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Analyze my finances 

JC
Posts: 48

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10/4/2016
JC
Posts: 48
You're doing well. Agree on paying off cars. That's also my weakness. However, last few cars have been CPO, 1 year old, so just like new but without the new price tag.
Your mtg is very manageable.


I read your other posts. If you don't mind me asking, Where are you getting RE deals like that in this climate?
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allstar
Posts: 8

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6/15/2016
allstar
Posts: 8
licid9 wrote:
Could you expand on your yearly contributions to your 401k, IRA #2 and ESOP?


It looks like you have pretty good control and are on track. I agree, get those cars paid off and continue saving for long term needs (investing).


Thank you

401k annual contribution is 8% with 50% match - comes out to max contribution per IRS limits

IRA #1 - vanguard target retirement IRA

IRA #2 - this was an IRA I started back in Dec 14 when OIL was at a 7-10 year low. I bought 100% into OIL and its been down since. I havent touched it since I don't want to lose 50% invested. Not currently investing into this, adding into IRA #1.

ESOP - there is no contribution for this, my company offers this as a retirement benefit. Basically when I hit a specific age I get a 1 time disbursement of funds based on the company's appraised value - in about 30 years
edited by allstar on 6/15/2016
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licid9
Posts: 45

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6/14/2016
licid9
Posts: 45
Could you expand on your yearly contributions to your 401k, IRA #2 and ESOP?


It looks like you have pretty good control and are on track. I agree, get those cars paid off and continue saving for long term needs (investing).
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allstar
Posts: 8

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6/13/2016
allstar
Posts: 8
Thoughts please , 29 years old


6 months emergency fund in cash , some months can float all the way up to 12 months as I am in commission sales.
Ideally I like having at least $50k cash reserves.

15x income term life insurance policy

no credit card debt , wife has small student loan debt

mortgage - 1.5x income

2x auto loans totals to $46k ($29k / $16k) - this is my weakness.

debt to income: 21% including mortgage

other details
- 401k @ 8% with 50% match from company
- IRA #1 @ $4,500 contribution annual (vanguard retirement index fund)
- IRA #2 invested 100% in oil , not contributing
- ESOP - employee stock ownership program, this costs me nothing
- 2x 529 accounts - $150 invested each month, into each account. 14 years / 16 years until college.
- stock portfolio - 90% SPY / 10% IYR on auto invest - $185 per month / $2,220 annual

whats next?

my thoughts are pay off car for $16k and free up $417 per month / $5,000 annually
this is a 2.4% note but I like the idea of reducing my monthly expenses

thanks in advance
edited by allstar on 6/13/2016
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