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Paycheck Update: 4/29/2016

My 2-Week Paycheck And What I Did With It

I worked a few extra shifts this month, I thought the check would be a little larger but shit, it’s pretty fucking sweet.

Medical Group Contributions

$2,760 alone was contributed by my medical group, which means it didn’t come out of my paycheck. That’s the 2% 401k match, Cash Balance Plan and 401a contribution. A big shout-out to my medical group – I don’t care what they say about you!

Gross Paycheck Deductions

$1,598 came out of my gross paycheck and went into my 401k and HSA. I’m front-loading my 401k contributions because I want to be invested in the market early. I’ve talked about cutting back to part-time or even quitting now that I’ve reached my financial goals – so getting my 401k contribution out of the way early is important.

For others I actually would recommend DCA – dollar cost averaging. The concept is that if you may regular contributions buying the same funds there is a mathematical benefit and therefore a financial benefit to your portfolio. Check it out, it’s pretty interesting.

Actual Net Income From Work

$6,700 was my actual take-home income. It’s hard to say how many hours I worked for this check. There was quite a bit of admin work and I had a few vacation days in there as well.

My entire paycheck went straight to my savings and investments. That’s a 100% savings rate… wtf! Granted, I had a little cash (~$7k) in my checking account which should easily cover me for the next couple of months.

My Financial Overview

I should have around $44k in my investments at Vanguard and $30k in my savings account which is a money market account. The investments are mostly US and International equities (stocks). I need to add a little bonds in there, which I will do moving forward.

I know that $74k doesn’t seem like much but it’s all relative right? My overhead is mostly HOA dues for my condo, groceries, dining out, entertainment and some utilities. My work requires me to be out and about a lot more ever since I took on the admin role which means having to eat out, take public transport or renting a car. Without a job I would have much lower expenses.

 

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