Tweet
Greetings All.
I posted some time ago, but a bit has changed, and I was looking for some input on where to allocate my income, and what debt to pay down first.
Details and Current Situation:
-27 Years Old
-Salary=$70k (job 1) + $20k (job 2) + $12k/yr bonus--Total=$102k/yr
Job 1 currently @ 35% traditional 401k contribution (wanted to capture bonus received in Feb)
Job 2 currently @ 10% traditional 401k contribution
Net Monthly Income=$3600/mo (0 + $25 additional federal withholding at both jobs--not incl bonus)
-Mortgage--Primary Residence-$88k (original=$93k)--PITI PMT=$950/mo (IR=4.00%)
-PMI @ $90/mo--Value=$105k
-Mortgage-Rental Property-$28k (original $33k)--PITI PMT=$385/mo (IR=6.25%)--Value=$90k
-HELOC-Rental Property-$38k--Interest Only PMT=$143.70 (IR=4.94%)
-Rental Income=$600/mo
-Note: My mother lives here, or I'd just as soon sell the property and get rid of the rental
Expenses
$75/mo cell phone (work covers the difference)
$100/mo car insurance (currently own 4 10+ year old cars outright--liability only--this is paid in a lump sump premium every 6 months)
$150/mo gas--work from home most of the time--work is only 4 miles away--fairly limited driving
$300/mo entertainment/home improvement--I go out once a month for a few drinks, but most of this budget is slowly buying more tools to work/improve the houses and cars
$100/mo out to eat
$10/mo water
All other food/utilities are paid for by the girlfriend, while I cover the mortgage.
Current Savings in Bank=$13k
401k Balance (Job 1)=$23k (I've already contributed $8k to 401k this year--I'll have to tone this down to stay below the $17.5k employee contribution threshold)
401k Balance (Job 2)=$13k
Defined Contribution Plan (Job 2)=$8k
Additional Notes:
-Paid 15th and last of the month @ Job 1
-Paid every other Thursday @ Job 2
-I do NOT currently have a ROTH--I believe this should be my first goal at this juncture....
I posted some time ago, but a bit has changed, and I was looking for some input on where to allocate my income, and what debt to pay down first.
Details and Current Situation:
-27 Years Old
-Salary=$70k (job 1) + $20k (job 2) + $12k/yr bonus--Total=$102k/yr
Job 1 currently @ 35% traditional 401k contribution (wanted to capture bonus received in Feb)
Job 2 currently @ 10% traditional 401k contribution
Net Monthly Income=$3600/mo (0 + $25 additional federal withholding at both jobs--not incl bonus)
-Mortgage--Primary Residence-$88k (original=$93k)--PITI PMT=$950/mo (IR=4.00%)
-PMI @ $90/mo--Value=$105k
-Mortgage-Rental Property-$28k (original $33k)--PITI PMT=$385/mo (IR=6.25%)--Value=$90k
-HELOC-Rental Property-$38k--Interest Only PMT=$143.70 (IR=4.94%)
-Rental Income=$600/mo
-Note: My mother lives here, or I'd just as soon sell the property and get rid of the rental
Expenses
$75/mo cell phone (work covers the difference)
$100/mo car insurance (currently own 4 10+ year old cars outright--liability only--this is paid in a lump sump premium every 6 months)
$150/mo gas--work from home most of the time--work is only 4 miles away--fairly limited driving
$300/mo entertainment/home improvement--I go out once a month for a few drinks, but most of this budget is slowly buying more tools to work/improve the houses and cars
$100/mo out to eat
$10/mo water
All other food/utilities are paid for by the girlfriend, while I cover the mortgage.
Current Savings in Bank=$13k
401k Balance (Job 1)=$23k (I've already contributed $8k to 401k this year--I'll have to tone this down to stay below the $17.5k employee contribution threshold)
401k Balance (Job 2)=$13k
Defined Contribution Plan (Job 2)=$8k
Additional Notes:
-Paid 15th and last of the month @ Job 1
-Paid every other Thursday @ Job 2
-I do NOT currently have a ROTH--I believe this should be my first goal at this juncture....
Comment