Age: 21, 22 at end of July
Annual Income: ~50k. Post graduation (June 2014) anticipated raise to 65-75k
Tax Bracket: 25%
Student Loans: ~16.5k subsidized until December 2014 (For next year, will increase by another ~5-6k)
Credit Card: ~4k @ 0% APY until ~October, ~2k on uncle's card
Housing: Fully paid off current home, worth approximately ~$240k. Rental home with ~10-15k left, 600/mo, 400 going to mortgage and 200 going to uncle's CC
Car: Fully paid off 2004 toyota camry
Liquid Funds: 15k @ 1% APY
Roth IRA: ~11.4k VFIFX
401k: Ineligible until post graduation
Anticipating large upcoming expenses (Within next year):
House exterior renovation (unsure): ~4k
Post graduation vacation (undecided, may take simple road trip): ~2-4k
[Minor medical procedure (personal details not needed) --admin LadyGeek]: ~500-1k
Planned asset allocation:
Risk tolerance : medium - high
- Live with uncle(62) and mother(47), paying for all expenses
Cannot cut uncle out of life/stop paying for his expenses
Monthly spending over past 10 months excluding extreme emergency (5.5k) = ~$650
Currently supplemental employee, 95% sure will be offered job during senior year (late this year)
Anticipate ~3k refund next year from college due to taking less credits than minimum
No medical insurance
Since I am ineligible for my company's current 401k, should I invest some/all of my current liquid funds into a taxable account?
How is my projected asset allocation? Is it too risky even for my age?
I wish to retire at or around the age of 40, is this possible/plausible?
How can I improve my income? (obvious question, apologies)
Thanks so much for reading this post, I appreciate any and all advice/criticism!