32 years old. Late bloomer. Started career at 28. I have 11,000 in debt for car payment and surgery, and I have hardly any liquid cash currently. I will pay this off mid next year ahead of time. I have 150k for retirement (includes 401k, Roth IRA, HSA, general investments). 401k, Roth 401k, HSA are all maxed out yearly. My salary progression for 4 years was 70k -> 78k -> 97k -> 100k. I live in an HCoL area. Average home costs 750K. I am now currently living at home with parents. I'm following the PF flow chart and am basically on the last tier, and I'm still confused.
I made some bad financial choices the past 3 years including a failed side business, crypto trading, travelling, and picking up an expensive hobby (woodworking). I made a decision this year to not spend so much on fun stuff or risky ventures and my goal is to save for a house, but as you can see 750K is out of reach with my salary so now I don't even know what to do. The prices went up 14% this year and it just seems like it will never drop. The money I usually use for fun is now being put into index funds right now. I'm hoping increase my income by 20-30% this year or next year, but I feel like I'm chasing something that is impossible.
I would like to move out from my parents house, but I hate the feeling of knowing I'm just sinking money into an apartment. I can find decent condos for about 550k, but I'm unsure if condo's are worth a purchase (and even then my salary is probably too low for that). According to calculators, I would need to put a 60k down + closing costs to afford a 511k house.
Any advice? Do I need to move away? Should I just focus on early retirement? Should I just suck it up and just move to an apartment?
TLDR: Make 100k/yr. Max out 401k, Roth IRA, HSA yearly. Have some general investments. Low liquid cash paying off 11k debt. Living at home for now to save up money for house. House too expensive even for my income. Need advice. Do I need to move away? Should I just focus on early retirement? Should I just suck it up and just move to an apartment?
Submitted March 03, 2021 at 08:56PM by Datneff12 https://ift.tt/3kGltgv
