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Author: dianakalt Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310321  
Subject: Re: Diana's Paycut Date: 10/24/2002 5:23 PM
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Congratulations on your raise, Diana! Great news!

Very Foolish of you to put that extra money away toward retirement...though, I need to ask. All the debts are paid? I'm asking because that'd be the priority for me, and then I'd attack the retirement.

...but I still am...



Nope, all the debts aren't paid. I have just under 19K of (fairly low interest) debt to pay off.

I decided to bump up my 401k with the raise as a sort of painless way to save more into my retirement. This action will not appreciably decrease the money I have available to snowball my debt with, but by doing stuff like this I will make it easier to max out the 401k in the long run. It would be quite a shock to go from putting 6% in my 401k to putting almost 20% in there (which is what it would take to max it out).

I also am planning to up my 401k in the future when I hit little milestones. When I get 1/3 of the debt paid off (am at 17K) I am planning to bumpt it up by 1%, and when I get 2/3 paid off I'll bump it another 1%.

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