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I just finished visiting my BIL and 6 months ago at the beginning of the year he got his first real job making real money at 33. Grad school not unemployment. Anyway he thought he'd be rolling in the dough considering how much he is making but he said it's all gone away...
I found it sort of cute and funny that he hadn't worried about retirement or savings because he always said he made too little. And now when he makes a lot more he suddenly has to make good on his promise to save and suddenly his smaller paycheck without savings went a lot further than his new larger paycheck with savings, more taxes, etc.
He more than doubled his income but obviously proportionately he wasn't able to double his lifestyle like he thought he would. Funny how you always think if I made $x more I'd be able to afford Y.
FWIW, I think that it would be great if companies autoenrolled people in 401k. He says he's enrolled in the 401k and ESPP but has no idea which company the money is invested in. It makes my DH nervous and worries his brother isn't contributing properly. He wanted stock tips because he's hoping to start investing in individual stocks.
I found it sort of cute and funny that he hadn't worried about retirement or savings because he always said he made too little. And now when he makes a lot more he suddenly has to make good on his promise to save and suddenly his smaller paycheck without savings went a lot further than his new larger paycheck with savings, more taxes, etc.
He more than doubled his income but obviously proportionately he wasn't able to double his lifestyle like he thought he would. Funny how you always think if I made $x more I'd be able to afford Y.
FWIW, I think that it would be great if companies autoenrolled people in 401k. He says he's enrolled in the 401k and ESPP but has no idea which company the money is invested in. It makes my DH nervous and worries his brother isn't contributing properly. He wanted stock tips because he's hoping to start investing in individual stocks.
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