Ronnieboy
Full time employment: Posting here.
- Joined
- Feb 14, 2008
- Messages
- 750
I joined ER.org about two years ago, after seeing some updates from other members, I realize that I haven't been moving much or at all towards my ESR goals.
My goal is/was to ESR at 55ish (12 more years), it has always been semi-retirement due to the fact that I anticipated needing HI coverage and I don't HATE my job, just dislike it immensely
. I could theoretically have a schedule that would have me work 2 ten hour days every week to maintain PT status and still bring in a salary that is just over the median household income.
In addition to the time goal, my financial goals would be 100% debt free, have a $500k dividend stock portfolio throwing off $20k/yr in dividends @ 55y.o. We should be able to live off the PT work, dividends and continue to max out 401(k), shooting for a $1.5 to $2M Roth/IRA/401k balance when ever we hit it, not necessarily at 55.
I've read quite a few success stories of people who went from nothing or negative net worth to being able to retire in the above time frame, I figured I can do it too. Haven't had much success though, or don't feel like it. One problem is we have some cc debt. I am glad to say we don't have anything over 10% interest, but I am torn between focusing on getting the CC's paid off or saving or both?
We have all seen the charts that show a 20 y.o. putting $5k a year in the IRA for 10 years, not putting another dime in and having more $$ at 65 than the 40 y.o. putting in $10k year for the next 25 years. That is part of my fear, if I don't save some now, I will miss out on the compounding vs focusing on paying off all debt ASAP, then being able to save double or triple the dollar amount in a few years.
I keep getting tugged in hundreds of different directions. I do not want to have such a focus on the above that I am sacrificing the 'now'. I would like to have my basement finished so the family can have more room and entertainment activities. I feel now is the time to do it with building supplies/services having tanked.
I want to max out the 401k and IRA, I want to fund the dividend portfolio, I want to get my CC's paid off, I want to save for a replacement car, I want to have a larger emergency fund, the list goes on an on.
So I guess the whole point of this rambling is to get suggestions from people who have had similar experiences. Did you have some CC debt and focus solely on that, then save for retirement? Did you put some in retirement and debt repayment? Did you make a large purchase because you felt the time/price was right and later regret it or it worked out fine?
Happy New Year
My goal is/was to ESR at 55ish (12 more years), it has always been semi-retirement due to the fact that I anticipated needing HI coverage and I don't HATE my job, just dislike it immensely
In addition to the time goal, my financial goals would be 100% debt free, have a $500k dividend stock portfolio throwing off $20k/yr in dividends @ 55y.o. We should be able to live off the PT work, dividends and continue to max out 401(k), shooting for a $1.5 to $2M Roth/IRA/401k balance when ever we hit it, not necessarily at 55.
I've read quite a few success stories of people who went from nothing or negative net worth to being able to retire in the above time frame, I figured I can do it too. Haven't had much success though, or don't feel like it. One problem is we have some cc debt. I am glad to say we don't have anything over 10% interest, but I am torn between focusing on getting the CC's paid off or saving or both?
We have all seen the charts that show a 20 y.o. putting $5k a year in the IRA for 10 years, not putting another dime in and having more $$ at 65 than the 40 y.o. putting in $10k year for the next 25 years. That is part of my fear, if I don't save some now, I will miss out on the compounding vs focusing on paying off all debt ASAP, then being able to save double or triple the dollar amount in a few years.
I keep getting tugged in hundreds of different directions. I do not want to have such a focus on the above that I am sacrificing the 'now'. I would like to have my basement finished so the family can have more room and entertainment activities. I feel now is the time to do it with building supplies/services having tanked.
I want to max out the 401k and IRA, I want to fund the dividend portfolio, I want to get my CC's paid off, I want to save for a replacement car, I want to have a larger emergency fund, the list goes on an on.
So I guess the whole point of this rambling is to get suggestions from people who have had similar experiences. Did you have some CC debt and focus solely on that, then save for retirement? Did you put some in retirement and debt repayment? Did you make a large purchase because you felt the time/price was right and later regret it or it worked out fine?
Happy New Year
