Hi, I've been posting on these boards for a while, and suppose it's time to add my case study.
Life situation:
Single male, 42 years old, never married (nor plan to), no kids (nor plan to), no dependents. Live in central NC, in a low/med COL small town. Work for the state. In good health. Very frugal, much to my dating partners' non-delight.
Gross salary: Approximately $65,000, give or take a couple thousand (more likely give). (approx $5500, or so, a month gross paycheck)
Pre-tax deductions:
Pension: 6% of gross
401k: 5% of gross
*In addition to the above 5% contribution, I get another "free" 5% put into my 401k, by the state, not a match, just a bonus.
Dental: approx $30 a month
Parking: $15 a month
Other ordinary income:
No side hustles (need to get with it, I know)
Qualified Dividends, and long-term cap gains:
Not much at all before this past year, but since I've recently paid off everything, I've been adding to my taxable account greatly. This will be a factor in this category soon. I made about $1200 or so in taxable investment gains this year, this should scale dramatically in the future.
Rental Income:
Was approx $500 a month when my sister lived in my spare bedroom, she moved out last year, so this income is now gone. I don't want another room mate.
Adjusted gross income:
Approx $5000 a month
Taxes:
Out of each monthly paycheck, fed (including medicare and ss) is approx: 20% of monthly gross.
State is approx 4.2% of monthly gross pay
Prop tax is approx $1500 a year (house and car together)
Post-tax deductions:
Roth 401k: 10% of post-tax income
Roth IRA: Max out ($5500 a year, or approx $450 a month)
Current expenses:
Mortgage: None (paid off)
Car: None (paid off)
Other Loans: None
Monthly fixed expenses (all figures approximate, and may vary):
Electric: $60
Water/Sewer: $35
Internet: $40
Cell phone: $55 (also work phone, cannot go cheaper here)
Car Insurance: $91 a month.
Home Insurance: $34 a month
Work lawyer/lobbying group: $24
Home alarm: $15
Misc monthly fixed: approx $60 (xm radio, amazon prime, etc)
Food & Groceries: $350-400 (yes this is high, I don't really spare on the food)
Car fuel: approx $75
My total monthly expenses are normally in the $1000-$1200 range.
"Extra" monthly expenses. Mostly wants, not needs: approx $200, give or take.
Medical expenses: Normally zero, as I almost never go to the doc. This year, however, I had gallbladder removal surgery, which was 5 grand.
Assets (as of today, this varies greatly)
Checking: $3600
Savings: $1000 (used just for checking overdraft)
Money Market: $5500
Taxable brokerage: *I do the permanent portfolio in my taxable account, 25% stock, 25% bond, 25% gold, 25% cash, I like stability in my taxable.*
Vanguard etf's: $12,000 (50/50 stock/bond index)
Schwab etf's: $3000 (gold etf)
Physical Gold/Silver: $3000 (I know people hate it, but it's a very small position in my overall portfolio, and I like having some)
Tax advantaged accounts:
Prudential 401k & Roth 401k mixed: (all index funds, 70/30 stock/bond) $71,500
Prudential 457: $9250 (no longer contribute to, shifted future funds to 401)
Roth IRA: $3500 (just started the IRA this year)(Vanguard 2035 fund)
Pension: $35,000 (this is just my contribution, the actual pension value is impossible to put a number figure on, based on estimated monthly payout for 30 years in retirement, it's worth approx $1M.)
Separation allowance: I will be getting a separation allowance when I retire at 55yo. This allowance will last for 7 years, and is intended to be supplemental income before I/we hit social security age. At 62 this ceases. This has the same approximate value as a SS payout would have. I have not included this in my asset or net worth dollar figures, but it's worth about $100k over the 7 years.
Hard assets:
Home/condo: $120k (paid off) (zillow estimate)
2015 VW GTI: $18.5k (paid off)
Firearms: $2500
Musical Instruments: $750
Cash: $500
Liabilities:
No loans or liabilities, I'm completely debt free.
Total net worth as of today (not including future pension payouts):
$290,000
I don't really have a specific question, just maybe what could I do better?
Thanks!