Hi there. This is my 1st post and I'm glad to finally be an active member on the forum. I look up to many members on here.
I got my first job this year with my first salary. I've set some financial goals and I'd love to hear all your thoughts. First, some background.
Background: I'm 24. My base salary is $54,000. I'm a Speech-Language Pathologist in a school district. After taxes, my take-home pay is $40,250. My TRS (Teacher Retirement System) contribution is factored into the taxes. AKA - I will receive a pension (which consists of 70% of the average of my 5 highest salaries). I max out that pension (reach the 70%) at age 67. However, I don't have full faith in TRS.
I live at home, I am still on my parents' insurances, I drive an old family car, and my parents pay for groceries and my phone bill. I don't have a real-life expense other than gas for work which adds up to about 220$ a month. It's a 30 minute commute 1-way. I try to repay my parents with shoveling, cooking dinner, doing chores. I'm a lucky young man to have solid parents and zero debt. They are well-off and I am not putting a strain on them or I'd be paying these expenses myself. I will take great care of my parents as they get older. The other expense is the girlfriend, but we are both thrifty people by nature.
Financial Stats right now: I have $2,000 in my savings, $9,900 in my Checkings (this will be moved soon - love to hear your thoughts on what you'd do in my position). I opened a Roth IRA Vanguard account and a Vanguard Savings/Brokerage account. I have $6,000 right now in my Roth for 2019 - completely invested in VTSAX. There is nothing in my brokerage account. I set up VG auto-investments yesterday to deposit $545.50 monthly to the Roth (to max out 2020), and $300 monthly to the brokerage. I setup an autosave feature for my Chase savings for $1,750 a month.
(Monthly Breakdown): Total take-home is $3,207.
$545.50 to Roth IRA
$300 to Brokerage
$1,750 to Savings
and about $607 to Checkings [I spend $350-400 between gas and fun, and the rest will probably be shoveled back into the Savings or Brokerage].
My GOALS: By 26, I'll still be living at home, I'd like to have maxed out my ROTH IRA to bring it up to $18,000, I want to have $31,000 in my Savings, and the rest in the Brokerage accounts. Most importantly, I plan to take up a PRN position at a Skilled Nursing Facility after-school next year to bring my salary into the 65-70k range. I'd do it sooner, but this is my clinical fellowship year and in May I'll have my full licensure. Which really means if I get a second job quickly that I'll work more during June and July to bump my salary up from the $54,000 to closer to $60,000.
The $31,000 in savings is idealized for $20,000 DP for a house, $5000 for a used hybrid, and $5000 emergency fund. The last $1,000 is put in for a plane ticket to Florida this summer and for a road trip to Bozeman, Montana.
I am not looking to retire by 30, but I am looking for the option to retire around 50 and to keep working stress free. I plan on having a family and 2-3 kids. I do enjoy my job and by then I will be taking the summers off.
I threw a lot at you and thank you for reading it all. Please let me know what you'd do differently. I am excited to see your replies and for the future. Save on Mockakon.