I'm 23 and have a bachelor's degree. Here are my stats:
Income
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Current Salary: $72k a year plus overtime (analyst at a finance company). Came out to roughly $82k this year pre-tax, and I'm paid hourly. I will be getting a promotion and raise next year that will put me at roughly $80k salaried. Bonus last year $1.9k, this year $3.9k before tax. Bonuses are highly variable, my bonus may shrink once I am salaried. No company equity unless my bonus is above $10k. I don't like my job/insane hours or the company culture but I make pretty good money here.
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New Salary: $70k a year salaried. 10% bonus, plus they give you company equity. I like the job (marketing analyst at a tech company) and the company culture more, but it would be a pay cut.
Savings
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Emergency fund: $5.7k right now, aiming to build it out to roughly $18k overall. $9.2k total if you consider my minimum balance in checking (below).
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Checking: $3.5k, but this is a required minimum balance (required as part of my student loan refinancing terms), so I can't really use it. My actual "spending" checking account usually has under $300 in it once my CC is paid off every month.
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401(k): $16.9k, I contribute 9% and company matches 6% for a 15% total contribution.
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Investments (Robinhood): $8k (mostly in AMZN and GOOGL, plus some Vanguard ETFs).
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HSA: $2k, I contribute $2.4k a year and employer contributes $500 a year. I recently had a $2.2k ER bill and have fairly regular other medical costs.
Debt
No CC debt, I pay it off in full every month.
- Student Loans: $48k, 7-year fixed at 2.1% interest. Started out with $65k, started paying it down Jan 2018ish. I want to go back to grad school for a Stats degree before I'm 28, so would like to pay this down more aggressively.
Monthly Expenses
I bring in roughly $3200 without overtime. Can be up to $4500 a month depending on hours worked.
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Rent: $1325 a month, I have 2 roommates.
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Loans: $800 a month.
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Utilities and Internet: $150 a month.
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Food and Dining: $400 a month.
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Subscriptions: $50 a month.
I either save the rest or spend part of it. My BF makes roughly $30k a year pre-tax and has no savings, so if we want take a vacation somewhere I normally pay for both of us. I like traveling, so a fair amount of money goes to that.
Questions
Am I in a good financial position to leave my current job? Am I in a good position overall? I want to be debt-free as soon as possible and eventually start working towards financial independence before I'm 50.
Submitted February 26, 2019 at 08:50AM by kittensandclaws https://ift.tt/2GL9cWP
