Hi Money Minder,
Hey there, I’m Jake and I’m a 44-year-old guy flying solo with no kids. I do this blue collar “sales” gig in a spot where things aren’t too crazy expensive. Oh, and I only have a high school diploma, so climbing up the career ladder isn’t easy without diving into student loans. I still owe about $80k on my crib that I snagged for $109k back in 2015. My mortgage bill sits comfortably under $900 thanks to getting in before interest rates shot up. Zillow thinks my place is worth $217k now, but who knows, right?
I’ve got some debt too – about $10k on the credit card from some home fixes. My retirement savings are sitting just under $100k. I’ve spread out my investments all nice and even. Putting 9% in the 401k and 6% in the Roth every payday.
I’m not dreaming of sipping cocktails on a yacht in retirement, just looking to kick back and enjoy life – hopefully make it there in one piece! So, what do you reckon? Am I on track for my age? Any tips for me?
Catch you later!
Jake
Response from THE MONEY MINDER:
Hello There,
Congratulations on being proactive and seeking advice on your financial situation. Based on the details you shared, it seems like you have taken some positive steps towards securing your financial future, such as having savings in your retirement account and making regular contributions to your 401k and Roth. Your mortgage payment being manageable and the potential increase in your home’s value are also positives.
However, the credit card debt and home improvement debt of $10k may be hindering your progress. It’s essential to prioritize paying off this debt as soon as possible to avoid high-interest charges that can eat into your resources. Consider creating a budget to track your expenses and find areas where you can cut back to allocate more towards debt repayment.
Since you are already making contributions to your retirement accounts, continue to do so, but also consider exploring other investment opportunities that may offer better returns. Consult with a financial advisor to assess your investment portfolio and ensure it aligns with your long-term goals.
Overall, it sounds like you are in a decent position for your age, but addressing and eliminating your debt will provide you with more financial stability and freedom. Keep up with regular contributions to your retirement accounts, continue living within your means, and seek guidance from a financial professional for tailored advice to help you achieve your goal of living comfortably in retirement.
Best of luck on your financial journey!
THE MONEY MINDER
Leave feedback about this