Hi there. This is my first time posting, but I have been an MMM reader for awhile. I am a 35 y.o. single female living in Denver, Colorado. I do not have kids and have never been married, and I am interested in doing both should the right partner come along. I recently moved back to Denver from Colorado Springs, where I lived for 10 years to take a great job where I am very happy. It is my first job making over 6-figures.
Here it goes...
Income:
Salary: $111,000 (Gross Annual); $9250 (Gross Monthly)
Rental Income: $925 (Gross Monthly)
TOTAL Gross Monthly: $10,175
Current expenses: Provide breakdown and relevant details. Include fixed expenses and variable expenses
Home Mortgage: $1890
Home HOA: $320
Rental Mortgage: $541
Rental HOA: $220
Gas and Electric: $150 (using average from previous owners; it has not been this for me yet)
Groceries, Personal Supplies and Household Goods: $260
Car and homeowners insurance: $75
Internet: $65
Eating Out: $300 (face-punch; I budget for it but haven’t spent this amount in months; primary entertainment/socialization)
Blow/Misc.: $200 (any “random” expense that comes up ex. gifts, travel, hair cut, running shoes; easier to keep in one category and I don’t always spend)
Gas and Automobile: $150 (not always used; category for gas, oil change/maintenance; riding bike and using public transportation more now that I am in Denver; still taking trips back to Colorado Springs)
Phone: $28 (republic wireless though probably going to return - not a fan of the coverage; customer service is great)
Dog: $50 (food/care: he is awesome and old and a great pet)
Gifts to charity: $100 (important to me and intend to do more over time)
TOTAL Expenses: $4349
Assets:
Primary Home: $287,000
Rental: $90,000 (Colorado Springs - former home)
Investments:
401K: $116,000 (I could roll but I have not made any changes since left employer)
IRA: $16,000 (past employment roll over)
Roth IRA: $47,000 (variable annuity contract; fees too high; must roll over)
401K: $6,000 (current employer; 5% match starting 10/2014)
HSA: $7,000 (contributing $200/month)
403B: $2800 (retirement)
Vanguard: $21,000 (non-retirement; “emergency fund”)
Money Market: $2,400 (cash - liquid emergency fund)
TIAA CREF: $3,800 (retirement)
TOTAL Assets: 599,000
2001 Honda Civic: ~$5,000 (167,000 miles; running well)
Liabilities: Amount - rate - description
Primary Home: $240,000 (3.5%, 15-yr.) I am in my first year of owning this condo.
Rental: $67,000 (4.25%, 15-yr.) Refinanced to get better rate. First year of refinance.
No other debt. No school loans. No consumer debt.
TOTAL Liabilities: $307,000
Net Worth: $292,000
Specific Question(s):
1) Can I be FI by age 50 (in 15 years)? I like the idea of ER. Most likely, I will work for a long time because I enjoy what I do and feel I add value to the community. I just want the security of FI. I love the idea of not owing anyone anything and would ultimately like to own home(s) free and clear along with additional real estate and other investments.
2) Did I buy too much condo in Denver?
*****UPDATE*****
Some have asked me to clarify my savings rate. On track to max out 401K by the end of the year ($17,500). Employer will begin matching at 5% in October due to a 1 year waiting period. I started the year funding my Roth but backed it down during move/home buying process. Want to meet goal of $5,500 by year end or blend into next year.
All other unspent $$ will go into Vanguard funds.
If I may, I'm adding a question.
3) Do I roll my previous 401K/IRA/Roth at one time or do you do it over the course of the year(s)? Not timing the market, but it feels strange to me to do it all at once when I didn't buy it that way. My Roth has high fees. I'm pretty happy with my previous 401K but might roll to have everything in one place.