I make 70k before taxes and about 42,000/yr after taxes. I’m 24. I owe my parents $12,000 for car and moving expenses. I’d like to have 40,000 saved for a down payment on a house by the end of next year but as I type this out, I realize that’s a little bit unreasonable.
I don’t have an emergency fund. I have about 6000 in a vanguard roth and just started a 401k that has just one paycheck of $500. No credit card debt.
I’d like to save for retirement and for a house down payment and I don’t know which one to prioritize. Whats the reason I need 20% downpayment in the first place?
My employer T Rowe Price 401k matches 50% of the first 6% of my paycheck. I want to save about 20% of my paycheck. I’m thinking that I should only put the 6% to TRow and the rest of the 20% goal to my vanguard fund but I can only contribute 5,500/yr to a roth. How can I put away more?
What would you recommend for how to choose between saving for retirement or a house down payment?
I am investing 100% of my 401k into the lowest fee fund at TRow.
Submitted June 07, 2017 at 12:27PM by jury_rigged http://ift.tt/2r1SJ9v
