Currency |
United States Dollar - USD |
Date Joined |
10/11/2017 |
Salary Range |
150,000 - 199,999 |
Occupation |
Government |
Age Range |
45-49 |
Cost Of Living |
High Cost Of Living (HCOL) |
Why I Joined |
To keep myself accountable with the hopes that the positive reinforcement of seeing a growing net worth would drive me to maintain financially sound decision-making. |
Best Financial Decision |
Aggressively paying off over $70K in student loans and $50K in other debt using (primarily) Dave Ramey's snowball/Baby Step system. Maxing out my Fed 401(K) and contributing to a ROTH IRA (started that one later than I would have preferred though - 2011). Continuing to drive my paid off 17-year old Honda Accord that I bought brand new (😖) in November 2003. Those things are built to last FOREVER! Never spent a day in the shop. (Have since donated “Baby Blue” to Melwood and am now driving another built to last model by Toyota). |
Worst Financial Decision |
Taking out too many student loans for grad and undergrad. Purchasing a townhouse in 2006 at the peak of the DC housing bubble. (UGH!). Taking too long to refinance my original mortgage rate of 6.25% ☹️ (Property was underwater for several years, but that is no longer an excuse). **Have since refinanced to 3.5%, but should have been able to get something lower had I been more savvy. Grateful to have gotten in before the recent rate hikes though… |
Current Investing Strategy |
Living below my means, cutting as many expenses as possible, saving and investing the rest with the goal of putting away at least 50% of my net income and reaching financial independence as early as possible. Maxing out the 401(k), maxing out IRA's, plus investment of discretionary income into index funds and cash savings each pay period. Consulting on the side for additional income. |
How do you manage your finances? |
Closely. |
I need financial help with... |
Staying the course towards early-as-possible retirement. Limiting my tax liability. Best places to invest for growth while not being overly exposed to risk. Deciding between aggressive debt paydown on the mortgage or more aggressive asset acquisition in the form of index fund investing. Always a conundrum. **I have been focusing on asset acquisition via index fund investing over pre-paying the mortgage given my currently low rate, however, I plan to start adding more to principal payoff this year (2024) given a raise and current levels of discretionary income. Were I mortgage free with my current levels of assets, I could likely leave the full time workforce very soon. |
Last Login |
4/7/2024 |
Budget |
This user has not created a budget |