29 y/o M, single, RN, no kids, minimal assets. Got a little late of a start, but trying to get a grip on my finances by using advice from this sub. Goal is retiring wealthy by age 60 with ultimate goal of retiring by 55. Is it possible? Here is my situation:
Income: 52k per year with the goal of moving back home to CA and at least doubling my income within 2-3 years (with further low single digit percentage annual increases thereafter). Current take home pay is about 1200/biweekly but will likely rise to 1400/biweekly next month due to fewer deductions.
401k: Currently contribute 17% (12% of mine with 5% company match) of gross salary but am starting a new job which won't vest me for 3 years. Will increase my contributions to 15% to make up for loss of company match. Current balance is 27k with ~14% annual return which I know is unlikely to continue.
Debt: 15.7k with variable 10.375% interest (yes, I know, very high) Sallie Mae student loan Currently paying 510/month with plan to pay off in 36 months. Unable to refinance unfortunately. ~10k unsubsidized federal loans with 6.6% interest. On IBR and pay 96/month for this. Attempting to pursue PSLF when eligible several years down the road from now. ~1.2k CC debt with variable payments every month but have plans to pay off in 3-4 months.
Expenses (per month): 800 rent and utilities, 2-300 food/entertainment, CC (varies), 600 student loan payments, 100 insurance/gym membership, remainder goes to miscellaneous expenses/savings.
Should I continue to pay off Sallie Mae loan as I am or pay minimum payments (290ish) and increase my 401k contribution? I hate that SM interest with every fiber of my being.
Submitted July 26, 2018 at 09:26AM by BeerDrinkinRN https://ift.tt/2AcHtM7
