Hi,
I am here looking for some feedback on my financial situation.
I work as an independence contractor and am currently making approximately 100k working 6 month a year. The company I work for pays me through a sole proprietorship I have set up in NM. The job however is overseas so I am eligible for the foreign earned income tax credit as I live in Costa Rica the 6 months I am not at work.
I have no debt and plan on maxing out the SEP IRA I have at Betterment this year. I do not own a home but am currently looking to purchase an income property in Costa Rica in the town where I live. One property I am interested in is a triplex. The cost would be 315k and it generates about 4k a month in rent. I can provide more information about this if anyone is interested. The town I live in is booming and long term rentals are very very hard to come by. I would live in one of the units and rent out the other 2 units long term and perhaps rent my unit as a vacation rental while I am away at work.
So far I have 25K in a Betterment IRA as of 2017
18 k in a Wells Fargo IRA all EFT's
25K emergency fund cash in credit union savings account
121k at Betterment after tax account
30k in safety net fund 60% bonds 40% stocks
81k in build wealth fund 35% bonds 65% stocks
57k at Wells Fargo Split between 5 EFT's
I set aside 40% of my income for taxes and retirement savings the remaining 60% I either add to my after tax account at Betterment or keep in cash as savings for a home or income property after I have paid my personal expenses.
I am currently using the Wave accounting app to keep track of my finances and generate end of year reports for my accountant.
I suppose what I am looking for in this post is feedback on how to optimize/ maximize my savings, taxes and stock market positions. I am open to input on how to best save for the home/ income property I am shopping for and any comments on the triplex I mentioned above. I try hard to live a simple lifestyle and my hope is to retire from contracting asap, but I do feel grateful for the job I have and the time it affords me to enjoy life in Costa Rica.
Thank you for taking the time to read my post.