So, hope you guys don't mind me making a post about my personal goals and information. Back in 2007, I made a post here in my late 20s with where I felt I was in life financially, asking for some advice. You can find that post here:
https://www.early-retirement.org/forums/f28/am-i-in-the-right-spot-for-retirement-27752.html
Then in 2019, I made another post asking for the same advice, and a quick status update on where I was:
https://www.early-retirement.org/forums/f28/well-alright-a-blast-from-the-past-99080.html
I wanted to make another update to provide perspective on myself, and really to get a better feel of how I "should" be progressing in my financial goals (problem is I don't know what those are). I am being anonymous here, no one knows me, so there's no goal of inflating my ego (if anything I post would even be considered worth of that anyway).
I'm now in my early 40s, and this is where I stand:
So, again, apologize for laying it bare. The big problem I'm facing is that I don't really know what my goals are... I don't have any anymore, and I'm not sure what I should be doing.
Next question would be... "What is it you want to get out of your finances?"
... and I would say, I have no idea. The one thing I am doing is trying to live below my means. I have a lot of hobbies, but most of them are income earning or at the very least budget neutral.
I also don't know what to do in my current career. I enjoy it, but I'm not making the money I could be making. $125k is nothing to sneeze at, especially where I live, but I'm also wondering if I should be making an effort to earn more while I'm still somewhat young. I turned down a job that would have immediately doubled my paycheck because I like that my current job allows me to have an impact on society.
Perhaps I'm going through a mid-life crisis (though a fairly mild one). I'm at the point in my life if I want to plan for a relaxing future with as much money as possible, or if I want to make a huge change in my life and take over the world.
Regardless of which direction I decide to take... I am very interested to know how I might stack up with savvy investors and whether or not I'm really positioning myself responsibly.
Again... with the other two posts I made on here in the past... looking for perspective as an otherwise anonymous poster. Criticisms, recommendations, and positive comments all welcomed... thank you!
https://www.early-retirement.org/forums/f28/am-i-in-the-right-spot-for-retirement-27752.html
Then in 2019, I made another post asking for the same advice, and a quick status update on where I was:
https://www.early-retirement.org/forums/f28/well-alright-a-blast-from-the-past-99080.html
I wanted to make another update to provide perspective on myself, and really to get a better feel of how I "should" be progressing in my financial goals (problem is I don't know what those are). I am being anonymous here, no one knows me, so there's no goal of inflating my ego (if anything I post would even be considered worth of that anyway).
I'm now in my early 40s, and this is where I stand:
- - Two pensions, from two separate organizations. If I turned 57 tomorrow, I would get ~$2,000 a month. That will never go away, and will never decrease. Though... only one is COLA'ed. *I have no idea about Social Security, never bothered to look.
- - I have a total of 183k invested in my Rollover IRA and current 401k
- - I have a total of 48k in savings (which is also in an investment account)
- - Wife and I have life insurance until my child turns 20.
- - I have 24k in a 529 for my (12 y/o) child's college education
- - My base annual salary is ~125k and change, with an additional 10-15k from other sources (side jobs, bonuses, etc.).
- - I have two vacant land lots totaling about $30k (fully owned)
- - I have a rental property in Miami that I get $2,800 a month for. Property is worth ~$500k (fully renovated) and the mortgage on it is 230k at 3.37% interest rate (investment property)
- - I have a primary residence in Texas that is worth ~$330k and the mortgage on it is $187k
- - All my college education is paid off and paid for, several degrees (Masters, Bachelors, Associates, and certifications).
- - I am maxing out my 401k (as of 2019), $750 every two weeks, and saving an additional $1,000 (minimum) to $1,500 per month in savings / investment account.
- - I have absolutely no debt whatsoever except my home mortgages.
- - I donate about ~$300 per month (I could be doing more). I sponsor 3 kids in Kenya, and 1 in India.
So, again, apologize for laying it bare. The big problem I'm facing is that I don't really know what my goals are... I don't have any anymore, and I'm not sure what I should be doing.
Next question would be... "What is it you want to get out of your finances?"
... and I would say, I have no idea. The one thing I am doing is trying to live below my means. I have a lot of hobbies, but most of them are income earning or at the very least budget neutral.
I also don't know what to do in my current career. I enjoy it, but I'm not making the money I could be making. $125k is nothing to sneeze at, especially where I live, but I'm also wondering if I should be making an effort to earn more while I'm still somewhat young. I turned down a job that would have immediately doubled my paycheck because I like that my current job allows me to have an impact on society.
Perhaps I'm going through a mid-life crisis (though a fairly mild one). I'm at the point in my life if I want to plan for a relaxing future with as much money as possible, or if I want to make a huge change in my life and take over the world.
Regardless of which direction I decide to take... I am very interested to know how I might stack up with savvy investors and whether or not I'm really positioning myself responsibly.
Again... with the other two posts I made on here in the past... looking for perspective as an otherwise anonymous poster. Criticisms, recommendations, and positive comments all welcomed... thank you!
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