28 year old accountant

[RI Mike]

Hi all, been viewing this forum for a few months now and thought I'd introduce myself as I see myself learning from this forum for years to come. I am a 28 year old, newly married, accountant. I hope to retire at a young enough age that I can enjoy life with my wife without having to w*rk. In the future I will be seeking advice on investing, best practices you all have learned in your owns ways on LBYM and the like. For now, purchased my first house, just finished graduate school, and paid for my wedding all in the past year so I have a little bit of debt to work on first before I start to really build up my retirement :/ Currently only contributing 5% to my company's 401k to get the match and get started as well. I enjoy reading all the threads and will be around!

 

[FIREd]

Hi Mike, welcome aboard!

For now, purchased my first house, just finished graduate school, and paid for my wedding all in the past year so I have a little bit of debt to work on first before I start to really build up my retirement :/

That was me 10 years ago!

 

[omni550]

Welcome, Mike. It's nice to see a young person with the retire early mindset. Sounds like you'll fit right in.

omni

 

[CMH in CO]

Welcome to the forum from another accountant. Play close attention to any discussions on LBYM. Most of us got where we are by literally decades of living frugally. Making lots of money will only contribute to your retirement if you are not spending it, but instead are investing it wisely so it can grow over time.

Cass

 

[RI Mike]

Thanks!

@FIREd - Thanks! Any quick advice from 10 years into the future??

@Omni - Thank you!

@CMH Thank you! I married a young woman who, while not coming from money, has always had a LBYM mindset and I think will be the one to help teach me how to do it better. I am excited to start investing once I tackle this debt that got me started.

 

[obgyn65]

Welcome, Mike.

 

[WestLake]

Welcome. I would say that after taking care of the debt you need to be saving at least 20%. I hope you got a 15-year mortgage. When that is paid off you could buy another house and use your present home as a rental. Oh and don't buy new cars - unless you keep one for 15-20 years.

 

[JoeWras]

Welcome Mike. Much good advice above.

I'll add: work on that debt, and put in place a plan to increase your 401k percentage each year. Sounds like you are at least getting the company match max. If not, do so ASAP. Meanwhile, consider increasing the match by say, 2% or more per year. If you do it first January paycheck, you'll find it gets lost in the jumble of the withholding changes, etc. You'll never notice it.

My story started like yours. Married at 27 to a wife that shares LBYM mentality. Before we knew it, we got rid of the debt and now find ourselves at 49 on the cusp of FIRE.

 

[CMH in CO]

Mike,

You are very lucky your DW has the LBYM mindset. With both of you on board, believe me, the sum of what both of you do with LBYM will be greater than its parts.

Cass

 

[Stress-Free Retirement]

Welcome Mike. You are off to a great start! Glad the you haven't been suckered into contributing more than the company match!
mark

 

[RI Mike]

Thank you

Thank you for the great advice and welcoming replies! It's fairly exciting to get this process/journey started to FI, even if I'm just beginning.