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Deployed and dreaming of FIRE
Old 11-15-2007, 04:16 AM   #1
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Deployed and dreaming of FIRE

Hi,

I'm 46 and got started a little late...made 20-30k most of my career...then the war came and I've had a chance to make some $$$ as a contractor.

Started a 401k about 12 years ago. Started a ROTH in 2004.

Hoping to get on the right track and FIRE by 55.

Have been reading the threads and find them very informative.

sunshine
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Old 11-15-2007, 05:53 AM   #2
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Good morning, sunshine! ( I love saying that). Welcome to the board. Please don't be shy about posting; we all have something to contribute to the discussion.
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Old 11-15-2007, 07:14 AM   #3
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Welcome sunshine!

Even if you think you started late, you are still ahead of many in your group. Having a plan is very important. Keep safe (you implied you might be in a higher risk area) and keep in touch.
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Old 11-15-2007, 11:49 AM   #4
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Originally Posted by sunshine View Post
Hi,

I'm 46 and got started a little late...made 20-30k most of my career...then the war came and I've had a chance to make some $$$ as a contractor.

Started a 401k about 12 years ago. Started a ROTH in 2004.

Hoping to get on the right track and FIRE by 55.

Have been reading the threads and find them very informative.

sunshine
Welcome, glad you got on the saving/investing track, and already have 12 years under your belt. TIME is your ally. Stick to your savings plans through thick and thin. Consistency and perserverance is everything in this game. Whever you get raises or bonuses, devote part or all to additional retirement savings.

There will come a point where the earnings on your 401k or your Roth will exceed your annual contributions. Say hooray at that point, because it will feel good, and will be tangible evidence you are well on your way to FIRE.
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Old 11-16-2007, 01:54 AM   #5
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Thought I'd elaborate a little. I am single, female, no children. Since I have been making "extra" money I have paid off the credit cards, vehicles, and mortage, have maxed out my 401K and ROTH, have taken 3 great vacations, and am currently stashing the "extra" funds in a MM account until I figure out the best way to invest. I joinet the asset allocation tutorial to learn more:confused:. So now that I'm on the right track...feel free to offer any advice. Thanks
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Old 11-16-2007, 01:58 AM   #6
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Sandy,
Thanks, I try to stay safe...hazard pay is great though...will miss the "extra" $$$ when I get home...good thing my budget is still at pre war amounts.
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Old 11-16-2007, 05:29 AM   #7
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Originally Posted by sunshine View Post
Hi,

I'm 46 and got started a little late...made 20-30k most of my career...then the war came and I've had a chance to make some $$$ as a contractor.

Started a 401k about 12 years ago. Started a ROTH in 2004.

Hoping to get on the right track and FIRE by 55.

Have been reading the threads and find them very informative.

sunshine
I hate to say this but your comment, then the war came and I've had a chance to make some$$$ as a contractor....

Sorry but having a war should not make anyone money.... especially if you are in Iraq. The Iraqis should be running their own country, and if you are working for the americans you should be in the american army.

I just had to post. Sorry but the idea of my tax dollars paying a contractor hazard pay is just so against what the war was about just makes little sense. We were told it was because saddam had WOMD. Why am I paying a penny to american contractors in Iraq with american tax dollars?:confused:
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Old 11-16-2007, 05:42 AM   #8
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I hate to say this but your comment, then the war came and I've had a chance to make some$$$ as a contractor....

Sorry but having a war should not make anyone money.... especially if you are in Iraq. The Iraqis should be running their own country, and if you are working for the americans you should be in the american army.

I just had to post. Sorry but the idea of my tax dollars paying a contractor hazard pay is just so against what the war was about just makes little sense. We were told it was because saddam had WOMD. Why am I paying a penny to american contractors in Iraq with american tax dollars?:confused:
Newguy:

Not every post is an opportunity for a diatribe from you on the Iraq war. I am against the war as much you are, but this is offensively rude to a new poster.
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Old 11-16-2007, 10:51 AM   #9
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I hate to say this but your comment, then the war came and I've had a chance to make some$$$ as a contractor....

Sorry but having a war should not make anyone money.... especially if you are in Iraq. The Iraqis should be running their own country, and if you are working for the americans you should be in the american army.

I just had to post. Sorry but the idea of my tax dollars paying a contractor hazard pay is just so against what the war was about just makes little sense. We were told it was because saddam had WOMD. Why am I paying a penny to american contractors in Iraq with american tax dollars?:confused:
Hey Chicken Little, give it a rest...........
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Old 11-16-2007, 01:55 PM   #10
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Thought I'd elaborate a little. I am single, female, no children. Since I have been making "extra" money I have paid off the credit cards, vehicles, and mortage, have maxed out my 401K and ROTH, have taken 3 great vacations, and am currently stashing the "extra" funds in a MM account until I figure out the best way to invest. I joinet the asset allocation tutorial to learn more:confused:. So now that I'm on the right track...feel free to offer any advice. Thanks
So you are already debt free. Very Good. MM is also good as a parking spot until you spot other opportunities. I don't know if income taxes are a concern. Are you in a position to get some income tax shelter for "overseas" pay? I'm not up on that, but you mention serving in Iraq, so that may be an angle to check up on if you haven't already.

If income taxes are otherwise a concern, or will become a concern somewhere down the road, check into tax free money market funds, or intermediate term tax exempt funds (such as Vanguards).

But generally, you could just start building a taxable investment account. Pick up some stocks as good buying opportunites present themselves. Build a portfolio over time as you are able to take advantage of buying opportunties.

Glad to meet a patriot and thanks for going in harms way.
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Old 11-16-2007, 04:38 PM   #11
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Newguy:

Not every post is an opportunity for a diatribe from you on the Iraq war. I am against the war as much you are, but this is offensively rude to a new poster.
Ditto! BTW, welcome Sunshine.
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Old 11-16-2007, 05:08 PM   #12
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Sorry but having a war should not make anyone money.... especially if you are in Iraq.
So someone should be in a war zone for free? I don't think a P.E teacher should be making $50/hr watching kids play kickball but I don't post complaints about your pay. Do you have any social skills at all?
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Old 11-16-2007, 11:46 PM   #13
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newguy888--served USMC in the 1983-1989...

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Old 11-17-2007, 06:27 AM   #14
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newguy888--served USMC in the 1983-1989...

sunshine
Accept my apology for the stupid response earlier. I was speaking in general terms about the situation. You are a true patriot. Whoever you work for is not my business, and if YOU are able to make a great amount of money to support your lifestyle wherever who am I to say other wise. I really did speak to others yesterday about my post and since there is no edit after the post is posted I surely feel like an @ss.

Again I was wrong.
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Old 11-18-2007, 03:36 AM   #15
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RetireRobert--thanks, I have been putting my raises etc. into my retirement accounts and paying off my debt...my spending is still at 2002 levels.

On the overseas pay I am eligible for an Income tax break on about 85K...I should make about 96K.

In 2008 I will be back to my regular 30K pay...but with no debt, my savings should go up a lot. Guess I'll have to think about taxes when I open a taxable investment account.

sunshine
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