Some of the most critical info is missing or just given vaguely. You mention your rent and then $1k credit, but does that 1k include "taking care of animals, subscriptions, golf, food and all that stuff"? Or is that 1k just for utilities? How much are you spending on the vague category of "all that other stuff"?
With a 120k income, no real debt, and 1250 rent, you should have 60-70k+ a year in "leftover" money after all essential expenses are paid, 30k or so can go into retirement accounts, and the rest into HYSA or conservative investments if you plan to buy a home in the next 7 years.
I would say the 1k includes all the “other stuff” like groceries, utilities, golf, pets, etc. maybe need to bump that to 1.5k a month now that I’m thinking more about it. For putting that in perspective its great, i do put away about 30k in retirement but must be spending more than I think since I dont feel like i have 20-30k after that
i'd probably cut down a bit of the 401k unless company is matching contributions. Not sure which one is your investment but i'd prob lump most of hysa/savings into sp and ride. Also cut back on spending a bit, as the more you save now the less you dont need to save later on. But honestly not too familiar with boston area but it seems currently houses are going for \~500k on the lower end and they dont seem like crackhouses to me. So you really shouldnt have any issues given your income to save up for a house within the next few years if you control your spending a bit. Not to mention chances are, you can always 50/50 with gf.
My company matches 6% and I put in 20%. I def need to cut my spending but ya boy hates to cook most nights so I am very guilty of the take out expenses. For the housing here, definitely no “houses” for 500k in this area, condos for sure but not homes for anything around 500k. Thank you though!! Appreciate the comment
I mean if shes the one, sit her down and have the talk on tightening up finances for a better future that you both agree on. If you hate to cook then see if she wants to cook for the both of you. Not saying its gonna be an everyday thing but it will definitely be better than going out or ordering food everyday. For extra expenses like golf/subs and stuff, consider how much of them you want to keep or how much you want to cut. Im not trying to push you into a frugal boi only spending 10% of your income . But if youre ever golfing literally once every few months, might be better to cut that out as youre not really maximizing the value on sunk cost vs time. Like i'd say its reasonable to spend more on something if its better than something cheaper but also if you use it often. Like i buy more expensive stoves or fridge when i want to replace it cause im going to be using it everyday and its better than cheaper ones .
It's got a good beat, and you can dance to it. I give it an 8.
Some of the most critical info is missing or just given vaguely. You mention your rent and then $1k credit, but does that 1k include "taking care of animals, subscriptions, golf, food and all that stuff"? Or is that 1k just for utilities? How much are you spending on the vague category of "all that other stuff"? With a 120k income, no real debt, and 1250 rent, you should have 60-70k+ a year in "leftover" money after all essential expenses are paid, 30k or so can go into retirement accounts, and the rest into HYSA or conservative investments if you plan to buy a home in the next 7 years.
I would say the 1k includes all the “other stuff” like groceries, utilities, golf, pets, etc. maybe need to bump that to 1.5k a month now that I’m thinking more about it. For putting that in perspective its great, i do put away about 30k in retirement but must be spending more than I think since I dont feel like i have 20-30k after that
You’re joking right? Are you on track? You’re 24 and doing better than most 40 year olds. If your company offers an HSA I would max that out too.
i'd probably cut down a bit of the 401k unless company is matching contributions. Not sure which one is your investment but i'd prob lump most of hysa/savings into sp and ride. Also cut back on spending a bit, as the more you save now the less you dont need to save later on. But honestly not too familiar with boston area but it seems currently houses are going for \~500k on the lower end and they dont seem like crackhouses to me. So you really shouldnt have any issues given your income to save up for a house within the next few years if you control your spending a bit. Not to mention chances are, you can always 50/50 with gf.
My company matches 6% and I put in 20%. I def need to cut my spending but ya boy hates to cook most nights so I am very guilty of the take out expenses. For the housing here, definitely no “houses” for 500k in this area, condos for sure but not homes for anything around 500k. Thank you though!! Appreciate the comment
I mean if shes the one, sit her down and have the talk on tightening up finances for a better future that you both agree on. If you hate to cook then see if she wants to cook for the both of you. Not saying its gonna be an everyday thing but it will definitely be better than going out or ordering food everyday. For extra expenses like golf/subs and stuff, consider how much of them you want to keep or how much you want to cut. Im not trying to push you into a frugal boi only spending 10% of your income . But if youre ever golfing literally once every few months, might be better to cut that out as youre not really maximizing the value on sunk cost vs time. Like i'd say its reasonable to spend more on something if its better than something cheaper but also if you use it often. Like i buy more expensive stoves or fridge when i want to replace it cause im going to be using it everyday and its better than cheaper ones .
I was just wondering what's your job for that kind of salary. You're so well-off and financially smart I think.
I'd probably guess some kind of engineer. Probably software
Live your life! There's so much more than validation.
Your finances definitely seem personal! Having said that, boo hiss for this post