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I just got a new job with my net going up substantially (like 60%) so a lot of my 5-year plan that I set out before this new job popped up was designed for a lot lower income. I'm going to use this next year of -=BIG GAINZ=- to set me up for a new 5-year plan. Currently: Net worth: ~ -8k Income: 100.000 pre tax with anywhere from 0-80,000 in daily rate, I'm assuming approx 40k pre tax for next year. Anything else will just be a happy bonus. Unmarried, no kids $5000 Emergency Fund 0 CC Debt 45k Private Student loans @ 6.5% 12k Consolidation loan @ 9.6% 28k Auto loan @ 3.2% 20k In former employer 401k 20k in Roth IRA 6k in TSP Plan: Work a lot, get that daily rate money. Should be working approximately half the year overseas. Goal Zero: STOP EATING OUT! (already in progress) Max out 401k (13%) Roll over former employer 401k into new employer 401k (Terrible fund choices at the old employer, and underperforming as well) Roll over the TSP into new employer's 401k (equally low expense ratios with the new employer) Set up Traditional IRA and max out (I'll almost certainly exceed the limit to go directly into a Roth) Pay off consolidation loan Bump emergency fund to 10k Knock out as much of the student loans as is reasonably achievable. If I get all of those done, I'll be pretty happy with myself, I suppose. My first and most initial goal is to become 'worthless' and I'm expecting that to happen before February. The retirement funding will be pretty much automatic, so no big changes there. Manawski fucked around with this message at 04:32 on Dec 23, 2014 |
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Dec 18, 2014 22:07
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| # ¿ May 13, 2024 09:39 |
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Manawski posted:Plan: So far, so good. Oilfield Services is not looking like a winning industry right now, though. I hope my position at Corporate carries a little job security, but I'm not counting on it. I put everything else aside for a month and went full force into maxing out the emergency fund. The extra money would fund an escape from Houston in the event of a layoff or worst case a 6-month long job search. The consolidation loan is now a lower interest rate than the student loan, so I'll probably start chopping the student loan down first before the consolidation loan. I also have a motorcycle that I've been meaning to sell. Come April, I'll have the time to sell it and should get about 2k out of that as well. And then the net worth finally going positive. I'm really glad to see that red line finally come above the surface for the first time.
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Feb 17, 2015 19:58
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SpelledBackwards posted:What do you mean by time to sell? Does it need work first? The sooner you sell it, the sooner you can also drop your insurance for it! -I work a rotational travelling schedule, so it'll be late March/early April before I'm at home for a long enough time to start soliciting buyers. That and motorcycle prices tend to get a nice bump in spring, I figure I'll be able to get another 500-750 out of it.
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Feb 18, 2015 03:58
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