Hello all,
I'm David, a new Stache here looking for some pointers and an audience for my budget, as anyone I talk to looks at me with the 1000 mile stare after about 15 seconds. :D
I'm 27, work in a bank in DFW, and looking to not work - in a bank or otherwise by 40. (okay, maybe part-time)
I'd like some input from y'all on my rough draft, specifically any flaws in my math, logic, dreams, etc.
Current 'stache. (emphasis on the lowercase s)
401k $53,500
Pension $9,722.00
Ira mm $925
Ira Roth mm $925
Income $56,000 (not including any potential bonuses and whatnot which are anywhere from 0 - 35k and are not predictable)
"Fixed" Expenses (Yearly)
$17,500 max 401k (Not really "Expenses", but do lower take home pay)
$5,500 max IRA
$3566.25 Income Taxes (Assuming max ira, 401, and standard deduction)
$3,360 Soc Sec Tax
$812 Medicare Taxes
$1789 Benefits ( Health, Dental, Vision, Supp Term Life, Employee Term Life, Lterm Disability)
$32,527.25 "Fixed" Total
"Living" Expenses
(Once I sell my house in the next few months and move to apt 500yds+/- from work)
Rent $574/m $6,888/yr (Water and trash included)
Electric $100/m $1,200/yr
Internet $50/m $600/yr
Gym $20/m $240/yr
Cell $15/m $225/yr ($10 Republic plan. Thanks MMM!)
Food $150/m $1800/yr
Car Ins $50/m $600/yr
Gas $35/m $420/yr
Misc/Ent $150/m $1800/yr
"Living" total $1144/m $13,728/yr
Income left over after expenses $9744.75
** Facepunch sidebar **
DEBT
401k loan $189.73 every paycheck $4553.52/yr $14787.41 left
A few years back I was stupid as all getout and a naive consumer high on spenditol
Will be paid in full when I sell my house and move to the apt in March-ish. (should net $15-20k after fees)
No other debt than this.
Wealth accumulation
$17500/yr 401k
$5500/yr IRA
$9744.25/yr investable assets. (not assuming one-off charges for emergency room or what-not)
$1680 Employer funded "Pension" (3% of pay)
Just a savings account really with a 4.5% interest credit rate. Will only annuitize to about $230/m if I retire at 40.
$2800 Employer match for 401k (5% of pay)
Total $37224.25/yr
Not including the 401k match and the "pension" it will be a 58.5% savings rate. With it, it is a 66.4% savings rate.
This would allow me to accumulate $483,915.25 by the time I turn 40. Not even taking investment returns OR extra money through annual bonuses!!
I think this is doable, and I have a decent "Miscellaneous" expense column of $150 over and above food that should be enough to keep me on budget. I'M FRIGGIN' STOKED!!!
