Hey all....long time lurker that finally decided to join in. I'm looking for any insight that anyone may have on my life/situation.....edited to fit the format of case studies
Life Situation: 34 yrs old, long term partner, single filing status, no dependents
Gross Salary/Wages: 54000
Pre-tax deductions: max ira 5500 and hsa 3350 every year
Other Ordinary Income: none
Qualified Dividends & Long Term Capital Gains: 800 yr
Rental Income, Actual Expenses, and Depreciation: none
Adjusted Gross Income: 45950
Taxes: Federal, state/local, and FICA. 10638
Current expenses:
2200 property taxes
2952 health ins
1500 car ins, umbrella, homeowners
1176 utilities
276 cell
150 internet
150 vehicle registration
1500 food
2200 gas
$12104 base expenses
$10000 cabin remodel
$5500 ira
$3350 hsa
$5150 taxable savings
$7258 vehicle maint, primary maint, travel, out to eat, anything that I "want" but don't "need"
$43362 net
Expected ER expenses:
500 Property tax (wisconsin has a homestead tax credit that can be used to lower prop tax burden for low income. cabin taxes currently 1050 without homestead credit.)
500 Health insurance (subsidized cost)
1200 insurance-cars, cabin, umbrella
400 utilities (cabin has wood burner and grid tied pv system
276 cell
300 int
150 vehicle reg
1500 food
1000 gasoline
5826 total base
5000 vehicle maint, house maint, out to eat, travel
10826 total
Assets:
75k primary residence
55K cabin (work in progress)
66K ira
25K hsa
37K taxable
Liabilities: none
Specific Question(s): would like opinions on how I'm doing....would like to sell primary residence and move to cabin property when remodel is complete. Working part time is ok with me in order to get outta the full time rut im currently in. My boss is 74 yrs old, been with his company since I was 15 and is very vague about when he is going to retire. I would like to stay with him until he pulls the plug, but that could very well be 6 years from now at the rate things are going. My partner and I really would like to get homesteading on the cabin property in the next 1-2 yrs, but am torn on whether I should stick with my current employer even if it means postponing my own downshift of paid employment. My tentative budget numbers are with the understanding that my current primary will be sold and my partner and I will be living at cabin property. Cabin is located approx 1/2 hr drive to 200k population, so part time employment is relatively close. Also, cabin property has been gutted and is remodel right now, so all systems will be new on that property. Roof is new steel, outbuildings have new steel roofs, water heater, backup heating system, electrical, plumbing are all new. Any thoughts to tweak/improve my situation are appreciated!