Topic Title: Speed me up
Life Situation: Single (live with parents), 29 years old, no dependents, and living near Dallas, TX
All figures listed below are monthly (adjusted for biweekly, so average income)
Gross Salary/Wages: $4,167
Pre-tax deductions:
Health Insurance: $271.91
SIMPLE IRA: $325
Adjusted Gross Income: $3570.09
Taxes:
Fed: $290.49
State: N/A (TX has no state income tax)
Soc Security: $258.35
Medicare: $60.42
Total Taxes: $609.26
Adjusted gross income less taxes: $2960.83
Current expenses:
Auto Insurance: $100.00 (note that I pay this upfront 12 months at a time, however this would be the monthly cost)
Gas: $100.00 (42 mile round trip commute)
Tolls: $15 or less (the route I take now doesn't require but a few cents in tolls most days)
Auto Repairs: $100 (2004 used Lexus bought last August when someone totaled my last car)
Rent: $400.00 (includes being on cell family plan and Netflix provided through the carrier)
Groceries: $100.00
Dining Out: $70.00 (this includes coffee, eating out, etc.)
Personal Care: $18.00
Gambling: $250.00
Gifts: $25.00
Medical: $350 (this will be average/mo for the year as I will hit max out of pocket)
Continuing Education: $70 (average/mo since my employer only pays for my CPA license and one 16 hour course)
Redbox (DVD rental): $10 or less (most times I get a code for a free one but sometimes I'll pay)
Total Monthly Expenses: $1,608.00
Assets:
SIMPLE IRA (old): $21,555.99 (at Edward Jones in the process of rolling over to Pioneer soon, yes I know both of them have bad fees but I could only roll it over to another SIMPLE IRA so I am stuck with it for now)
SIMPLE IRA (new): $153.83 (just started contributing at new work's plan with Pioneer investments)
Vanguard (roth IRA): $21,461.07
Vanguard (trad. IRA): $11,645.25
Vanguard (brokerage): $2,999.99 (just moved this over)
Groundfloor: $1000 (just doing this today actually, yes I know could end in no repayment but I think its fun)
HSA: $6,736.12 (I use this for all of the medical expenses, yes I know it could be better to save and only use later on once retired, but this is what I am going to do)
Checking Account $783.30
Savings: $10,627.94 (2% at Capital One - have $350/paycheck going here)
Total Assets: $76,963.49
Liabilities:
Credit Card – charge some of my monthly expenses and pay off in full every month
Total liabilities: $100 currently
Specific Question(s):
I am a Certified Public Accountant (tax) going into his 6th busy season. Currently working at a tax and bookkeeping place making 50k/yr, just started last July (late July 2018). Looking for advice on increasing income, and no I cannot do a side gig. Eventually I want to be self employed, my main concern is health insurance (obviously, reading into my expenses above). I think my main problem (ever) getting to FI is the income side of the equation, however I could try and cut back some on expenses possibly.
The $350/paycheck (26 paychecks a year) going to my savings account is for a downpayment on a house. I just feel it would take awhile to get there (to a 30% downpayment) at that rate. So I guess the question is whether to increase amount per paycheck going here or keep doing taxable account contributions? (maybe both but less per month to taxable while still increasing amount per paycheck to savings)
If there is anything that is formatted weird, or you would like me to provide additional information just let me know.
Feel free to share any and all advice/criticisms.