Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Update Since Sept 2015
Old 04-25-2016, 08:19 PM   #1
Recycles dryer sheets
Join Date: Sep 2015
Location: Austin
Posts: 89
Update Since Sept 2015

Originally Posted by dsp0725 View Post

31 years old, late to the ball game of investing and saving. Here's what we're working with.

~47k in cash
~17k in 401K (individual setup, no employee match)
~5300 in Roth IRA

Income is roughly 185k a year.

Debt is ~308k house, ~8k IRS (0% interest), $11k student loans.

I'll be getting married Fall 2016, she makes about 30k a year and has zero debt, roughly 20k saved up. I'm trying to get her to fund a Roth IRA ASAP, she's 27!

So my question is, what would you guys do if you were me? I am thinking about paying off the IRS debt and Student Loan debt any day now.

But as far as investing and creating more cash, what would you guys do?

Thanks for the advice and looking forward to hearing from everyone on this forum!


I'll be 32 in July, getting married in August. Fiance just quit her job, wasn't worth it for low pay.

- My income is $183k
- $0 debt (paid off IRS & Student loan) Fiance has $0 debt
- $303k remaining on our house @ 4.625%
- $84,993 among my solo401k & Roth IRA

This year I need to open a Roth IRA for my future wife. As well as HSA's for us too.

I just wanted to share this update with everyone. Hopefully we're well on our way to retirement one fine day! Let me know if anyone has advice or comments.

dsp0725 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 04-25-2016, 10:15 PM   #2
Dryer sheet aficionado
Join Date: Apr 2016
Posts: 27
Congrats on paying off the irs and student loan! Feels great doesn't it? Looks like good progress on the 401k as well. Keep heading that direction, have a plan with goals in mind and you'll get where you want.

CabinLifeAt50 is offline   Reply With Quote
Old 04-25-2016, 10:23 PM   #3
Recycles dryer sheets
Join Date: Mar 2016
Location: SoCal
Posts: 282
All I can tell you is my saving took off after I paid of the house. With no mortgage I was able to save very fast and took on more investment risks and the feeling of not having a mortgage is great.
vipertom1970 is offline   Reply With Quote
Old 04-26-2016, 05:43 AM   #4
Full time employment: Posting here.
Join Date: Nov 2014
Location: Austin
Posts: 826
Congrats! I found that I have had several "inflection points" along the way.
1. The first one was turning 25 and seeing my car insurance drop by half!
2. Paying off my first car loan (and vowing never to have another car loan)
3. Paying off student loans
4. Getting married (yay almost 2x incoming salaries) and 100% banking one while living off of the other.
5. Maxing 401K's
6. DW quitting work (sanity wise, a plus, but financially slowed the savings rate down)
7. Having a kid (see #6)
8. Nice raises along the way, some well timed bonuses that almost 100% go to savings.
9. Losing a job at a megacorp that I worked for over 20 years but getting an extremely nice package - again straight to savings.
10. Getting another job quickly, but losing it 6 months later.
11. Pretending to be FIREd for 10 months - understanding (and adjusting) what we spent, getting an ACA, having a much needed sabbatical and de-stressing!
12. Back to work!
13. Coming up I see college for the kid in 3 years. Have plenty saved for that, but just to be sure the plan is to see what 1 semester's expenses look like and if favorable, then FIRE.
14. Sell house/downsize/pay cash for next place

In other words, Life. :-)
big-papa 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
What really precipitated the financial crisis in Sept.? Zoocat FIRE and Money 23 02-13-2009 12:20 AM
RSVP for REHP/FIRE Meetup - Washington DC - Sept. 18, 2008 SecondCor521 FIRE and Money 42 09-23-2008 07:49 AM
REHP/FIRE Meetup - Washington DC - Sept. 18, 2008 SecondCor521 FIRE and Money 8 06-19-2008 02:50 PM
airborne--get back up to $60 bucks no receipt - sept 15 deadline lazygood4nothinbum Other topics 2 03-04-2008 07:27 PM
Retiring in Sept. offered a job already wallygator69 FIRE and Money 16 05-08-2006 03:14 PM

» Quick Links

All times are GMT -6. The time now is 04:33 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.