Source
r/PFJerk•
Triarag

Overwhelmed with high salary off the bat. Need advice.

24 y/o in a LCOL area and recently started a job with a 120k/yr salary along with my partner who will be making the same salary. No college loans. Around 2.5k in expenses a month. We have upwards of 200k in taxable accounts and 200k in inherited IRAs that were given to us once we graduated. I want to get ahead of all this because the thought of managing all this makes me sick. I am grateful for the position we are in but I still have a few questions...

  1. My company 401k matches up to 5% of my salary, which is like a whole shitload of money because my salary is very high. Cool, right?

  2. Next year I will most likely make too much to contribute to a roth. With such a high salary to start is a backdoor roth still the way to go?

  3. Me and my partner are not married yet, is it in out best interest to remain that way due to our super high and awesome salaries for now? She's really hot and younger than yours in case that matters.

  4. Do I need a "money guy" for the 400k in stuff I have not even began to look at yet plus the remainder of my (super high) salary that will still be free to invest?

Thanks guys.

Posted Aug 21, 2017, 5:18 PM UTC

3616
reciprical12DINKy Vanguards•

That's terrible, I can't believe they did that to you.

Whatever you do please don't start the downward spiral to smoking lentils. That shit ruins families.

21
ALEX_JONES_2020•

LIFESTYLE CREEP

8
roseofmanycolors•

Okay this one is good, just subtle enough that I thought I was in the other sub.

11
TriaragOP•

Google the name

3
roseofmanycolors•

Post body was deleted :(

3
TriaragOP•

lol

3
poply•

24 y/o in a LCOL area and recently started a job with a 120k/yr salary along with my partner who will be making the same salary. No college loans. Around 2.5k in expenses a month. We have upwards of 200k in taxable accounts and 200k in inherited IRAs that were given to us once we graduated. I want to get ahead of all this because the thought of managing all this makes me sick. I am grateful for the position we are in but I still have a few questions...

  1. My company 401k matches up to 5% of my salary AFTER MY ONE YEAR anniversary with them. So for the time being how much should I be contributing because I am currently on day 7 of 365.
  1. Next year I will most likely make too much to contribute to a roth. With such a high salary to start is a backdoor roth still the way to go?
  1. Me and my partner are not married yet, is it in out best interest to remain that way due to our salaries for now?
  1. Do I need a "money guy" for the 400k in stuff I have not even began to look at yet plus the remainder of my salary that will still be free to invest? Thanks guys.

u/roseofmanycolors

Almost word-for-word of the original post.

4
Zaenille•

You are very lucky that you live in a LCOL (Low Cost of Lentils) area.

Buy all the lentils with your salary (if it makes you feel better, your non-poverty levels of salary), then move to a HCOL (High Cost of Lentils) area and sell all your lentils there.

Rinse (the lentils) and repeat.

9
TriaragOP•

If I rinse the lentils, does that count as money laundering?

5
Zaenille•

If you had illegitimate lentils, then yes. If you have legitimate lentils, then that's just being polite.

4
shak_attacks•

Hi, I'm richer than you because I got multiple STEM degrees.

I too get overwhelmed, but when I do, I create a post in personalfinance exclaiming my vast richness under the guise of asking questions that I actually don't care about. This makes me feel better.

3
tempaccount920123•

Overwhelmed with high salary off the bat. Need advice.

Try putting the high salary on the bat. That might make it whelming.

1