Hi all! I'm 32 years old, and after about 5 years of working as much overtime as I could, working on credit repair and paying old debts, the last 7 years have been a much better place for me financially. I'd like to list some facts and details about my income and how I'm investing, and if anyone is kind enough to lend advice to me (and others reading who might be in a similar spot) I'd greatly appreciate it! I left a company in Ohio and moved to Wyoming 6 months ago. When I moved, I transferred 100k from a 401k to a Roth IRA. I contribute $452 per month to it to max it out. I started a new 401k with my new company, and they match up to 5.5% as long as I contribute 9%, so I contribute 10%. I have a classic savings account for both of my children's college (ages 4 and 1), which I contribute $150 each per month to. Those accounts have roughly 4k each in them currently. I also put $366 per month in to an HSA. I also have one more investment through a friend with New York Life, a whole-term policy that is $330 per month, but promises 3.5% return. I looked at it like a high-interest savings account. As far as income and bills, I'm paid hourly but it translates into right at 105k per year. Overtime is great, over $1000 per day, but it's not something I can count on or try to factor in because I never know when it will be there. Generally I do average about 25 days a year. My mortgage (escrowed) is $1400 on a 259k house (I put 20k down) at 3.75 % I have two car payments, $650 (two years left) and $350 (I pay $400, 4.5 years left). My other bills add up to around $1200 per month. My grand total on bills is around 4k per month (with the Roth and whole-term it is 4.8k), and after taxes/401k/HSA contributions I bring home 5.5k per month with no overtime. But my family and I love to go out to eat and do weekend activities a couple times a month like museums, shows, etc., so I only put a few hundred dollars into savings. I feel like I'm doing alot right, but I know I can be doing better. Any advice would be great!
Check (Gross) - $4200
Pre-tax (per check) - Taxes (No state taxes in WY) - $700 401k - 10% (roughly $420) HSA - $183 Health Insurance - $180
Post-tax (per check) - Roth IRA - $452 College fund (classic savings) - $75 College fund (classic savings) - $75 Whole-term Ins.Policy - $165 Mortgage - $700 Utilities - $125 Auto/Auto Insurance - $600 Groceries/Gas - $350
$175 left each check ($350 per month) for savings/recreation. Only about 8k in savings currently.
Submitted March 11, 2018 at 07:11AM by WyomingCRO http://ift.tt/2p5xn7i
