Hello

[Caoineag]

I am a paralegal in Denver, CO who graduated college about 2 1/2 years ago (Bach in Environmental Science). I also have my Paralegal Certificate that my company paid for. I'm married, my dh and I went a little nuts after college and now we are paying all of that off.

I actually came across this site when I started researching more ways of being frugal and it seemed like something I should keep in mind while aggressively paying debts and ramping up retirement savings. Despite the 1 1/2 year spending craze we went through, I have been frugal most of my life and had already started to look at ways to save for retirement. Mainly because I realized I couldn't possibly save enough in a Roth IRA for retirement (I don't have access to a 401(k) though we are getting the max match in my dh's 401(k) and starting a Roth IRA for him as well).

So don't mind me, I will just be snooping a little to figure out how to proceed once we are finished with the credit cards and the down payment for a house (this should be finished next winter).

[Coach]

Caoineag, welcome from another Coloradoan! Colorado Springs, in my case.

I hope you'll find useful information here. I certainly have. It sounds like you've got your goals set correctly.

Coach

[Gumby]

Welcome aboard. Don't be shy about sharing your knowledge and experience. Everyone has something to add to the discussion.

[Sandy]

Welcome.

There are many here to started with nothing or were buried in debt. One book that is often cited as a turing point for many is Your Money or Your Life aka YMOYL (local library). Don't focus on the dated investment information, but getting the concept of trading life energy and effort for stuff is often an eye opening exercise for many.

[RetireeRobert]

Quote:

Originally Posted by Caoineag I am a paralegal in Denver, CO who graduated college about 2 1/2 years ago (Bach in Environmental Science). I also have my Paralegal Certificate that my company paid for. I'm married, my dh and I went a little nuts after college and now we are paying all of that off. I actually came across this site when I started researching more ways of being frugal and it seemed like something I should keep in mind while aggressively paying debts and ramping up retirement savings. Despite the 1 1/2 year spending craze we went through, I have been frugal most of my life and had already started to look at ways to save for retirement. Mainly because I realized I couldn't possibly save enough in a Roth IRA for retirement (I don't have access to a 401(k) though we are getting the max match in my dh's 401(k) and starting a Roth IRA for him as well). So don't mind me, I will just be snooping a little to figure out how to proceed once we are finished with the credit cards and the down payment for a house (this should be finished next winter).

Welcome. Always glad to hear young folks starting thinking about the retirement planning/preparation track. TIME is your biggest ally. TIME takes care of and overcomes so many mistakes.

You mention being a paralegal---if so, are you an employee or do you work on contract as self-employed? Self-employeds have opportunities to sock away more in retirements plans than employees via Trad or Roth IRAs.

Keoghs and SIMPLE IRAs for example. You might read up on self-employed retirement savings options, and think about doing your work on a self-employment basis.

Welcome

[citrine]

Welcome to the board!
I would suggest that you start socking a little bit away in the retirement fund as well as paying down your debts....that extra year will make a difference!
I should have listed to my dad when I was 18....not 25!

[TexasGal]

Welcome!

The fact that you are so young and already aware of the need to prepare for retirement (and reduce debt) is greatly to your advantage. Whether you plan to retire early or at full retirement age, the advice here is just plain good financial sense for anyone. You could do worse hanging out with this group.

TG

[TexasGal]

What does it take to edit a post? I was trying to nuke my last sentence above because it makes no sense to me but the system won't allow it. I haven't had my first cup of coffee yet and my brain is not functioning.

[Martha]

Click on the Edit button at the bottom of the post and make the changes you want.

[TexasGal]

I did that and the button must be a tired as I am. I clicked edit. . . . and clicked . . . nothing opened the previous thread so that I could edit.

[Caoineag]

Quote:

Originally Posted by Sandy Welcome. There are many here to started with nothing or were buried in debt. One book that is often cited as a turing point for many is Your Money or Your Life aka YMOYL (local library). Don't focus on the dated investment information, but getting the concept of trading life energy and effort for stuff is often an eye opening exercise for many.

The saving forum I am on mentions that book a lot too. I still haven't read it but probably will to see what everyone is talking about. A good portion of our debt came from moving across country and surviving the first six months. It was a worthwhile investment though because both my husband and I are employed and making much more money than we ever would in our previous state (Michigan, any Michiganders on the board will understand why I moved to get a job).

For example, I recently spent some money moving my underemployed friend out here. She is a good example of why I moved. It had been a year since she graduated college with a graphic design degree and in Michigan no one was hiring. She had a job within two months of being out here that paid twice as much as her last job (literally).

However, the other half of my debt was simply us not paying attention. When we went to start a budget to pay it off, that's when we realized how bad it had gotten. We have already paid off 14k in the past year and will pay off the remainder in the next 1 1/2 years. It was an expensive lesson, but one we won't be forgetting anytime soon.

[Caoineag]

Quote:

Originally Posted by RetireeRobert Welcome. Always glad to hear young folks starting thinking about the retirement planning/preparation track. TIME is your biggest ally. TIME takes care of and overcomes so many mistakes. You mention being a paralegal---if so, are you an employee or do you work on contract as self-employed? Self-employeds have opportunities to sock away more in retirements plans than employees via Trad or Roth IRAs. Keoghs and SIMPLE IRAs for example. You might read up on self-employed retirement savings options, and think about doing your work on a self-employment basis. Welcome

I am someone's employee. They have great benefits but no retirement options. Which is fine, but it does mean that the max ira contribution until I retire is not sufficient to provide for retirement. I foresee taxable accounts in my future. First though, we will max out both ira's (already getting full match in dh's 401(k) and I am already contributing to my Roth IRA).

As to being self employed, I will probably consider that at a later date. I actually like the fact that my type of job is so flexible that when I retire, I can do project work for firms. While retirement is a ways away, both dh and I are workaholics and we will both need some projects to keep us happy when that time comes. So why am I on this forum then? We are catastrophe planners at heart. So think of me as looking for financial independence more than anything.

[Caoineag]

Quote:

Originally Posted by citrine Welcome to the board! I would suggest that you start socking a little bit away in the retirement fund as well as paying down your debts....that extra year will make a difference! I should have listed to my dad when I was 18....not 25!

Don't worry, we are already socking away retirement money as well. But as to listening to my father, that would be bad. If I followed his example, I would be in even greater debt with no retirement saving until my late 30's!!!