Top pay for driver

[SCV good to go sir.]

Finally something we actually agree on. Personally I think working part time where you dont make much money helps better prepare you when you make the big bucks.

Touche. I'm so used being frugal during my time in the hub that I'm still trying to live on that budget and save the rest of the money. So far it's working well, nothing more satisfying than checking my bank account every Friday morning.

 

[SCV good to go sir.]

In the contract they have all pay rates for every position. TCD, in my supplement is 70% of top driver rate and 75% after 6 months. Sat Air starts at 13.50 and tops out after two years at $24 with some minor raises in between.Yours may be different. Get a copy of the contract book from a steward or BA.

My supplement is the same. So as a TCD am I capped at 75% after 6 months or will I continue to get my contractual raises?

 

[Orion inc.]

Do yourself a favor. When you do get to top rate try to put away as much as you can. If you can live comfortably at $25/hr you should be able to continue to do so while maxing out your 401k at $36/hr.

And I would add, start saving in the 401k when you're hired PT right away. Put away 20% every check from the beginning and you'll be ahead of the game.

 

[UpstateNYUPSer(Ret)]

And I would add, start saving in the 401k when you're hired PT right away. Put away 20% every check from the beginning and you'll be ahead of the game.

Yes and no.

If you are PT and intend to make this your career----yes.

If you are PT but have no intention of staying----no.

 

[Orion inc.]

Yes and no.

If you are PT and intend to make this your career----yes.

If you are PT but have no intention of staying----no.

I disagree. You should be saving 20% away a week NO matter where you work. It can always be rolled into other accounts.

 

[IVE GOTTA PACKAGE 4U]

I disagree. You should be saving 20% away a week NO matter where you work. It can always be rolled into other accounts.

Unfortunately too many people live paycheck to paycheck.

 

[Anthonysg0113]

I started putting into my 401k as soon as I started pt. Most pt's though don't even stay a week even after raising the starting wage. Bouncing from job to job.

 

[UpstateNYUPSer(Ret)]

I disagree. You should be saving 20% away a week NO matter where you work. It can always be rolled into other accounts.

College kids need to be focused on paying their tuition, not saving for the future.

 

[IVE GOTTA PACKAGE 4U]

College kids need to be focused on paying their tuition, not saving for the future.

That's true but if they start saving early, they will save throughout their entire life.
Even if its only a few bucks a week.

 

[Orion inc.]

College kids need to be focused on paying their tuition, not saving for the future.

And that's the problem. Too many people don't save for the future, including college. Being responsible means making choices and living below your means.

Start early, start young. And it's amazing the life you make. I started a savings account at 14 years old.

College is no excuse not to save. Too many people live outside their means and that's the real issue. Especially college kids today.

 

[UpstateNYUPSer(Ret)]

That's true but if they start saving early, they will save throughout their entire life.
Even if its only a few bucks a week.

I am all for saving but have to disagree with you when it comes to college kids.

 

[IVE GOTTA PACKAGE 4U]

I am all for saving but have to disagree with you when it comes to college kids.

They sure do find the money to buy the newest phone and buy new clothes!

I agree paying off colleges loans should be a priority. I think they can find a few bucks to save.

 

[UpstateNYUPSer(Ret)]

And that's the problem. Too many people don't save for the future, including college. Being responsible means making choices and living below your means.

Start early, start young. And it's amazing the life you make. I started a savings account at 14 years old.

College is no excuse not to save. Too many people live outside their means and that's the real issue. Especially college kids today.

My son had $73K in student loan debt when he graduated with his MBA. His company has a 401k which offers a full match to 4% and an additional 1% if he raises that to 6%, which he has. Beyond that he is keenly focused on paying down that debt.

 

[Orion inc.]

I am all for saving but have to disagree with you when it comes to college kids.

You know how many college kids I see take out hundreds of thousands of dollars in student loans and go to school while living a higher lifestyle?

It's pretty common place. If you teach your kids early, they'll be saving for everything

 

[UpstateNYUPSer(Ret)]

How much sense would it make to have equal amounts of student loan debt and 401k balance?

 

[IVE GOTTA PACKAGE 4U]

How much sense would it make to have equal amounts of student loan debt and 401k balance?

Many factors go into that. Of course you take the company match,too much money to pass up on.
Then you got to consider the interest rate on the loans. Then add the tax savings from the 401k and the loan interest that you can write off.

 

[Orion inc.]

My son had $73K in student loan debt when he graduated with his MBA. His company has a 401k which offers a full match to 4% and an additional 1% if he raises that to 6%, which he has. Beyond that he is keenly focused on paying down that debt.

73k? That's ridiculous. Will that MBA be worth that investment? If yes, then paying it down won't take long. If not, then that was a poor investment. The problem with kids and school is they don't look at it like an investment. That's why while I'll always be supporting of what my kids want to pursue, I try to teach them to have a fall back skill or degree that's in demand or pays well.

If your son's MBA will raise his income and make him in demand for salary negotiations, then he should be able to wipe that debt out easily. Some employers who want sought after candidates for certain positions, actually offer to pay their loans off as a "signing" bonus. Happened to my wife. Top luxury retail company wanted her so bad for a position, it was negotiated into her contract

 

[Orion inc.]

How much sense would it make to have equal amounts of student loan debt and 401k balance?

What gumby said. A good financial adviser will steer someone in the right direction. Student loans can be written off etc. There are loopholes to be smart about that situation

 

[IVE GOTTA PACKAGE 4U]

What gumby said. A good financial adviser will steer someone in the right direction. Student loans can be written off etc. There are loopholes to be smart about that situation

Every situation is different. But I truly believe they should save a little something. If you got money to go to Starbucks, you got money to save.

 

[UpstateNYUPSer(Ret)]

What gumby said. A good financial adviser will steer someone in the right direction. Student loans can be written off etc. There are loopholes to be smart about that situation

Student loan interest and 401k contributions are both tax friendly; however , my basic argument is solid. It would make no sense to owe as much as you have saved.