Well let me introduce myself im a 22 year old single male who rapidly converted from a spender to a saver. I went from making 10K as a spender to making 55k as a saver, and a carrer change sparked it. In November 2006 it all changed I started working at power plant in the opertions group when i was 20. I started out making around 20$ an hour and saving almost 1000$ every check. I screwed up and didnt contribute to my 401K until january 1st of 2008. I saved close to 20K in 13 months, leased a car and got a credit card to build credit. As of the current housing crisis I took advantage of the situation. I bought a new condo as of april 4th at huge discount, and got a 30 year fixed mortage @6.25%. I bought a 156K condo at 132.5K with furnishings 1500 sq ft and paid 10% and loaned 119K. I now ask for advice where to go from here. I have no retirement ideas as of yet but im want to be prepared. Now ill descibre the invesment side.
I currently contribute 10% of my check to my princiapl 401K and 5% to my roth 401K. my employer contributes 100% for the 1st 500$, 50% for the 2nd 500$, and 10% for every next 1000$. I have my 401K divided in 45% international equity, 26% small/med US equity, 17% large US equity and 11% in balanced assets( which i have stopped contributing to) so the current allocations go into the 3 above. with a 50,25,25 ratio respecitvley. so far im close to 5K in my 401K and 1.5K in my roth 401K.
I currently have YTD of 27K earrings gross. I currently get 3.00$ in raises a year on my wage putting me @ 23.44 now. and topping out at 30$. ill be at this job untill my time and qualifications allow me to change to a supervisor job. so ill break down my monthly income and expenditures.
APPROX depends on months and OT
gross pay 5000 net after 401k and taxes 2810
mortagae 1065
car 377.25
after food,gas, insurance, utilites and other misc items i have 1000 or 800 every month extra any suggestions to my plan? Am I on the right track? I try to pay 100$ extra on the mortagage. Suggestions welcome thanks for reading and thanks for the response.
I currently contribute 10% of my check to my princiapl 401K and 5% to my roth 401K. my employer contributes 100% for the 1st 500$, 50% for the 2nd 500$, and 10% for every next 1000$. I have my 401K divided in 45% international equity, 26% small/med US equity, 17% large US equity and 11% in balanced assets( which i have stopped contributing to) so the current allocations go into the 3 above. with a 50,25,25 ratio respecitvley. so far im close to 5K in my 401K and 1.5K in my roth 401K.
I currently have YTD of 27K earrings gross. I currently get 3.00$ in raises a year on my wage putting me @ 23.44 now. and topping out at 30$. ill be at this job untill my time and qualifications allow me to change to a supervisor job. so ill break down my monthly income and expenditures.
APPROX depends on months and OT
gross pay 5000 net after 401k and taxes 2810
mortagae 1065
car 377.25
after food,gas, insurance, utilites and other misc items i have 1000 or 800 every month extra any suggestions to my plan? Am I on the right track? I try to pay 100$ extra on the mortagage. Suggestions welcome thanks for reading and thanks for the response.
