studbucket
Recycles dryer sheets
Hey guys,
Thanks so much for being such a great forum, I've learned so much over the last month I've been here, and am thankful for the knowledge you all have shared.
As I shared here, I'm 25 and have a goal of retiring by 45. At the current point and time I am currently doing the following things to work toward retirement:
1) Do you have any general thoughts or comments on where I'm at or my plan?
2) What do you think of the Lifepath plans from Fidelity? Am I better off managing things myself? Fidelity gives me that option.
3) Regardless of what I do with my 401(k), I think that this Ultimate Buy & Hold Strategy pdf (linked to in another thread) is pretty cool and interesting and I was thinking about going with this allocation.
Thanks!
Thanks so much for being such a great forum, I've learned so much over the last month I've been here, and am thankful for the knowledge you all have shared.
As I shared here, I'm 25 and have a goal of retiring by 45. At the current point and time I am currently doing the following things to work toward retirement:
- Putting 6% of my monthly income toward my 401(k), with a 3% employer match, for a total of 9%. This is currently being invested in the Fidelity Fifepath 2040 Fund.
- Our 2nd car will be paid off in September, so that takes $480/month off the books.
- All 3 of our student loans will be paid off by December/January, so that's ~$200/month that frees up.
- After that, I'll be doing 2 things:
- Saving up ~$300/month in some sort of savings account (or maybe something riskier, like an index fund). When this money equals the amount needed for us to get out from our PMI, I will then use it to pay off that much on the mortgage.
- We have 1 month of expenses in checking, and 4 months of expenses in savings. On the first of each month, I take all money in checking that's higher than my "1 month of expenses amount" and will put that into a savings account to hold for a few months. Then, at the end of 3-4 months when that money has totaled enough that I feel the expense ratio would be low enough for investing to be worthwhile. This would be approximately $4k-$8k.
1) Do you have any general thoughts or comments on where I'm at or my plan?
2) What do you think of the Lifepath plans from Fidelity? Am I better off managing things myself? Fidelity gives me that option.
3) Regardless of what I do with my 401(k), I think that this Ultimate Buy & Hold Strategy pdf (linked to in another thread) is pretty cool and interesting and I was thinking about going with this allocation.
Thanks!