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28-year-old Newbie
Old 07-28-2015, 01:31 PM   #1
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28-year-old Newbie

Hello everyone!

My name is Amy and I'm from southern Virginia. I am new to the FIRE community. I found this site after reading every single post on Mr. Money Mustache's blog. That blog really did change my life! I only wish I had found it sooner. I do not plan on retiring "early" by most people's standards. My goal is simply to be able to comfortably retire at age 60.

I work as a nurse and DH is a cook. We make a combined income of ~68k annually. Though this isn't a lot of money, we live in a very low COL area. We have no student loan or credit card debt. The only things we owe money on are our house and DH's car. My car is already paid off. I have an IRA which I opened several years ago and don't really contribute much to it right now, since my ultimate goal is to have DH's car and our house paid off in the next 5 years.

I also have a 401K through my employer, which I am contributing 8% to and my company matches 4%. After the car and house are paid off, I plan on increasing our savings to 40% of our income.

I look forward to learning about FIRE, investing, real estate, and anything else I can from this site. I've enjoyed what I've read so far!
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Old 07-28-2015, 01:41 PM   #2
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Hi - DW has a cousin in Floyd
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Old 07-28-2015, 01:46 PM   #3
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Hello! I'm about 120 miles east of Floyd.
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Old 07-28-2015, 01:48 PM   #4
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and another cousin in shacklefords
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Old 07-28-2015, 02:04 PM   #5
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Hmmmm.. I've never heard of Shacklefords.
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Old 07-28-2015, 02:09 PM   #6
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By Williamsburg, close to Urbana?
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Old 07-28-2015, 02:19 PM   #7
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I know where Williamsburg is, but not Urbana.
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Old 07-28-2015, 02:41 PM   #8
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At any rate welcome to the forum and congratulations on making a goal and a plan to get there.

Best of luck.
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Old 07-28-2015, 02:44 PM   #9
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Thank you very much!
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Old 07-28-2015, 03:37 PM   #10
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Welcome! While it's too early to make detailed plans for transition jobs, one nice thing about both your careers is that they lend themselves to part time jobs more easily than many.

But you're young and have lots of time to let your good habits pay off with a secure future!
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Old 07-28-2015, 03:59 PM   #11
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Another individual in their 20's! Glad to see more of us around here
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Old 07-28-2015, 05:56 PM   #12
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Welcome aboard. Lots of knowledge and experience around these parts. Soak it up and learn as much as you can and you'll be in great shape.
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Old 07-29-2015, 07:37 AM   #13
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Quote:
My name is Amy and I'm from southern Virginia. I am new to the FIRE community. I found this site after reading every single post on Mr. Money Mustache's blog. That blog really did change my life! I only wish I had found it sooner. I do not plan on retiring "early" by most people's standards. My goal is simply to be able to comfortably retire at age 60.

Welcome Amy! At age 28 you have found the secrets to success and happiness quite early in life. FWIW I didn't start until age 25 and was happily out of the work force in just over 20 years.

-gauss
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Old 07-29-2015, 11:18 AM   #14
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Thank you for all the encouragement, everyone!
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Old 07-29-2015, 11:26 AM   #15
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Quote:
Originally Posted by amyj05 View Post
Hello everyone!

My name is Amy... The only things we owe money on are our house and DH's car. My car is already paid off. I have an IRA which I opened several years ago and don't really contribute much to it right now, since my ultimate goal is to have DH's car and our house paid off in the next 5 years.

I also have a 401K through my employer, which I am contributing 8% to and my company matches 4%. After the car and house are paid off, I plan on increasing our savings to 40% of our income.
Hi Amy! Welcome! You're doing really well to be saving as you are and be relatively debt free!

If I may make one suggestion to look at: consider/compare your interest rates, especially on your mortgage, to expected/average returns on your investments. Based on your statement that you'll raise savings up to 40% of income after those loans are paid off, and that you intend to pay them off in five years, I am guessing you would have additional capacity to save to those accounts after your regular monthly payments are made (without additional principle payments). (If that's not the case, I'll shut up!!) By not maxing out your 401K and IRA every year, you're losing forever the opportunity to save money in those accounts and in the case of your Roth IRA, let it grow tax-free. If you're paying 2-4% on your car/mortgage, you can probably expect better growth on stock funds over the long haul, and I'd suggest you would be better served maxing out your IRA/401K as much as possible before making additional payments to your car loan and mortgage.

Otherwise, simply by looking at all of this, you're way better off than the vast majority of people your age! Well done, and welcome!
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Old 07-31-2015, 10:49 AM   #16
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Thank you, nash031!
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Old 08-08-2015, 03:33 PM   #17
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I would second Nash's position. If your company gives you a 4% match on your 401k, that's an immediate 4% gain on your investment. You probably don't want to turn that down if you can avoid it, and so maxing out that and your Roth's is very important. Welcome!


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Old 08-09-2015, 07:48 PM   #18
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Originally Posted by amyj05 View Post
Hello everyone!

My name is Amy and I'm from southern Virginia. I am new to the FIRE community. I found this site after reading every single post on Mr. Money Mustache's blog. That blog really did change my life! I only wish I had found it sooner. I do not plan on retiring "early" by most people's standards. My goal is simply to be able to comfortably retire at age 60.

I work as a nurse and DH is a cook. We make a combined income of ~68k annually. Though this isn't a lot of money, we live in a very low COL area. We have no student loan or credit card debt. The only things we owe money on are our house and DH's car. My car is already paid off. I have an IRA which I opened several years ago and don't really contribute much to it right now, since my ultimate goal is to have DH's car and our house paid off in the next 5 years.

I also have a 401K through my employer, which I am contributing 8% to and my company matches 4%. After the car and house are paid off, I plan on increasing our savings to 40% of our income.

I look forward to learning about FIRE, investing, real estate, and anything else I can from this site. I've enjoyed what I've read so far!
No student loan or credit card debt and contributing a total of 12% (including match) to your 401K. Very impressive at 28! I didn't have one-half your good sense when I was as much as 10 years older than you. This site and the Bogleheads site will do much to support your journey on your path to a secure future. Well done and welcome.
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Old 08-12-2015, 08:49 AM   #19
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Thank you, everyone!
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Old 10-22-2015, 04:03 PM   #20
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I'm not sure if this is the right thing to do or not, but I'll use this post as a journal of sorts and post updates here. (If I should not do this, please let me know.)

My husband lost his job two weeks ago. He wasn't happy there and has decided that he wants to try something else. He did start a new job yesterday in a different field - in a warehouse position for a local beverage distribution company. The hours are better, but the pay is less. Needless to say, this has thrown a slight wrench in my plans, but everything will work out.

Until next time
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