k/403b/TSP/457 $1,958 $23,500 Living expenses $2,048 $24,576 Non-mortgage loans $394 $4,728 After-tax investable $950 $11,398