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I started age 30 with absolutely nothing, how am I doing financially?
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Date: May 11th, 2024 7:51 AM Author: diverse bawdyhouse 28 I had a crusty shitlaw job making $60k, $200k law debt, $30k credit card debt, rented in Manhattan.
I quit to cop DAT delicious FedGov gig. Started out making shit. Financial situation worse at 30k.
Now 10 years later $150k salary, $5k savings, $10k checking, $12k stock account, $0 credit card debt, one car payment under $10k, own another car, condo worth $300k and I paid $130k for it. Under $100k left on mortgage. $275k student loan debt but 1 year from PSLF.
What can I do to improve my situation as I enter my 40s. Married with kids by the way which has helped with taxes.
Shit not flame completely forgot. I get a pension here and my fed equivalent of a 401k is at $90k right now.
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Date: May 11th, 2024 7:53 AM Author: talented federal boltzmann organic girlfriend You can have whatever you want friend (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653016) |
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Date: May 11th, 2024 7:54 AM Author: Aqua Chapel Nibblets what school did you go to and how did you do?
how did you end up in shitlaw?
is your wife happy with your jerb? |
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Date: May 11th, 2024 7:55 AM Author: diverse bawdyhouse Wife is happy and wants me to quit and move to FL once loans are paid off.
Trap school, during that time is was hard to get biglaw, I did ok, shitlaw boss was one of those boomers who groomed me from 1L selling me the you need to build your own business meanwhile his dad wrote him $1m checks. |
Date: May 11th, 2024 7:54 AM Author: Bronze nofapping background story do you have a 401k? start maxing that out like a true diligent wagecuck (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653018) |
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Date: May 11th, 2024 7:55 AM Author: diverse bawdyhouse Shit not flame completely forgot. I get a pension here and my fed equivalent of a 401k is at $90k right now. (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653021) |
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Date: May 11th, 2024 8:01 AM Author: Bronze nofapping background story you want to max out all tax-advantaged accounts like 401ks. i forgot what the fed equivalent is called, but that’s not much of a pension.
also, as many successful investors like to say, try to save as much as possible and live below your means. money won’t make you happy, but you’ll almost certainly feel more secure and less stressed with more saved up. |
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Date: May 11th, 2024 8:05 AM Author: Bronze nofapping background story also you really shouldn’t keep any cash other than what you need for typical expenses and a small buffer. the rest should be invested. if you suddenly need more cash you can just sell a portion of your investments, or take out a 401k loan, etc. cash sitting around doing nothing is wasteful.
you won’t beat the stock market unless you’re lucky or have insider info so just invest in low-cost total-market index funds like VTI and hold them long-term. if you’re more risk averse, buy some bond index fund and make it 20%+ of your portfolio. |
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Date: May 11th, 2024 8:06 AM Author: Aqua Chapel Nibblets but is this a good time to put all the money in VTI? people have been predicting a crash for a while (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653028) |
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Date: May 11th, 2024 8:10 AM Author: Bronze nofapping background story you have very little cash and stock right now. a small purchase now doesn’t change much in the long-term. you just need to keep buying more with each paycheck, and pretty soon all that cash you have right now will seem insignificant.
you’re still going to make money even if there’s a crash as long as you buy more over time and hold for the long-term. also, except in rare and unusual cases, no one can predict a crash, so ignore any fear-mongering. |
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Date: May 11th, 2024 8:43 AM Author: Clear french corn cake Yes good point, people are generally super smart and they typically beat the market pretty soundly (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653060) |
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Date: May 11th, 2024 8:07 AM Author: Vigorous Point Community Account This redditor appears to be bragging about having a negative net worth at 40. Bro, maybe you’ll make it, but not with this attitude. |
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Date: May 11th, 2024 8:59 AM Author: talented federal boltzmann organic girlfriend 40 is barely into diapers in "2024" (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653079) |
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Date: May 11th, 2024 10:15 AM Author: diverse bawdyhouse Negative net worth how when $270k loans are getting forgiven? (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653196) |
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Date: May 11th, 2024 10:17 AM Author: Vigorous Point Community Account ($270,000) is red on the balance sheet, brother. Transaction feels will eat up a big portion on sale of the condo. You’re roughly at 0 or slightly in the red. Things will improve if you can move the $270k off the balance sheet. If you cannot, that will take a long time to pay off. |
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Date: May 11th, 2024 9:40 AM Author: Supple Heaven Hairy Legs You're raising kids in a condo? (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653116) |
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Date: May 11th, 2024 10:00 AM Author: silver field turdskin How does one cop a delicious fed gig I want to do it (http://www.autoadmit.com/thread.php?thread_id=5527425&forum_id=2#47653159) |