Mr. Obvious is correct.
Mr. Obvious is correct.
City boy wrote:
They don't match. No credit card debt. I'm sucking it up and living at home to explain how I have all this money unspent. My work hours are too long for my parents to have a chance to annoy me.
Sorry for trying to drive my question home (I really appreciate your insights), but I want to take the 10K (and whatever else I can save up the next few years, prob. not 10K each time but we'll see), and figure out what investment vehicle to use so that in 4 years, it's what I take out to pay for the wedding, honeymoon and house down payment. I wouldn't be keeping this money in for the long haul.
Ok. You keep funding that 401k like that, and as far as I'm concerned, you can spend the rest of your disposable income any way you want.
1) Why are YOU having to pay for the wedding? Traditionally the woman's family does that.
2) You really seem to have everything worked out pretty well, and like I said, if yo ukeep funding that 401k like that I have no problems with how you're spending the rest of your disposable income, but if it were me and I had $60,000 saved up in 4 more years, I would do the following with it:
$10,000 on wedding MAX; $5,000 on honeymoon MAX; $45,000 as a downpayment on a house. I'd make sure that house is worth $225,000 or less so that you are putting 20% down. Then, with both of you working, just continue putting the money in the 401k and save for future trips and pay that house down.
In all seriousness, a young guy like you who is already thinking about all this is worlds ahead of where everyone else is, so you'll be fine. Just keep putting that money in those accounts.
Haha, I keep screwing this up. I'm not guaranteeing I can outright save 60K in 4 years. I was asking what's the best way to invest to have 60K by 4 years that I can take out for those expenses? I might be able to contribute 7-10K next year, and probably a bit less the remaining two years.
Flagpole Willy wrote:
1) Why are YOU having to pay for the wedding? Traditionally the woman's family does that.
I could be wrong, but I get the sense that he hasn't actually picked out the future wife yet, and if he has, he hasn't taken into account that she'll probably leave him.
I'm just saying... City Boy, don't you have your life a little too mapped out? Expectations are just premeditated resentment...
I'm just saying...
I can't believe we made it through 24 posts before "the typical letsrun poster" made the 1st appearance.
I'm from NYC, blue-collar family. Nothing wrong with taking notice of my parents' smart decisions and "should have's" and trying to get a head start in an expensive part of the country.
She's picked out by the way.
Happy new year.
Also,
Any ideas on how to make that 60K? I'd still appreciate it even if we're not on the same page.
Thanks.
City boy wrote:
Also,
Any ideas on how to make that 60K? I'd still appreciate it even if we're not on the same page.
Thanks.
Ok. I see now. Other than flat out saving the money, there's no guarantee of getting $60,000 in 4 years. Even in the typical rock solid world of mutual funds, mutual funds only are pretty much guaranteed to go up over a period of 10+ years or more. In a short period of time, they could go up or down or stay flat. So, if you want to invest $10,000 the first year and then less than that each year for 3 years, you're talking about looking at very risky investment vehicles like "hot" stock tips or something like that. I don't do that kind of thing and so don't have anything to offer to you.
The way I see it, you have four options:
1) Make the amount you need in 4 years less (decide to do it all on $30,000 or $45,000 for example). My advice is not to buy a house the first year of marriage anyway. Rent for a year and get used to what you like and what you think you want as a couple and THEN buy.
2) Curtail your 401k investing for now until you get the $60,000 you want.
3) Get a second job to help you raise the funds you want.
4) Get married in 2 years instead of 4+, and REALLY do it on the cheap. You can have a simple classy afternoon wedding that doesn't break the bank, then take a week-long honeymoon that costs $3,000 or less, come back and live in a rental for 1-2 years and then while you're living there with your combined incomes, save enough money to put a down payment on a house.
5) I suppose there's a 5th option -- go into debt for the wedding and honeymoon. I don't recommend this option.