ReadyAimFired
Dryer sheet aficionado
- Joined
- Jun 19, 2013
- Messages
- 30
Sorry you guys/gals it would not let me repost under original post so I have copied and highlighted new information.
Hello everyone, I thought I would come back 2 years later and give everyone an update! Wow a lot has changed! Biggest thing…asked my girlfriend to marry me 3 days after Christmas 2014 and she said yes!
Here is the original post I made in 6/2013…
Hey you guys and gals. I am J. Yes, I know what it's like to be poor. No car, no food, no electricity, no running water ...no hope. I have slept on the floor, battled roaches, and wore dirty clothes. This may be great for homesteaders but not growing up in the city. I grew up poor in the projects of Louisiana and I promised myself I will never go back. So instead, I worry. I worry about money, well, about having enough money. So I have lurked on this forum for quite some time and finally gathered enough courage to open up to you and see what I can do better. So here goes my financial situation. I got out of my situation by joining the military and have never looked back.
Me, 38, and significant other, 33, live in Texas. We keep our finances separate other than paying jointly on monthly bills like electric, cellphones, and cable. (yeah I know, I know but it's my vice.) I am now 40 and my fiancé 35
Me- Hope to retire at 53, currently work for a local city government.
I can draw a monthly check from TMRS at 53, for $3300 a month. Can continue health insurance from city upon retirement.
TMRS- $3300 at age 53 (I put in 7% and city puts in $14%) Taxable
457 Roth (thru city)- $105K currently putting 18.1% yearly of salary of $68k- in 100% stocks but diversified to my taste. 457 Roth now valued at $167k got a small raise to $70K and upped contributions to $525 every paycheck. 19% of salary.
Roth IRA- $40K- max out every year in T Rowe 2040 Retirement. Roth now at $64K, still maxing out
Rental House-1/2 duplex Value 60k owe 40K pay extra $200 month principle will be paid off in 8 years. Here is a doozy. Got curious and found out that my rental was now worth approximately $105k after having a realtor look at it! Put it on the market and got a 97.5K CASH offer within 3 weeks and took it. So after mortgage payoff I will be walking away with a profit of 57K after originally buying the ½ duplex for 64k and having a friend pay down the mortgage…..YIPPEEEE. The city the house is in just got a Nebraska Furniture and a host of other businesses making for a shortage of houses. I always counted the mortgage debt but never the equity in our calculations. Just closed today 06/29/15
Cash on hand- $30k $37k
Other assets-$15k
SO-Hopes to retire when I do. Just got really serious about early retirement. Makes about $55k but varies to $65k with commissions. Got a raise now making $70k
401K-18K just started maxing out this year. Gets 3% match from company- Fidelity 2040 Retirement. She is still MAXING IT $18k a year and her balance is now $63k
Roth IRA-$15k maxing out T Rowe 2040 Retirement now $49K
Mutual Fund-$8k unsure what allocation is now $12K
Cash on Hand-$15k now $20K
Our total net worth went from $427K in June 2013 and our goal is to reach $800k by the end of 2015. Current net worth with the sale of the rental is $760k.
We have NO debt other than my 1/2 duplex. Both of our cars are paid off. No student loans. We live in an apt for free due to myself providing security. We are saving for a house upon retirement at a rate of $1k a month combined ($18k current balance), so we hope to have approximately $230k by the time we get to retirement. We will stay in Texas because property taxes are low and there is no state income tax. I live on less than $20k a year and my SO is about the same. I know expenses will go up with a home so I am considering that. Okay so we are really hustling in this area. Now have 73K saved for the house (raised monthly contributions to $1265 per month savings and throw money at it here and there that I have left over from part time jobs and 27K for sale of rental). Looking to buy now as I am tired of being on call 24 hrs a day. We also started 2 car funds with about 7k in each and an emergency house fund for future problems with a future house like a/c going out, leaks, or other possible disasters. It is our goal to have 10k in this fund will have 5k as of Monday the 29th.
I just want to make sure that we are on the right track. Where can I park the house saving money that is safe? It may be the place I put my emergency cash fund also. Most of our cash is online earning interest.
Our plan is to live off my 457 and TMRS and her 401k the first few years and not to touch either of our Roths until it is mandatory. Her mutual fund is up in the air as to when we will access it. Oh, I was in the military for 5 years so I will have some social security but not much because my currently employer does not contribute. I "bought back" all the military time I could so it counts toward my time at the city. I can technically retire in 2017 but won't. SO will also get social security, but we have not figured those numbers into our equations for retirement. Thanks for your patience folks and any advice will not go unstudied. Looking at 2029 as the year!!! I couldn’t be happier with our progress. On a side note, my FIANCE (trying to get used to saying that) is really on board. She pushes me to be better, save more, and see the big picture. I hope I do the same for her.
