Want to take the fast lane
Hello everyone,
A little background, I recently turned 24 and purchased my first home at the age of 23. I purchased the home for $280,000 and put down $60,000. I've also paid off all of my credit card debt and all of my student loans ($20,000) in the past 6 months. Currently I'm debt free minus my $220,000 home mortgage that I purchased with 3.6% 30 year fixed-rate financing. My payment is around 25% of my take-home pay per month, I used the Dave Ramsey principle for below 30% for my mortgage. My car is paid off, I don't have cable TV, and my cell phone is paid for by my work. I'm working as a computer engineer and am making a very nice annual salary.
I'm now in a position where I can start investing much of my income to work towards becoming financially independent. I do not plan on financing anything else and will only pay cash for future purchases. I am reading a lot of personal finance books and starting to learn the stock market as I have upwards of $2500-3000 per month of excess income to invest. Currently my only investments are my 401k and my EPP (Employee Stock Purchase Program) to which I deposit 5% of my income to stock at a 15% discount of the lowest quarterly price. What are your recommendations for me if you were in my position at age 24?
Hello everyone,
A little background, I recently turned 24 and purchased my first home at the age of 23. I purchased the home for $280,000 and put down $60,000. I've also paid off all of my credit card debt and all of my student loans ($20,000) in the past 6 months. Currently I'm debt free minus my $220,000 home mortgage that I purchased with 3.6% 30 year fixed-rate financing. My payment is around 25% of my take-home pay per month, I used the Dave Ramsey principle for below 30% for my mortgage. My car is paid off, I don't have cable TV, and my cell phone is paid for by my work. I'm working as a computer engineer and am making a very nice annual salary.
I'm now in a position where I can start investing much of my income to work towards becoming financially independent. I do not plan on financing anything else and will only pay cash for future purchases. I am reading a lot of personal finance books and starting to learn the stock market as I have upwards of $2500-3000 per month of excess income to invest. Currently my only investments are my 401k and my EPP (Employee Stock Purchase Program) to which I deposit 5% of my income to stock at a 15% discount of the lowest quarterly price. What are your recommendations for me if you were in my position at age 24?
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