Reader Case Study - 35 On The Right Track?
Life Situation: IRS filing single, 0 dependents (withholdings are at 2 I believe), Texas.
Gross Salary: ~$86k/yr
Individual amounts of Pre-tax deductions:
401k - $4,250
HSA - $3,500
Medical - $2,895
Parking - $1,105
Dental - $817
Other income: None
Adjusted Gross Income: $72,433
Taxes:
Estimated Federal: $9,091
Social Security: $4,861
Medicare - $1,136.98
Current Expenses
Rent: $875/mo
Car Payment - $545/mo
Car Warranty $129/mo
Car Fuel: $120-$160/mo
Parking Garage: $85/mo
Tolls: $80/mo
Car Insurance: $109/mo
Grocery : $440/mo
Dates / Dining out : $400/mo
2 Gym Memberships - $50/mo
Apartment Electricity - $50/mo
Home Internet - $54/mo
iPhone X Payment : $56.16
Cell Phone Unlimited Data Plan: $90/mo
Current Monthly Expenses: $3,083.16
Assets: As of April 16, 2019:
401k – $49,754.44 (contributing 6% currently)
Roth IRA – $3,951.47(no set amount but trying to max out annually starting 2019)
Total Retirement: $53.7k
Depreciating Assets value as of May 2019:
Car - Trade-in Worth ~$15k
DSLR - ~$500
MacBook Pro 15" 2018 - $1,900
Road Bike - $800
Apple Watch - $300
iPhone X - $600
Current Depreciating Assets Value: $19,100
Current Liabilities:
Car Loan Current Payoff: $9,106 (originally financed $31,107.45 at 1.9% APR in March 2016)
iPhone X Loan : $730.24 (0%, 12 more payments to go)
Car Warranty: $1,421.75 (paying $129.25 a month) - Covers me until March 2024 or 120k miles which ever comes sooner
Dental Related: Owe $2,480 gets taken out of HSA
Total Debt: $13,737.99
My commute to work is about 32 miles per day round trip. On a good day that is 70 minutes. On a bad day it’s closer to an hour and 45 minutes. I have looked at apartments closer to work but those are around $1400/mo.
841 FICO Score, pay my bills on-time, paid about $10k in taxes last year which seems like a ton. I am probably one of the more frugal people in my friends circles and amongst my coworkers. I’m not where I want to be at this age. I did consider selling the car but $9k out of $81 is really not that much.
Taxable Earnings By Year (slightly altered):
2018 $ 81,605.30
2017 $ 65,843.08
2016 $ 61,385.55
2015 $ 56,039.90
2014 $ 55,278.66
2013 $ 48,198.75
2012 $ 29,655.31
2011 $ 15,512.47
2010 $ 17,597.38
2009 $ 29,854.11
2008 $ 35,763.20
2007 $ 29,099.87
2006 $ 25,524.45
2005 $ 18,431.55
2004 $ 14,599.38
2003 $ 11,427.56
2002 $ 12,910.08
2001 $ 6,358.63
2000 $ 7,289.70
1999 $ 1,922.08
Looking for advice from those who are more successful from me. What should I be doing now that I'm not doing? I'd like to be early retirement optional 15 years from now in the year 2034. That would make me 50 years old.