Incoming RECESSION?

volfkhat

JDMurray said:

Be glad that you have a good, stable job. The IT job market right now is brutal. Over 130K tech workers were laid-off in the US in 2024--me being one of them.

Yep.... i hear ya.

I'm definitely Not Out the Woods myself.  

Still need to grind/hang on another 36 months before my stock portfolio hits critical mass.
(then i can quit IT and go get a job stocking shelves at Home Depot, Target, etc)

But in the meantime... i'm slowly getting there.
Banking 60% of my take home, every month, for the last 3 years... has definitely paid dividends (no pun intended).

I kinda doubt i'll still be working here (at my current job) if/when i cross that Financial finishline.... 

but i'm definitely grateful for every paycheck that comes my way until then
   

DatabaseHead

Oh yeah it's rough out there.  The company I worked for picked up some massive revenue gains unexpectedly so that helped keep the brass off the operational staff.  In fact bonuses are going to be 120% end of March, which is a nice to have especially since my 401k has been somewhat neglected, this will be the 3rd time in a row I maxed it out ha.  Soon I'll be hitting that magic age of 50....   Then it'll be 30,500 a year, which will be tough to do with 3 kids, (thankfully one is out of the house on their own and making it, which is saying something).  

Current state I am ~60% of where I feel comfortable, but this year should help close the gap by 5% or so....   

I have a secondary investment through investment bank which is a nice to have contingency, about the only really good investment move I have made....   

Still savings money in my money market as well....

Of course I am still hanging on to that Bitcoin as a hedge.

volfkhat

It sounds like we're on the same time-table!

I'm definitely trying to haul-azz before i run up against 50.

Age Discrimination is Not something i feel like dealing with 


How did you get the $30,500 number?
I think the current 401k limit is $23,500... hadn't heard about that higher threshhold.

and Good Job on maxing out your 401k... it really should be the bare-minimum imo

DatabaseHead

volfkhat said:

It sounds like we're on the same time-table!

I'm definitely trying to haul-azz before i run up against 50.

Age Discrimination is Not something i feel like dealing with 


How did you get the $30,500 number?
I think the current 401k limit is $23,500... hadn't heard about that higher threshhold.

and Good Job on maxing out your 401k... it really should be the bare-minimum imo

The year you turn 50 you can invest 30500, with certain stipulations, earnings so do your own research. Essentially it's called catch up and you can invest an additional 7500 a year. 

What to Know About Catch-Up Contributions | Charles Schwab

My secondary investment is about 25% of my net worth so it's pretty signficant relative to my 401k.  

I moved my roll-overs and my current 401k into S&P 500 exclusively.  The last two years it's performed wild, ~30% the last two years.  

volfkhat

Oh WoW!

I had No clue about the age 50 "catch up" for 401ks.
Just read more about it...this looks like it's the same concept as the IRA catch ups.  Pretty nice option.

I guess maybe the reason i was unaware... is because my "plan" was to be already on F.I.R.E by the time i hit 50
(hopefully, at least)

As for Stock Market... it's definitely been #winning the past two years!
i keep wondering how long it can all Last??
Not sure... but i'm hoping for one more CRASH in the next year or so.
Feels like we're living in the MATRIX 


EDIT:
i just updated/set all of my 2025 401k contributions to go "ALL in" to  s&p500.
#YOLO  

DatabaseHead

volfkhat said:

Oh WoW!

I had No clue about the age 50 "catch up" for 401ks.
Just read more about it...this looks like it's the same concept as the IRA catch ups.  Pretty nice option.

I guess maybe the reason i was unaware... is because my "plan" was to be already on F.I.R.E by the time i hit 50
(hopefully, at least)

As for Stock Market... it's definitely been #winning the past two years!
i keep wondering how long it can all Last??
Not sure... but i'm hoping for one more CRASH in the next year or so.
Feels like we're living in the MATRIX 


EDIT:
i just updated/set all of my 2025 401k contributions to go "ALL in" to  s&p500.
#YOLO  

Just for the sake of my own personal satisfaction.  I am not giving financial advice, lol.  At my current company I don't like their mutual fund options, so I just went with the large cap "S&P 500" shares.  It's 10% rate of return over its lifetime (or is it the last 20) anyway it's a pretty stable gamble and I am ~6-7 years out before I leave the IT workforce myself.  If it does tank, it'll give me a chance to continue to buy at a discounted rate (in theory).

That's why I have my secondary pre taxed investment brokerage account that's ran by my institution.   Basically I can use that if needed to pull from before I hit 401k age.   I seeded it with a lump sum and then dollar cost average into it weekly.  It puts a strain on my current state, but with no pension and a social security that seems to be being targeted from time to time I just don't want to take any chances.  

So essentially all in I am cash ~3 years of net income (and growing).  
25% net worth in my brokerage account ran by an institution DCA weekly
401k with 2 rollovers added to it.  
Bitcoin dollar cost averaging weekly as well.  (Small amounts).

If I work for 6 - 7 more years I'll replace my weak earning years with much higher pay and in theory that should help my social security payout.   

volfkhat

You the Man with the Plan!
   

volfkhat

Whelp...
the Stock Market is at ALL TIME HIGHS  (yet again)

The RICH keep getting Richer....

And the POOR.... 
(you know the rest).


Really glad to be gainfully employed.

My COAST Fire target is now 30 months away.
it'll be down to 24 months... assuming  i can make it to December.


24 months would be HUUGE for me psychologically.
it's literally only TWO years.
and If my Contract gets renewed for another year....
Man Oh Man 

Other than that... Not much else to say.
Picking up a few ounces of Gold is probably the next move (as a hedge against the destruction of the USD)
https://www.reddit.com/r/CostcoPM/