Hi there,
I'm a 28 year old male living in California and I'm pretty fortunate to be able to make a relatively good amount of income over the past few years and I am getting to a point where I'd like some financial advice on what are the best moves I should make moving forward considering taxes, my future goals, etc.
I would love to buy a home in the next few years but only if it makes the most financial sense as a whole. If at the moment you tell me it's actually a better investment to do other things with my money and keep renting then I'll go with that for now.
Below are overall numbers to paint a better picture.
Salary/bonus - $268,000/year Company RSUs - $70,000/year (roughly) 401k - maxed out each year with company match Backdoor Roth - max is transferred every year
(The main caveat is I'll be getting married next spring and I have no idea if that will screw up my taxes. They have a total income of about $70,000.)
Assets: Rental condo - $385k - 105k down payment = 280k loan. I break even monthly with rental income covering mortgage, HOA, taxes. This was mainly to help build equity and with taxes. 401k - 100,000 Car - paid off Company stock (vested) - 95k Savings account - 30k Other stocks - 20k
Expenses: Rent - 1,800/month Travel/food - a crap ton but I'm ok with this as I enjoy these things
My questions moving forward: Is ESPP still worth it? My company offers it at a 15% discount but prob hurts taxes even more. Is the mega backdoor Roth a better choice financially to be putting more money into or would you recommend I save more towards a down payment/regular savings account/stocks/etc? Am I missing any other major tax loop-holes that I should be focusing on? At this point is it worth going to a tax expert or financial planner or just keep doing what I'm doing? Should I continue to buy more stocks or buy more investment properties?
Submitted May 14, 2019 at 02:15AM by brenhart http://bit.ly/2E7NnOi
