Join Early Retirement Today
Thread Tools Search this Thread Display Modes
24 and ready to retire
Old 01-30-2008, 02:47 PM   #1
Recycles dryer sheets
Abreutime's Avatar
Join Date: Jan 2008
Posts: 325
24 and ready to retire

Well, I'm not actually ready to retire, but it's never too early to start dreaming about it! I'm 24, married, homeowner (as of 6 months ago). I just compiled a net worth table a few weeks ago as motivation, and I'll update that monthly for kicks, and so that the wife (and I) can be well informed. (I'll be updating my records; I won't be dropping monthly spammy updates here). Here's a snapshot of where I stand:

Wage: 70k (finance field)
Bonus: ~15k
Poker earnings 2007: 45k
Poker earnings 2008: 15k
Restricted stock: ~30k

Mortgage: 185k
Equity: 25-30k
Student Loans: 40k
CC debt (0%): 9k
April Tax bill due to 2007 poker: ~15-20k

401k: 16.5k (aggressive growth fund)
Roth IRA (Vanguard): 4k (Target 2045 Fund)
Brokerage: 4k
Checking/Saving: ~40k
Poker Sites: 25k
Car: 15k (paid off)

Wife: Law student (1L) on full ride

I've been lucky to earn a good wage and find an interest (poker) that has increased my cash flow instead of the reverse. I am aware of a few other posters who also play poker, and I am aware their reception has been mixed. However, I am asking for advice which may be common for others who have a variable income. I am starting to run into "problems" which aren't really problems at all: Cash management and direction of non-retirement funds. 40k in savings is more than sufficient, since I am barely removed from living as a college student. I am mainly looking (at this board and other personal finance boards) for the best ways to invest in a tax advantaged/disadvantaged balance.

Having bought 1 house, I've been looking around to test the waters of investment properties (both single family and larger properties). I'm still trying to get over that fear, even though I've done a lot of studying up on it. Part of my hesitance involves getting the wife on board with the plan, and my other fear involves investing in places that we can now "afford," which are less desirable areas. I don't want to be a slumlord. Right now, I suppose I am saving up for a larger property in a more desirable area, although it seems like I'm in a holding pattern, building up reserves in ING.

I look forward to participating in the board, and I value all input and criticism!

Abreutime is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-30-2008, 03:49 PM   #2
Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
Hello and welcome.

According to your post you have your stuff together better than I did at 24
Notmuchlonger is offline   Reply With Quote
Old 02-01-2008, 06:13 PM   #3
Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 2,049
Since you have income from a side job, you may want to consider one of the self-employed retirement plans that allow you to save 20% of your income from your 2nd job.
eridanus is offline   Reply With Quote
Old 02-02-2008, 05:34 PM   #4
Recycles dryer sheets
Join Date: Oct 2004
Posts: 198
Since you already have a networth table you've made, perhaps you should consider using:
Track, share, and compare Net Worth. How do you measure up? NetworthIQ

I've been using it for awhile now, and I love that I can see a graph of our networth over time. Plus, I can certainly see when the market started the recent dip Kabam to our networth.

Anyway, it's a useful site, and great if you can get started early.
HobbyDave is offline   Reply With Quote
Old 02-02-2008, 10:18 PM   #5
Full time employment: Posting here.
Join Date: Dec 2006
Posts: 509
Invest in your business-building knowledge so you can build multiple streams of income.

I am a big fan of generating cash flow through passive sources, so that if my investments don't do well I've still got income.

Then, if the cash flow does well, I can use that money to fund the investments.

Either way I'm investing, but by learning business skills I create an opportunity to generate the income without needing a direct employer.
Peaceful_Warrior is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
You're ready to retire when: CuppaJoe Other topics 67 05-11-2009 11:27 AM
Young & Ready to Retire mmg2681 Hi, I am... 17 12-16-2006 09:32 AM
September 19, a good day to retire, if I were to retire, but I am not Martha Other topics 26 09-20-2006 10:59 AM
Hi, I am soooo ready to retire RETIRE_TINGLE! Hi, I am... 11 03-16-2006 03:47 PM
Are you ready to retire article??? Mountain_Mike Other topics 0 05-10-2005 09:40 AM

» Quick Links

All times are GMT -6. The time now is 07:20 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.