This is my first time posting here so please be gentle.
I'm not sure what details you guys need so Here's a breakdown of what comes to mind to set the stage:
INCOME: I make 100k gross a year. I won't include bonus because it's never guaranteed. If I get one I typically put the majority toward Roth contribution and either spend the extra or throw it in savings.
DEBT: - 10k left on my car loan it's at 1.9% interest (I put an extra $20 on every payment) - 100k left on my mortgage loan at 3.75% fixed (I put an extra $200 on every payment) - I use credit cards but pay them off monthly
I'm single and pretty much do what I want. While I may get married some day I don't think kids are in the cards. I like being the Aunt so I'll just stick w that :).
I've got: - 30k emergency savings - 120k in various retirement accounts (401k, Roth IRAs). In the past year I've bumped up my 401k contribution from 10% to 14% (and getting company match up to 3% if I recall). And every year I max the 5,500 Roth IRA contribution
From a future spend perspective, I put $1000 a month into "discretionary savings" and spread it out over various sub accounts (general catch all bucket, Christmas gifts funds, travel fund, future car down payment for my next car, and I save monthly amounts toward my niece and nephew for a big ticket item when they're older (like sending them to Europe or help w a car, etc) etc
I feel like I'm making good choices but am unsure what to do in 2018 to make more of a difference.
My gut says I should keep creeping up my contribution to max out my 401k but curious if I'm missing something else?
Side note and I'm not sure why I'm sharing this but my mother is in poor health and not in a good financial situation. She often borrows money from me and I expect that will continue. I've considered purchasing a small condo for her to help her but am not sure I want to put myself in that situation. An investment property could be cool except she wouldn't be able to pay the rent so it defeats the point I suppose. I guess I share this because I worry about her financial security along w how it may start to effect mine over time as she becomes more dependent and needs more assistance (my brother has kids and doesn't have the financial flexibility to help so I know it will fall to me). Essentially, I feel I should do something to be prepared for the financial drain of helping her more since it seems very likely. Perhaps a reason to be saving w an eye toward being more liquid vs not ? Unsure.
Any advice is appreciated
Submitted November 24, 2017 at 09:25AM by NinjaNeedsCoffee http://ift.tt/2mZhlOt
