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Greetings from slouch
Old 09-09-2008, 08:33 PM   #1
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Greetings from slouch

Hi I'm slouch

28yrs old
I am single but will likely get married in the next few years. No plans for children ever.
Girlfriend makes 31k a year and is finishing grad school - likely starting salary somewhere around 75k in 2010.

I earn 105k in base pay (+22k in various cash bonuses, +10k stock awards vested this yr)
150k retirement savings (traditional 401k/roth ira)
20k short term taxable funds
7k long term taxable funds
80k unvested stock awards
(250k) mortgage / ~100-120k equity
no debt other than the mortgage

I know my net worth looks low so let me give some background information. I graduated college 5 years ago and my income is still growing at a healthy pace (40%+ increase in base pay since starting out). When I graduated I started with 25k in student loans, which I paid off year-1. Year-2 I bought a 30k car, and Year-3 out school I purchased a 340k condo with 5% down. I used my free cash flow since then to pay off the 2nd mortgage and am only now rebuilding short term and long term taxable accounts.

Going forward, I'm maxing out the 401k, saving 6k in long term taxable stocks, paying an extra 6k down on the mortgage (to pay it off in 16 years at age 44 instead of in 27 years at age 55 - yuck), and saving 2k for short term savings. I also get cash bonuses and stock awards annually - which I split roughly "1/3rd for taxes, 1/3rd for debt/savings, 1/3rd for me".

My goal in joining the board is to augment my ongoing financial education. Constructive criticism is welcomed.

Thanks
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Old 09-09-2008, 08:39 PM   #2
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Quote:
Originally Posted by slouch View Post
Hi I'm slouch

28yrs old
I am single but will likely get married in the next few years. No plans for children ever.
Girlfriend makes 31k a year and is finishing grad school - likely starting salary somewhere around 75k in 2010.

I earn 105k in base pay (+22k in various cash bonuses, +10k stock awards vested this yr)
150k retirement savings (traditional 401k/roth ira)
20k short term taxable funds
7k long term taxable funds
80k unvested stock awards
(250k) mortgage / ~100-120k equity
no debt other than the mortgage

I know my net worth looks low so let me give some background information. I graduated college 5 years ago and my income is still growing at a healthy pace (40%+ increase in base pay since starting out). When I graduated I started with 25k in student loans, which I paid off year-1. Year-2 I bought a 30k car, and Year-3 out school I purchased a 340k condo with 5% down. I used my free cash flow since then to pay off the 2nd mortgage and am only now rebuilding short term and long term taxable accounts.

Going forward, I'm maxing out the 401k, saving 6k in long term taxable stocks, paying an extra 6k down on the mortgage (to pay it off in 16 years at age 44 instead of in 27 years at age 55 - yuck), and saving 2k for short term savings. I also get cash bonuses and stock awards annually - which I split roughly "1/3rd for taxes, 1/3rd for debt/savings, 1/3rd for me".

My goal in joining the board is to augment my ongoing financial education. Constructive criticism is welcomed.

Thanks
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Old 09-09-2008, 09:28 PM   #3
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Yeah, I picked up on that too. Its cute when they think they have a choice...

Sounds like you're doing fine Slouch. I'm not thrilled with condo's, but it depends on where it is. In a major downtown area you're going to want to live in for a while, super. Otherwise...might be problematic to get your money back.

That you're paying a lot of attention to your financial education is incredible. When I was your age all I was doing was selling stuff to people who didnt know any better, and running around until all hours of the night.
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Old 09-09-2008, 11:41 PM   #4
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Slouch,
....You're no slouch. You have the right idea on how to get to an early retirement.
Jeff
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Old 09-10-2008, 09:44 AM   #5
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Slouch, I think you're doing great. Your net worth is pretty darn good for 28, and you have a real commitment to saving.

Congratulations, and welcome to the forum.

Coach
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