Hello, new poster here!
I'm almost 30 years old and I'm a decent saver. I could save considerably more, but I'm where I am today mostly due to a few focused investments that (luckily) worked out well for me. I'm certainly on the track to retire early, I just don't know how early. Too many unknowns: inflation, health insurance, being too young to pull money from retirement accounts, etc.
Here's my current breakdown:
non retirement brokerage accounts: $44,000
IRAs: $80,000
401k: $44,000
savings: $3,000
non-house debt: none (had very little college loans and paid them off early)
home mortgage debt: $75000 with 14 years remaining
home value: $120,000 (approximate)
Savings are currently a little lower than I like but I spent savings down buying a used car in cash and I don't see any chance of my job being at risk currently. Will build this back up to $6000 or so in the near future.
In summary, I have about $170,000 in non-house assets and $45,000 in home equity (which I typically don't count towards assets because I like to think of housing as a home and not an investment). I'm concerned that most of my money is tied up in retirement accounts because it means I will have a hard time at retiring considerably before age 60. I don't expect to need a lot of money (in today's dollars) in retirement income because I will no longer have to save, my house should be paid off, and my hobbies are relatively cheap. I just enjoy free time and relaxation.
One goal is to test the waters as a landlord. I feel that's a really good way to secure wealth, but I realize landlording is only for the select few. I guess I'm willing to give it a shot to see if it works for me.
Another goal is to work on a budget. I spend whatever I feel like (but I'm relatively cheap so it doesn't get me in trouble) and invest haphazardly whenever my savings grows by chance beyond what I feel is a safe level. I feel like I could save more with a budget.
Any comments would be great!
I'm almost 30 years old and I'm a decent saver. I could save considerably more, but I'm where I am today mostly due to a few focused investments that (luckily) worked out well for me. I'm certainly on the track to retire early, I just don't know how early. Too many unknowns: inflation, health insurance, being too young to pull money from retirement accounts, etc.
Here's my current breakdown:
non retirement brokerage accounts: $44,000
IRAs: $80,000
401k: $44,000
savings: $3,000
non-house debt: none (had very little college loans and paid them off early)
home mortgage debt: $75000 with 14 years remaining
home value: $120,000 (approximate)
Savings are currently a little lower than I like but I spent savings down buying a used car in cash and I don't see any chance of my job being at risk currently. Will build this back up to $6000 or so in the near future.
In summary, I have about $170,000 in non-house assets and $45,000 in home equity (which I typically don't count towards assets because I like to think of housing as a home and not an investment). I'm concerned that most of my money is tied up in retirement accounts because it means I will have a hard time at retiring considerably before age 60. I don't expect to need a lot of money (in today's dollars) in retirement income because I will no longer have to save, my house should be paid off, and my hobbies are relatively cheap. I just enjoy free time and relaxation.
One goal is to test the waters as a landlord. I feel that's a really good way to secure wealth, but I realize landlording is only for the select few. I guess I'm willing to give it a shot to see if it works for me.
Another goal is to work on a budget. I spend whatever I feel like (but I'm relatively cheap so it doesn't get me in trouble) and invest haphazardly whenever my savings grows by chance beyond what I feel is a safe level. I feel like I could save more with a budget.
Any comments would be great!