readytofire
Dryer sheet aficionado
- Joined
- Mar 31, 2013
- Messages
- 36
Hi there, I figured it was time to introduce myself as I am planning on sticking around. Despite my username I am no where close to retirement (mentally ready!) About 2 years ago I realized I was wasting a lot of money and not saving or tracking my expenses. I did some basic reading, lurked on this forum for a long time, and finally signed up a few months back. I would classify myself as one step above 'clueless' when it comes to personal finance and investing, but I am working on that.
I like it when other members share their details so here is my current situation.
Age: 29
Target Retirement Date: ~50
Salary: $100K/year
401k Contribution: $17,500/year
Roth IRA Contribution: $5,500/year
Taxable Investment Account Contribution: $3,000/year
Total Savings per year: $26,000
No debts beyond my monthly credit card bill which I pay in full each month.
Current Net Worth:
Monthly budget/expenses breakdown:
This budget consumes my entire take-home pay. I fully realize I could cut a lot out of my monthly budget and save even more, but I am trying to find a balance of having a good lifestyle while still saving heavily. As a rule of thumb, each time I get a raise I will be taking 2/3 of the new take-home pay and saving it and keeping the 1/3 for myself.
The biggest questions & uncertainties I have:
I realize these questions aren't answerable, so I just focus on good saving habits and hope for the best.
I like it when other members share their details so here is my current situation.
Age: 29
Target Retirement Date: ~50
Salary: $100K/year
401k Contribution: $17,500/year
Roth IRA Contribution: $5,500/year
Taxable Investment Account Contribution: $3,000/year
Total Savings per year: $26,000
No debts beyond my monthly credit card bill which I pay in full each month.
Current Net Worth:
Code:
+-----------------+-------+
| Account | Value |
+-----------------+-------+
| 401K | 34K |
| Roth IRA | 11K |
| Taxable Account | 130K |
| Company Stock | 200K |
| Cash | 16K |
+-----------------+-------+
| Total: | 391K |
+-----------------+-------+
Monthly budget/expenses breakdown:
Code:
+-------------------------+----------------+
| Item | cost per month |
+-------------------------+----------------+
| Rent | $1,200.00 |
| Car lease payment | $440.00 |
| car prop tax | $78.00 |
| cable/internet | $74.00 |
| cell phone | $76.00 |
| car insurance | $105.00 |
| electric bill | $70.00 |
| gas (car) | $140.00 |
| renters insurance | $10.00 |
| Roth IRA | $459.00 |
| cleaning | $67.00 |
| car maintenance | $30.00 |
| travel | $140.00 |
| Health/personal care | $20.00 |
| haircut | $25.00 |
| netflix | $8.00 |
| taxable investment acct | $250.00 |
| fun money | $100.00 |
| clothes/shoes | $100.00 |
| shopping | $100.00 |
| food | $700.00 |
+-------------------------+----------------+
| Total: | $4192.00 |
+-------------------------+----------------+
This budget consumes my entire take-home pay. I fully realize I could cut a lot out of my monthly budget and save even more, but I am trying to find a balance of having a good lifestyle while still saving heavily. As a rule of thumb, each time I get a raise I will be taking 2/3 of the new take-home pay and saving it and keeping the 1/3 for myself.
The biggest questions & uncertainties I have:
- Will I actually get meaningful social security later in life?
- Currently single with no kids. Not sure what situation I will have in my 30s
- What will the healthcare/medical situation be like when I am 50?
I realize these questions aren't answerable, so I just focus on good saving habits and hope for the best.