(no subject)
fressshhhhattire: i have a 401k and a money market account as well as a ING savings account
l behindblueeyes: why don't people give you money
fressshhhhattire: i never ask
l behindblueeyes: what's a 401k
l behindblueeyes: you hsould ask
fressshhhhattire: cause i'm like "aww i like all you guys so much, of course you don't have to pay"
l behindblueeyes: my roommmate has a fake and she takes people's mopneyh
fressshhhhattire: a 401k is a pretax retirerment fund
l behindblueeyes: like i give her a 20 and she buys me a 12 dollar bottle instead of a 20 dollar bottle and tries to tell me i don't konw what i'm talking about
fressshhhhattire: that allows you to allocate a portion of your paycheck, pretax to an investor
fressshhhhattire: however when you retire or quit tax is then taken out
fressshhhhattire: at whatever tax bracket you are in
fressshhhhattire: so that is why i'm also looking to get this other thing
fressshhhhattire: called a ROTH IRA
fressshhhhattire: which is like a 401k
fressshhhhattire: except that you put the money in on your own, instead of from a paycheck
fressshhhhattire: so it is taxed now
fressshhhhattire: and then when you take it out later you don't have to pay a tax on it
fressshhhhattire: this is good for a person like myself because since i am young
fressshhhhattire: i am in the lowest tax bracket
fressshhhhattire: so i pay the least tax on my money
fressshhhhattire: when i'm like 50 something and looking to retire
fressshhhhattire: i plan on being in a much higher tax bracket (fingers crossed)
l behindblueeyes: so should i do this too?
fressshhhhattire: so if i take a huge amount of money, say the close to a million that will be in my 401k i'll have to pay a huge tax on it
fressshhhhattire: instead of the little tax i'll pay on it now when i'm in the lowest tax bracket
l behindblueeyes: oh wow
l behindblueeyes: you're a genius
l behindblueeyes: how do you know all of htis?
fressshhhhattire: i try
fressshhhhattire: the internet
fressshhhhattire: and working in princeton i can pick the brains of regular customers who work on wall street
l behindblueeyes: well that's definitely true
fressshhhhattire: also here's the other thing
fressshhhhattire: the 401k i have
fressshhhhattire: allows me to roll money over
fressshhhhattire: so i can roll the pretax money i've been saving over to the ROTH IRA
fressshhhhattire: and as far as if you should do this idk
fressshhhhattire: i'm working a pretty regular job
fressshhhhattire: so i have a steady income
fressshhhhattire: and a steady investment scheme
fressshhhhattire: it wouldn't really pay off now if you're just doing sporadic jobs at part time
l behindblueeyes: yeah
l behindblueeyes: you're right
fressshhhhattire: also i don't know if you have enough captial to invest
fressshhhhattire: the best part is
fressshhhhattire: investment charts and brokers and stuff all their data starts at age 25
fressshhhhattire: so every year i'm doing this
fressshhhhattire: i'm putting myself even more ahead of the game
what the hell is this kid talking about? maybe i should read this some other time.
SkiLLz dyNASTY 7 (12:10:34 AM): matt is telling every1 we had sex and im denying it, but um they are all just laughing
SkiLLz dyNASTY 7 (12:10:41 AM): its cuz u said its none of his business
SkiLLz dyNASTY 7 (12:11:02 AM): so if the rumor spreads, you know whos fault it is
l behindblueeyes: why don't people give you money
fressshhhhattire: i never ask
l behindblueeyes: what's a 401k
l behindblueeyes: you hsould ask
fressshhhhattire: cause i'm like "aww i like all you guys so much, of course you don't have to pay"
l behindblueeyes: my roommmate has a fake and she takes people's mopneyh
fressshhhhattire: a 401k is a pretax retirerment fund
l behindblueeyes: like i give her a 20 and she buys me a 12 dollar bottle instead of a 20 dollar bottle and tries to tell me i don't konw what i'm talking about
fressshhhhattire: that allows you to allocate a portion of your paycheck, pretax to an investor
fressshhhhattire: however when you retire or quit tax is then taken out
fressshhhhattire: at whatever tax bracket you are in
fressshhhhattire: so that is why i'm also looking to get this other thing
fressshhhhattire: called a ROTH IRA
fressshhhhattire: which is like a 401k
fressshhhhattire: except that you put the money in on your own, instead of from a paycheck
fressshhhhattire: so it is taxed now
fressshhhhattire: and then when you take it out later you don't have to pay a tax on it
fressshhhhattire: this is good for a person like myself because since i am young
fressshhhhattire: i am in the lowest tax bracket
fressshhhhattire: so i pay the least tax on my money
fressshhhhattire: when i'm like 50 something and looking to retire
fressshhhhattire: i plan on being in a much higher tax bracket (fingers crossed)
l behindblueeyes: so should i do this too?
fressshhhhattire: so if i take a huge amount of money, say the close to a million that will be in my 401k i'll have to pay a huge tax on it
fressshhhhattire: instead of the little tax i'll pay on it now when i'm in the lowest tax bracket
l behindblueeyes: oh wow
l behindblueeyes: you're a genius
l behindblueeyes: how do you know all of htis?
fressshhhhattire: i try
fressshhhhattire: the internet
fressshhhhattire: and working in princeton i can pick the brains of regular customers who work on wall street
l behindblueeyes: well that's definitely true
fressshhhhattire: also here's the other thing
fressshhhhattire: the 401k i have
fressshhhhattire: allows me to roll money over
fressshhhhattire: so i can roll the pretax money i've been saving over to the ROTH IRA
fressshhhhattire: and as far as if you should do this idk
fressshhhhattire: i'm working a pretty regular job
fressshhhhattire: so i have a steady income
fressshhhhattire: and a steady investment scheme
fressshhhhattire: it wouldn't really pay off now if you're just doing sporadic jobs at part time
l behindblueeyes: yeah
l behindblueeyes: you're right
fressshhhhattire: also i don't know if you have enough captial to invest
fressshhhhattire: the best part is
fressshhhhattire: investment charts and brokers and stuff all their data starts at age 25
fressshhhhattire: so every year i'm doing this
fressshhhhattire: i'm putting myself even more ahead of the game
what the hell is this kid talking about? maybe i should read this some other time.
SkiLLz dyNASTY 7 (12:10:34 AM): matt is telling every1 we had sex and im denying it, but um they are all just laughing
SkiLLz dyNASTY 7 (12:10:41 AM): its cuz u said its none of his business
SkiLLz dyNASTY 7 (12:11:02 AM): so if the rumor spreads, you know whos fault it is