Hello folks. I have been a reader of the forum off and on for the last year or so and recently changed jobs. This change has led to a significant increase in income and a desire to become more in tune with my saving/spending. This is my first post and below is my case study outline. I am open to any and all help you all can provide. If you need more info or I need to make changes to the outline please let me know.
Life Situation:
Single, Male, 25, No dependents
Gross Salary/Wages:
$75,000/Year, Paid Weekly
Pre-tax deductions:
$12,749.88 (me)
$2,999.88 (4% company match)
$15,749.76/year into 401k
Dental 6.19/pay=321.88/year
Disab 4.41/pay=229.32/year
Life 4.41/pay=229.32/year
$13,530 in pre-tax deductions
Other Ordinary Income:
I have an expense account through work that reimburses me for mileage, landowner meetings/lunches, etc.
approximately $1,000/month (high=1,200 low=800)
$12,000/year
Qualified Dividends and Long Term Capital Gains:
N/A
Rental Income, Actual Expenses, and Depreciation:
N/A
Adjusted Gross Income:
73,470.00
Taxes:
$19,076.72
Current Expenses:
Mortgage payment: 15 year @ 3% fixed Paid 73,500 owe 58,000
P&I 406.06
T&I 87.87
$493.93/month
Student Loans: Original balance $27,000 owe 6,900 scheduled to be paid off in December
~4,200 @ 3.4%
~2,700 @ 6.8%
Pay $1,400/month
Auto Loan: $20,000 @ 2.9% fixed
Payment 564/month
This will most likely get some eyebrows raised but my job requires me to have a truck (work in the coal industry, hauling tools, people, driving to mine sites, 4x4 required weekly)
Also get reimbursed monthly (see above). Drive approximately 150 miles/day, sometimes much less. Really depends on the day.
Food: 400/month (into weight lifting, living a healthy lifestyle, and eat a high protein diet, moderate carb, moderate fat diet all from whole foods. Zero processed food)
Utilities(gas, electric, water, sewage, trash): ~175/month (have not lived in this house a full year and have not been through a winter yet)
Cable: 65/month
Internet: 36/month
Gym: 30/month
Auto Insurance: 102.58/month (paid annually)
Life Insurance: 2 term life insurance policies for a combined 51.58/month (paid annually)
Entertainment/Misc: 150
total monthly expenses $3,468.09
total monthly take home pay $3,261.00
total monthly take home pay with expense check $4,261.00
ER expenses:
Not yet Relevant but hopefully much less than monthly expenses currently
Assets:
3,500 cash in TD Ameritrade Account
small amount of company stock owned
~11,000 in my 401k account. (could use help with the allocations)
Liabilities:
$20,000 truck
$58,000 mortgage
$6,900 Student Loans
Again, if you all need more info please let me know. I would like to be debt free but also realize I need to be investing. This is where I am looking for suggestions. My student loans will be paid off in December at the rate I am going so I will soon have 1,400 extra dollars a month to either invest or put towards debt. My first thought would be to max my 401k (I have been at my current job less than a year and was only contributing enough to get the company match at my last job. This explains why it is as low as it is.) After that is maxed out I am not sure what I should do. Long term goal is to be financially independent. I work in a volatile industry and do not want to have to worry if I was to get laid off. Also, my monthly take home pay is 3,261 plus expense check every month comes out to be 4,261 (some variation depending on size of expense check). By my quick math I have roughly 790 dollars a month going somewhere? I would assume clothes, hunting/fishing gear (A hobby that I spend a large portion of my free time doing), small vacations (I like to take weekend trips hunting/fishing) andI need some serious help here unless I have calculated something wrong. I would like any advice you all care to give on the best way to allocate my money after my monthly expenses have been paid. Thanks in advance.