Whats up everybody. Love this site, which I heard about through another lurker. Ill try to get him to join. But, figured Id say hi, and let you all know my situation, and of course, I appreciate any advice.
Im 27 swm originally from Ohio, currently working as a field grunt in Arkansas.
The j*b is ok, but like most employees, I believe I am underpaid for what I do, and especially for what my company bills me at,
Every time I think about it, I am reminded how much I want to F*** It. Retire Early. I dont really have a goal or date set in my mind, but Ive never had a j*b that I like, and even though my ER life would probably come off as boring to most, it keeps me motivated. What I find the mind boggling is people talking about being at some job for 30 years, doing the same thing over and over, dont save for the future, and plan to work til they die. I dont think Ill ever find a niche in the w*rking world, but I guess thats why Im a member on this forum.
Enough talk about w*rk.
My financial situation:
Roth IRA: 16k total with 6500 in Vanguards 500 index, 8500 in USL, 1000 in SKF. Unusual allocation, I know, but I figure Im young now, and I have full intentions of future contributions going into index funds, and maybe some TIPS.
401(k): 9k total and I have to choose from John Hancock, so 20% conservative (JILCX) The rest is in index funds: 20% aggressive (JESIX, JEIEX) 10% growth (JECIX) 50% growth and income (JEINX) My current payroll contributions goes into conservative (JILCX). I dont really have a reason for that other than, once I "feel" I am getting heavy on the conservative lifestyle fund, or if the market tanks to a point where I think loading up on aggressive funds is a good idea, then I can always realocate.
dumb money account: about 3500. Gambler by heart, always interested to make a quick buck trading stocks. This was my very first investment, as a no-nothing 23 year old. Figured Id open up a Scottrade account, and buy a grand of Revlon.
Sunk about 10k into it over the years. Now, as a no-nothing 27 year old, Im still shorting about a grand of JPM from 23 dollar range with no exit strategy, and the rest is in cash and penny stocks hanging on til I die, because the 7 dollars to sell them wouldnt be worth it. LOL.
I know its a losers game, which is why no more money will be going towards day trading.
cash: about 12k (ING, checking and CD's) My plan for 10k in cash is to buy either Vanguard 500 index, or Vanguard total market index in a taxable account, but I need to wait about 2 more paychecks, and however long it takes to move the money around. (Probably beginning of June)
debt: 0.00 I despise being in debt.
net worth: approx 41k as of May 1st. (Nowhere near what it should be or could have been if I started saving right out of college, especially compared to a lot of the people on this board, even a lot of high earners my age, who dont LBYM. But, I think this is pretty good compared to the majority of people my age. Maybe Im wrong, but at least Im glad I started saving.) I realize that I am at a disadvantage as far as ER is concerned, but Im determined to make it w*rk!
I like to track my net worth monthly, and Ive been doing it for awhile. I just use a simple excel spreadsheet, with a few columns for different assets and liabilities. What Id like to do is post my monthly updates, and a short summary of why it went up or down. I think it'll keep me even more motivated, as I grow as a member of this forum.
A little bit more about me, before I ask for feedback... I am a big proponent of LBYM, but Ive only been doing it for about a year. My current j*b helps in that I live for free in hotels, I get free travel home 4x a year, my cell phone paid, free co. vehicle, free gas, and per diem of 30$ a day. I also get company stock, (somewhere around a grand a year) but Ive only been w*rking at this co for 2.5 years, so Im not fully vested. (and I think its kind of questionable how they come up with what these tiny esop companies stock is worth, so I dont count it towards my nw.) So basically I have no bills, other than vacation expenses, cigarettes, booze, and if Im lucky enough to get a date. But the trade off is Im kinda lonely a thousand miles away from friends and family. But I figure, Im young, with no wife, no kids, no mortgage, no tie downs, so why not?
I plan to max out my roth IRA every year in January. (undecided on what I want to invest in for 2010, either an index find or TIPS) Anyway, Im under the impression that getting divys on the full amount from the beginning of the year is more profitable, as opposed to monthly contributions.
Its only been recently that Ive upped my 401(k) contributions to reach the maximum per year, but I plan on sticking with this indefinately. Ill be close to 15.5k this year, (depending on overtime) By the way, does anyone know what the max is for 2010?
Also, Im looking into buying a small amount of gold and/or silver, as well as buying into a foreign currency ETF to hedge the USD a bit.
I cant really think of anything else at this point, but Im here to learn. So please, provide me with some feedback about my situation, and what I could/should be doing to better myself financially. I already read books, I already know that I should be advancing my career. What I want advice on specifically, is my investment strategy. I look forward to the future on these boards, and one day FIRE!