I am not trying to boast with this post, I just know that I enjoy reading updates on the forum and thought you might like mine.
Hello everyone, I thought I would come back 2 years later and give everyone an update! Wow a lot has changed! Biggest thing…asked my girlfriend to marry me 3 days after Christmas 2014 and she said yes!
Here is the original post I made in 6/2013…
Hey you guys and gals. I am J. Yes, I know what it's like to be poor. No car, no food, no electricity, no running water ...no hope. I have slept on the floor, battled roaches, and wore dirty clothes. This may be great for homesteaders but not growing up in the city. I grew up poor in the projects of Louisiana and I promised myself I will never go back. So instead, I worry. I worry about money, well, about having enough money. So I have lurked on this forum for quite some time and finally gathered enough courage to open up to you and see what I can do better. So here goes my financial situation. I got out of my situation by joining the military and have never looked back.
Me, 38, and significant other, 33, live in Texas. We keep our finances separate other than paying jointly on monthly bills like electric, cellphones, and cable. (yeah I know, I know but it's my vice.) I am now 40 and my fiancé 35
Me- Hope to retire at 53, currently work for a local city government.
I can draw a monthly check from TMRS at 53, for $3300 a month. Can continue health insurance from city upon retirement.
TMRS- $3300 at age 53 (I put in 7% and city puts in $14%) Taxable
457 Roth (thru city)- $105K currently putting 18.1% yearly of salary of $68k- in 100% stocks but diversified to my taste. 457 Roth now valued at $167k got a small raise to $70K and upped contributions to $525 every paycheck. 19% of salary.
Roth IRA- $40K- max out every year in T Rowe 2040 Retirement. Roth now at $64K, still maxing out
Rental House-1/2 duplex Value 60k owe 40K pay extra $200 month principle will be paid off in 8 years. Here is a doozy. Got curious and found out that my rental was now worth approximately $105k after having a realtor look at it! Put it on the market and got a 97.5K CASH offer within 3 weeks and took it. So after mortgage payoff I will be walking away with a profit of 57K after originally buying the ½ duplex for 64k and having a friend pay down the mortgage…..YIPPEEEE. The city the house is in just got a Nebraska Furniture and a host of other businesses making for a shortage of houses. I always counted the mortgage debt but never the equity in our calculations. Just closed today 06/29/15
Cash on hand- $30k $37k
Other assets-$15k
SO-Hopes to retire when I do. Just got really serious about early retirement. Makes about $55k but varies to $65k with commissions. Got a raise now making $70k
401K-18K just started maxing out this year. Gets 3% match from company- Fidelity 2040 Retirement. She is still MAXING IT $18k a year and her balance is now $63k
Roth IRA-$15k maxing out T Rowe 2040 Retirement now $49K
Mutual Fund-$8k unsure what allocation is now $12K
Cash on Hand-$15k now $20K
Our total net worth went from $427K in June 2013 and our goal is to reach $800k by the end of 2015. Current net worth with the sale of the rental is $760k.
We have NO debt other than my 1/2 duplex. Both of our cars are paid off. No student loans. We live in an apt for free due to myself providing security. We are saving for a house upon retirement at a rate of $1k a month combined ($18k current balance), so we hope to have approximately $230k by the time we get to retirement. We will stay in Texas because property taxes are low and there is no state income tax. I live on less than $20k a year and my SO is about the same. I know expenses will go up with a home so I am considering that. Okay so we are really hustling in this area. Now have 73K saved for the house (raised monthly contributions to $1265 per month savings and throw money at it here and there that I have left over from part time jobs and 27K for sale of rental). Looking to buy now as I am tired of being on call 24 hrs a day. We also started 2 car funds with about 7k in each and an emergency house fund for future problems with a future house like a/c going out, leaks, or other possible disasters. It is our goal to have 10k in this fund will have 5k as of Monday the 29th.
I just want to make sure that we are on the right track. Where can I park the house saving money that is safe? It may be the place I put my emergency cash fund also. Most of our cash is online earning interest.
Our plan is to live off my 457 and TMRS and her 401k the first few years and not to touch either of our Roths until it is mandatory. Her mutual fund is up in the air as to when we will access it. Oh, I was in the military for 5 years so I will have some social security but not much because my currently employer does not contribute. I "bought back" all the military time I could so it counts toward my time at the city. I can technically retire in 2017 but won't. SO will also get social security, but we have not figured those numbers into our equations for retirement. Thanks for your patience folks and any advice will not go unstudied. Looking at 2029 as the year!!! I couldn’t be happier with our progress. On a side note, my FIANCE (trying to get used to saying that) is really on board. She pushes me to be better, save more, and see the big picture. I hope I do the same for her.
I am not trying to boast with this post, I just know that I enjoy reading updates on the forum and thought you might like mine.