Bert Cooper
Dryer sheet aficionado
- Joined
- May 19, 2013
- Messages
- 31
Hello all,
Found this site a couple of months ago after getting burned out at work and have been obsessed with it ever since. 35 and single here.
I always thought I had my head on straight with my finances and was doing pretty well, but I've really gotten a wake up call this year, especially from reading this forum and seeing what you guys are doing.
3 things led got me here:
1) I started using Mint last year, which gave me an all-up view on my finances that I've never had. I could really see what was happening, without having to go through mail and track things manually, which I'm notoriously bad at doing.
2) I saw dramatic increases this year in one of my employee's 401k (he's open about it), who makes quite a bit less than me, which caused me to finally get off my butt and open a 401k at my current employer...a few years after I started, and a previous attempt that I didn't see through.
3) I got seriously burned out at work and really started to question my priorities and longevity as a workaholic with no life, realizing that I can't do this forever, yet I've got squat saved for retirement. I was googling around for some therapy and sympathetic reads and found some of your threads about how miserable some of you are at your jobs. The concept of working stiffs like me retiring early was new to me and I'm blown away with what you guys are doing.
Some history:
-Haven't tasted success in the market. I put money to a Roth for 3 years, in 2005-2008. It dropped big in the recession and is only now back to where it was when I started. VEIEX, VGHEX, VGSIX, VGSTX
-Had a 401k 10 years ago for a few months, had 10% taken out, couldn't handle the reduced income, so I stopped. Regret.
-Spent years working for startups, with no 401k. One was actually profitable, now VC'ed, but haven't seen anything from it yet (no longer active in it). Hoping it gets bought in the next couple of years.
-Got scared away from market during 08-09 recession, and subsequently missed the major climb since then. Big regret.
-Not seeing the market work for me and doom and gloom abound, I focused my energy on getting rid of student loans, staying out of consumer debt, paying down mortgages, improving income, improving cash flow, reducing interest.
Current NW is nipping at 500K
260K rental equity, 40K mortgage balance, 2.875%
100K primary residence equity, 560K mortgage balance, 3.7%
60K MM emergency fund
20K cash
13K Roth
7K 401k, will max out for the first time this year
6K IRA
Income: 20K rental, 140k w-2, 20-30k 1099
Current goal is paying off the 40k mortgage this year. Considering starting automatic investments/DCA but leery with the market being high at >15K. That'd push out paying off the mortgage, which I'm trying to finish to help with short-term cash flow concerns. I know that's not the best long-term play.
Job fear is driving most of my decisions these days, which is making me paranoid. I work at a marketing agency (which is inherently volatile). I'm highly valued, but industry changes in the tech world have caused me to lose my footing a bit. My specialty has changed dramatically and I'm trying to navigate it which is stirring the politics pot a lot. I've got my fair share of both fans and detractors. I've spent most days over the past year or so thinking "what if my job is gone tomorrow". This caused me to start the emergency fund, aggressively pay off the rental mortgage, and really get a grip on my cash flow, thinking I might have to accept a lower salary to stay afloat if things go really bad, which has effectively taught me to LBYM. Cash flow has been king.
Also contributing to that is the realization that a lot of your guys' success has had to do with stable high-paying jobs, seeing mine as not stable, and realizing there are few people over 45 around there. I also think it would be difficult to replicate my compensation in this area (not verified). I know I could if I moved, but that would be difficult with my houses here.
I always figured I would work to 65, work hard, start a business or two, and retire rich. But, you guys are turning the dream into a reality, and getting there early even. Really impressive stuff. I have a lot to learn.
Found this site a couple of months ago after getting burned out at work and have been obsessed with it ever since. 35 and single here.
I always thought I had my head on straight with my finances and was doing pretty well, but I've really gotten a wake up call this year, especially from reading this forum and seeing what you guys are doing.
3 things led got me here:
1) I started using Mint last year, which gave me an all-up view on my finances that I've never had. I could really see what was happening, without having to go through mail and track things manually, which I'm notoriously bad at doing.
2) I saw dramatic increases this year in one of my employee's 401k (he's open about it), who makes quite a bit less than me, which caused me to finally get off my butt and open a 401k at my current employer...a few years after I started, and a previous attempt that I didn't see through.
3) I got seriously burned out at work and really started to question my priorities and longevity as a workaholic with no life, realizing that I can't do this forever, yet I've got squat saved for retirement. I was googling around for some therapy and sympathetic reads and found some of your threads about how miserable some of you are at your jobs. The concept of working stiffs like me retiring early was new to me and I'm blown away with what you guys are doing.
Some history:
-Haven't tasted success in the market. I put money to a Roth for 3 years, in 2005-2008. It dropped big in the recession and is only now back to where it was when I started. VEIEX, VGHEX, VGSIX, VGSTX
-Had a 401k 10 years ago for a few months, had 10% taken out, couldn't handle the reduced income, so I stopped. Regret.
-Spent years working for startups, with no 401k. One was actually profitable, now VC'ed, but haven't seen anything from it yet (no longer active in it). Hoping it gets bought in the next couple of years.
-Got scared away from market during 08-09 recession, and subsequently missed the major climb since then. Big regret.
-Not seeing the market work for me and doom and gloom abound, I focused my energy on getting rid of student loans, staying out of consumer debt, paying down mortgages, improving income, improving cash flow, reducing interest.
Current NW is nipping at 500K
260K rental equity, 40K mortgage balance, 2.875%
100K primary residence equity, 560K mortgage balance, 3.7%
60K MM emergency fund
20K cash
13K Roth
7K 401k, will max out for the first time this year
6K IRA
Income: 20K rental, 140k w-2, 20-30k 1099
Current goal is paying off the 40k mortgage this year. Considering starting automatic investments/DCA but leery with the market being high at >15K. That'd push out paying off the mortgage, which I'm trying to finish to help with short-term cash flow concerns. I know that's not the best long-term play.
Job fear is driving most of my decisions these days, which is making me paranoid. I work at a marketing agency (which is inherently volatile). I'm highly valued, but industry changes in the tech world have caused me to lose my footing a bit. My specialty has changed dramatically and I'm trying to navigate it which is stirring the politics pot a lot. I've got my fair share of both fans and detractors. I've spent most days over the past year or so thinking "what if my job is gone tomorrow". This caused me to start the emergency fund, aggressively pay off the rental mortgage, and really get a grip on my cash flow, thinking I might have to accept a lower salary to stay afloat if things go really bad, which has effectively taught me to LBYM. Cash flow has been king.
Also contributing to that is the realization that a lot of your guys' success has had to do with stable high-paying jobs, seeing mine as not stable, and realizing there are few people over 45 around there. I also think it would be difficult to replicate my compensation in this area (not verified). I know I could if I moved, but that would be difficult with my houses here.
I always figured I would work to 65, work hard, start a business or two, and retire rich. But, you guys are turning the dream into a reality, and getting there early even. Really impressive stuff. I have a lot to learn.
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