UpandComer
Dryer sheet wannabe
- Joined
- Aug 5, 2004
- Messages
- 14
Hello everyone!
I've just been introduced to the concept of "early retirement" so this is all new to me! I have recently (in the last 3 months actually) decided that early retirement is for me!
My plans are to retire from corporate America by 50 and run my own business. I'm envisioning that at 50 I will own at least 10 rental properties and teach at one of the small local colleges. That way I can have my summers and holidays off but still be able to be productive. (I don't think I'd like to be completely retired at 50 just free to make decisions about when and how hard I work).
Here are my stats:
I'm single, 28 years old (soon to be 29) and have been working steadily for the past 5 years. I only recently started investing and saving for retirement in the last 2 years as I spent the first 3 of my working years being young and dumb (i.e. spending frivolously and running up debt).
I have approximately $19K in my 401K and Roth accounts with the bulk being in my 401K. My emergency fund stands at $2300 (less than I like) because I used a chunk of it for closing costs on my first house in March. Also, I have about $2200 in mutual funds.
Currently I contribute 10% of my pretax $$ into my 401K and receive an additional 5% match from my employer. I put away $300/month in my EF account and $175 is automatically invested into my mutual funds. I am also paying an extra $50/month towards the principal on my mortgage.
My plans are to increase my 401K contributions yearly until I reach 20%, my EF contributions $100/year, my mutual fund investements by $50/year, and increase my extra principal payments by $25-50/year. I''m planning to fund all this by my reducing my expenses to 50% of my take home pay over the next few years and also inceasing my income (still trying to figure out how!!).
A couple other fun facts are that I'm a runner and would like to compete in triathlons one day!
I'm looking forward to learning a lot from y'all in the coming months!
I've just been introduced to the concept of "early retirement" so this is all new to me! I have recently (in the last 3 months actually) decided that early retirement is for me!
My plans are to retire from corporate America by 50 and run my own business. I'm envisioning that at 50 I will own at least 10 rental properties and teach at one of the small local colleges. That way I can have my summers and holidays off but still be able to be productive. (I don't think I'd like to be completely retired at 50 just free to make decisions about when and how hard I work).
Here are my stats:
I'm single, 28 years old (soon to be 29) and have been working steadily for the past 5 years. I only recently started investing and saving for retirement in the last 2 years as I spent the first 3 of my working years being young and dumb (i.e. spending frivolously and running up debt).
I have approximately $19K in my 401K and Roth accounts with the bulk being in my 401K. My emergency fund stands at $2300 (less than I like) because I used a chunk of it for closing costs on my first house in March. Also, I have about $2200 in mutual funds.
Currently I contribute 10% of my pretax $$ into my 401K and receive an additional 5% match from my employer. I put away $300/month in my EF account and $175 is automatically invested into my mutual funds. I am also paying an extra $50/month towards the principal on my mortgage.
My plans are to increase my 401K contributions yearly until I reach 20%, my EF contributions $100/year, my mutual fund investements by $50/year, and increase my extra principal payments by $25-50/year. I''m planning to fund all this by my reducing my expenses to 50% of my take home pay over the next few years and also inceasing my income (still trying to figure out how!!).
A couple other fun facts are that I'm a runner and would like to compete in triathlons one day!
I'm looking forward to learning a lot from y'all in the coming months!