MacDddy678
Confused about dryer sheets
- Joined
- Oct 9, 2011
- Messages
- 4
Hi Guys/Gals,
I stumbled onto this site today, and I've been enjoying/cringing as I read several threads. I consider myself a somewhat frugal 23 year old guy, but if the community wouldn't mind giving some opinion on my financial situation/direction, I'd appreciate it! I live in a suburb of Detroit and recently bought a house in a friendly neighborhood which I live in and rent out the extra rooms to interns at my place of business. I believe I have a stable job and do not have any large out-flows of cash on the horizon.
Income
Job - 80K
Rent 2 rooms in my house - $600/mo each room (not guaranteed income but have been lucky for 5 months)
Investments
401(k) - Set at 10% with 7% company match (~10K present value)
Roth - Putting first 5K into a Vanguard Fund next month (any opinions on the fund?)
Personal Trading - $500 sitting there not currently invested
Savings Account Balance - 3K
Debt
Mortgage- 38K (4.7% interest)
Car - 9K (6% interest)
Student Loans - 10K (3% interest)
Loan from Parents - 10K (Gotta love my folks - 0% interest expected)
My three to five year outlook is to return for an MBA (employer assisted), pay off my house (continue to rent if possible), and look to purchase another property that I may rent. I consider myself pretty handy and do not mind dealing with the "hassles" of tenants, although so far I've been lucky with the roommates. I'm currently not married and do not plan to be for 5+ years.
One of my greatest financial challenges is limiting the material investment in my house (i.e. buying furniture, TV's, upgrading flooring, modifying rooms, etc). I've sunk about 10K this year into my house, and I estimate I have about 7K more before I'm "happy" and done what I can with this first house. After I've paid off this house, I plan to purchase another property where I'll be the sole occupant while renting out this smaller one.
I do not aspire to necessarily retire by 35-40, but I want to financially stable by 50 with enough cushion to live with my wife and give my children financial help.
Thanks everyone, keep sharing your experiences and wisdom!
I stumbled onto this site today, and I've been enjoying/cringing as I read several threads. I consider myself a somewhat frugal 23 year old guy, but if the community wouldn't mind giving some opinion on my financial situation/direction, I'd appreciate it! I live in a suburb of Detroit and recently bought a house in a friendly neighborhood which I live in and rent out the extra rooms to interns at my place of business. I believe I have a stable job and do not have any large out-flows of cash on the horizon.
Income
Job - 80K
Rent 2 rooms in my house - $600/mo each room (not guaranteed income but have been lucky for 5 months)
Investments
401(k) - Set at 10% with 7% company match (~10K present value)
Roth - Putting first 5K into a Vanguard Fund next month (any opinions on the fund?)
Personal Trading - $500 sitting there not currently invested
Savings Account Balance - 3K
Debt
Mortgage- 38K (4.7% interest)
Car - 9K (6% interest)
Student Loans - 10K (3% interest)
Loan from Parents - 10K (Gotta love my folks - 0% interest expected)
My three to five year outlook is to return for an MBA (employer assisted), pay off my house (continue to rent if possible), and look to purchase another property that I may rent. I consider myself pretty handy and do not mind dealing with the "hassles" of tenants, although so far I've been lucky with the roommates. I'm currently not married and do not plan to be for 5+ years.
One of my greatest financial challenges is limiting the material investment in my house (i.e. buying furniture, TV's, upgrading flooring, modifying rooms, etc). I've sunk about 10K this year into my house, and I estimate I have about 7K more before I'm "happy" and done what I can with this first house. After I've paid off this house, I plan to purchase another property where I'll be the sole occupant while renting out this smaller one.
I do not aspire to necessarily retire by 35-40, but I want to financially stable by 50 with enough cushion to live with my wife and give my children financial help.
Thanks everyone, keep sharing your experiences and wisdom!