Financial Independence Maxing out 457b but won’t be able to buy my dream home |
- Maxing out 457b but won’t be able to buy my dream home
- What gave you the guts to RE? (Any input is appreciated)
- 2019: Where the Cash Went Analysis for 25 y/o Male in MCOL City
- Daily FI discussion thread - January 08, 2020
- Weekly Self-Promotion Thread - January 08, 2020
| Maxing out 457b but won’t be able to buy my dream home Posted: 08 Jan 2020 04:19 PM PST Good evening folks! 32yr old Male living in a NJ and working as a police officer for about 5 years now. So as the title states, 2020 is the first year I'm maxing out my 401k which equates to approximately $812.50 per check bi weekly. Currently own my condo with my fiancé and dog. No kids. I currently make $94,000 a year. But after medical, taxes, deferred compensation and pension contributions, I net just about $60,000 a year. We bought the condo in 2016 because I couldn't live at my parents any longer. I saved around $10,000 and used that as my down payment for my condo. Unfortunately, there's no retiring early in my profession as I would not collect my 65% of my last years salary. So I'm going to have to stick it out until I'm 55. I have to do 30 years instead of 25. NJ is different. I discovered FIRE probably at the beginning of 2019 and am scared to pull back on how much I want to contribute to retirement, but I would love to get out of my condo and buy a house. It's tough when my mortgage is only $904 a month plus HOA fees of $236 a month. Would you all ride it out and continue living in my condo. It's two floors, two bedroom and one bath. Living room, kitchen and dining room. Everyone around me has beautiful homes but are house broke and rely on overtime. I don't want to be in that situation and reluctantly I'm scared to sell my condo and move to a bigger home. Thoughts? [link] [comments]  |
| What gave you the guts to RE? (Any input is appreciated) Posted: 07 Jan 2020 06:01 PM PST Hello - I am struggling at the moment. I had a heart attack last year (2019) that I believe was brought on at least in part by my job. I am struggling about whether to walk away. I am single, no kids, 52 YO. Net worth approximately $1.9 million excluding my condo. My worries are about 1) running out of money, 2) being bored, 3) feeling guilty that I am no longer working when I have a good education so I probably should still be working. For those that have RE'd, what gave you the confidence to RE? Thanks [link] [comments]  |
| 2019: Where the Cash Went Analysis for 25 y/o Male in MCOL City Posted: 08 Jan 2020 04:58 PM PST Check out the link below for snippets of all of my data. About Me: I'm a 25 y/o Male living in a MCOL City. I graduated college in 2017, work full-time in IT, and very much hope to reach FIRE before the time I'm 40. While I am almost at 100k Net Worth, I'm honestly a bit disheartened at how slow progress actually has been made. I saved 58% of my after tax income this year, which is great, but I also feel like I could have cut back on the spending a bit more. I'd appreciate any feedback on that front...at what point did you really start to feel like FI was possible for you? Notes About Data:
Thanks! [link] [comments]  |
| Daily FI discussion thread - January 08, 2020 Posted: 08 Jan 2020 12:07 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Weekly Self-Promotion Thread - January 08, 2020 Posted: 08 Jan 2020 12:08 AM PST Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
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