I've been reluctant to make this post but I figure I might as well just lay it out. I have spent my entire life being pretty "anti-mustachian," but the last year or so I have been starting to see the light.
Please go easy on me :)
26 y/o
155k/year income
Savings:
34k (In savings accounts, saving to pay off truck, which is my original plan)
14k 401k
5k Roth IRA
Debt:
5th wheel travel trailer (I live in this full time, travel the country for work) owe about 50k. Financed over 12 years (stupid, I know) at about 4.5%
Student Loans - owe about 12k - financed around 7% or 8%
Truck to tow the 5th wheel and for work - owe 45k financed around 4.5%
So I know the obvious red flag is the truck. First, my company gives me 650/mo which covers a chunk of my payment (I include that in my income). However, my company also pays for 100% of my gas, so the gas mileage I get doesn't matter. Also, I need something very reliable for work, and for towing my trailer all over the country. Diesels with high towing capacities are not cheap. I could "maybe" get a somewhat reliable one for 35k, but it would be out of warranty with way more miles. Maintenance is very expensive so I value my warranty.
I maxed out my Roth IRA last year and will continue so. Right now I am only contributing 5% to my 401k as my employer has a poor match (10% of what I contribute, up to $1500/yr)
While my truck isn't my highest interest debt, it is my highest payment at about $1100 per month. At my savings rate, I can have it completely paid off this summer and free up that extra money. While I haven't been unemployed at all since leaving school at 21, I would like to get my monthly expenses lower just in case I were to be unemployed.
Right now, my current plan is to have both my truck and student loans paid off by the end of the year, as well as propose to my gf (have been together 3 years, she lives, works, and travels with me, also help contribute)
So the real question is, does this plan sound fair enough or should I start investing more now?
I feel like if I just knock those out, then I can start investing harder next year (I'll still max out IRA this year and 5% to 401k)
My longer term goal is to get to the point where I only have to work a few months out of the year, or just find a permanent job someone where and work shorter hours. I do contracting work all around, so I could easily take 6 months off, then work 6 months, and still earn a pretty decent amount. I was a industrial welder prior to moving into management, and am huge into fitness, so could probably make those part time jobs when I'm ready to just do like a partial retirement.