Hi all
New investment goal this year and really pondering what I need to do to feel comfortable leaving this high paying high stress job and feeling able to choose a funner job (even if i went full time somewhere it would be great. full time would be like $100k). Right now I feel I need (or want) to earn as much as I can so really am doing $57 times 50 hours a week EVERY week which is approximately 140k a year. it is the most I have ever made but I am feelimgm stressed.. down and like I have no life and am tired .. and my speech is having a hard time keeping up.
Anyway I am pocketing as much money as I can each paycheck and investing. My goal was to have a $35k increase in investments this year. I have exceeded that already w investments going up and mostly deposits. New goal is to have $110k investments NOT INCLUDING my $15k rental emergency fund.. so to do that I have $27290 left to go for the year. I probably have almost $10k left to go w maxing out the 401k so I have that.. so that leaves $17k.... that will just have to be saving.. selling stuff. whatver
Also now that Dad's situation has calmed down. he is doing FANTASTIC at Silverado. love it there for him and me. I am thinking of how to pay off the 6 homes early next year. I will owe $119k after my December payment and $103k after the April 2016 payment. WHere do I get an extra $100k?
I am also considering the house. I have a house worth $510k w almost $170k equity. Do i really want this house long term? I do not know. It has an insanely large yard.. brick ranch though which is nice and the neighbors who moved in last year I do not like. not doing anything drastic but wondering if I moved to downtown Naperville (I live outside of downtown now) and got one of those mid sized homes w FRONT PORCH/hard wood which I love. I wonder if that will be less.. so if I could find one for $400k . I could put my equity in it $170k and only owe $230
Not doing anything big right now just thinking that realistically for me to feel at ease and have a smaller monthly nugget I need to reduce or eliminate the house payment OR cover it with pretty guaranteed income.
New goals for this year-investments
July 5th, 2015 at 07:45 pm
July 5th, 2015 at 10:47 pm 1436132852
You do have a lot of catching up to do in your paper assets to meet your goals. Raising your 401k contributions if you are not already maxed out would reduce your tax bill as well as getting you closer to your goal. If I recall, you are on track to maximize your Roth IRA. The Roth contributions are flexible - no penalty if you have to pull them out before age 59 1/2.
Selling expenses on a $510k property would take a chunk of your equity, plus you would have some expenses to buy something else. In your shoes, I would look at the difference in payment between the two properties. I don't think it's enough to warrant making a change today. I would wait until you have paid off at least the six houses before making a change.
I don't think you will make all of your 5-year goals by June of 2018, but you should have the 6 houses paid off, and you might be close to knocking out the loans on the two triplexes not too long after that. Once the rentals are paid off, you will be in a much more secure position to make long term plans.
For me it would be deep breath, head down, push forward.
July 6th, 2015 at 03:34 am 1436150061
My goals for 6/2018. I am looking at falling short w the rental income per month ($8000 was ambitious to start with! if I payoff both the 6 homes and 3 units I will be around $6k) , paying the house off and having $300k. but realistically I have 3 years left and a lot can happen in 3 years. I am looking to have approx $100k in investments at teh end of this year NOT including the rental fund. It would great if I could keep this job. so tired of finding a new job every year or two.. so may go full time. and still trying to figure a way to pay those 6 homes off next year. We did fill that one vacancy but still have one vacant that we just fixed up so looking to fill that soon too. I am only losing rent on that though from the first as Section 8 paid all of last month. Turning these over and fixing up has been hard but nice to be getting them solid..
July 6th, 2015 at 04:44 am 1436154250
July 6th, 2015 at 02:45 pm 1436190333
July 6th, 2015 at 05:15 pm 1436199330