33 Male, how am I doing?

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rossaxr
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Joined: Tue Aug 14, 2018 5:39 pm

33 Male, how am I doing?

Post by rossaxr » Tue Aug 14, 2018 6:08 pm

Hi all!

I've been a Boglehead style investor for a while now, but I feel like I'm kind of stagnant. I save as much as I can (recently re-did my budget trying to be more frugal), but I live in an expensive city and as someone who is single it is very hard to save up money for something like a house, for example.

Here is my info:
Salary: ~115k /yr
Debt: None. I pay CCs full every month
Car: worth ~7k
401k: 140k
Roth IRA: 12k
Taxed Brokerage account: 9k (some individual stocks here for fun)
Savings account: ~30k + extra

My investment strategy is 90/10, using 3-4 low cost vanguard index funds.

From my budget and my salary, I seem to be able to save about 8-9k a year after taxes (last year, it was like 10-15% of after tax income), most of that going to a Roth IRA. I do help my mom a bit so that's one expense I have, its about 10% of my after tax income.

I guess I just feel like I'm not really making much progression, or that I am not doing as well as some others here. I am unable to save enough to be able to get a down payment for a house (houses here cost 500k+) and not even sure I want the burden of a house on my own on my salary...

Should I be looking at aggressively increasing my salary by jumping job to job every three years (I am an Engineer)? Or just try to save us much as I can and just live with what I have (and give up some dreams, like a house with a yard and garage, or a nice car). I feel like I either have to get a second job or hopefully, when and if I ever meet a partner, my situation would improve.

Thanks for your feedback!

Flyer24
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Re: 33 Male, how am I doing?

Post by Flyer24 » Tue Aug 14, 2018 6:35 pm

You don’t make enough to afford a house in your area. Since you are single, I would start looking at some other jobs in a more affordable city. You make a good salary. You just need a lower cost of living area.

tim1999
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Re: 33 Male, how am I doing?

Post by tim1999 » Tue Aug 14, 2018 6:51 pm

How much is your rent per month?

rossaxr
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Re: 33 Male, how am I doing?

Post by rossaxr » Tue Aug 14, 2018 6:55 pm

tim1999 wrote:
Tue Aug 14, 2018 6:51 pm
How much is your rent per month?
right now it's ~1.3k, which is on the low range for the area because I found a good deal. should be closer to 1.5-1.6k for a 1-bedroom

Ron Ronnerson
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Location: Bay Area

Re: 33 Male, how am I doing?

Post by Ron Ronnerson » Tue Aug 14, 2018 7:10 pm

Your rent seems totally reasonable yet you have a 7% savings rate on a six-figure income. So, where is your money going?

Your asset allocation seems a little aggressive but could be fine if you can handle volatility. I'd think about increasing bonds a little.

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ruralavalon
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Re: 33 Male, how am I doing?

Post by ruralavalon » Tue Aug 14, 2018 7:12 pm

Welcome to the forum :) .

rossaxr wrote:
Tue Aug 14, 2018 6:08 pm
Hi all!

I've been a Boglehead style investor for a while now, but I feel like I'm kind of stagnant. I save as much as I can (recently re-did my budget trying to be more frugal), but I live in an expensive city and as someone who is single it is very hard to save up money for something like a house, for example.

Here is my info:
Salary: ~115k /yr
Debt: None. I pay CCs full every month
Car: worth ~7k
401k: 140k
Roth IRA: 12k
Taxed Brokerage account: 9k (some individual stocks here for fun)
Savings account: ~30k + extra

My investment strategy is 90/10, using 3-4 low cost vanguard index funds.

From my budget and my salary, I seem to be able to save about 8-9k a year after taxes (last year, it was like 10-15% of after tax income), most of that going to a Roth IRA. I do help my mom a bit so that's one expense I have, its about 10% of my after tax income.

I guess I just feel like I'm not really making much progression, or that I am not doing as well as some others here. I am unable to save enough to be able to get a down payment for a house (houses here cost 500k+) and not even sure I want the burden of a house on my own on my salary...

Should I be looking at aggressively increasing my salary by jumping job to job every three years (I am an Engineer)? Or just try to save us much as I can and just live with what I have (and give up some dreams, like a house with a yard and garage, or a nice car). I feel like I either have to get a second job or hopefully, when and if I ever meet a partner, my situation would improve.

Thanks for your feedback!
I think you are doing very well.

1) You are debt free.

2) At age 33 you have $152k in retirement accounts, which is 132% of your salary. That is good for your age.

3) You saved 10-15% of net income last year. Keep your savings rate as high as is practical for you. (Also be sure to make use of broadly diversified funds with low expense ratios.)

Go ahead and switch jobs if it advances your professional development and income, and opportunities are not available at your current employer.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

stan1
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Re: 33 Male, how am I doing?

Post by stan1 » Tue Aug 14, 2018 7:20 pm

It sounds like you've fallen into a nice rental situation. I wouldn't be in a hurry to change that unless you feel there's a quality of life issue you want to change. Home ownership takes a lot of time and unless you see maintaining a house and yard as a hobby there are plenty of more fun things to do with your time.

Are you tracking your expenses against your budget so you know where every dollar is going? It's a worthwhile exercise if you aren't sure. Knowing how much you spend on coffee, lunches, drinks, hobbies, phone services, and insurance for example may help motivate you to rethink or shop around. With your below market rental situation and no debt it does seem like you could be saving a little more (even taking into account the help you give your mom).

You also have to do some self assessment. If you feel your co-workers are getting pay raises and you are not -- why do you think that's the case? Do they take on different assignments or interact with management differently than you do? After a certain point engineers can become deep technical experts, valued generalists who tie many things together, or become engineering managers. Which of those are you now, and which do you want to be?
Do you want to do something different? If you feel plateaued at your company and they aren't helping you stay challenged and keep growing its better to look for another job sooner rather than later. Likewise best to look for a different job if you feel like you are getting pigeon-holed into something that needs to be done but doesn't have a future path.

InvisibleAerobar
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Re: 33 Male, how am I doing?

Post by InvisibleAerobar » Tue Aug 14, 2018 9:34 pm

rossaxr wrote:
Tue Aug 14, 2018 6:08 pm
Hi all!

I've been a Boglehead style investor for a while now, but I feel like I'm kind of stagnant. I save as much as I can (recently re-did my budget trying to be more frugal), but I live in an expensive city and as someone who is single it is very hard to save up money for something like a house, for example.

Here is my info:
Salary: ~115k /yr
Debt: None. I pay CCs full every month
Car: worth ~7k
401k: 140k
Roth IRA: 12k
Taxed Brokerage account: 9k (some individual stocks here for fun)
Savings account: ~30k + extra

My investment strategy is 90/10, using 3-4 low cost vanguard index funds.

From my budget and my salary, I seem to be able to save about 8-9k a year after taxes (last year, it was like 10-15% of after tax income), most of that going to a Roth IRA. I do help my mom a bit so that's one expense I have, its about 10% of my after tax income.
Echoing sentiment of another poster upthread, what is your annual non-housing expenditure, how much do you give to your mother, and how much do you contribute to charities? Those other factors obviously will affect the amount you have for yourself, but based on housing cost of ~18k/yr, and assuming you are maxing out 401k and Roth contributions, it would seem like you would have at least ~40k of take home pay (assuming you reside in a state with high income tax) to distribute among expenditures, after-tax savings, and donations to another entity.

Good luck, as it can definitely feels a bit Sisyphean. I've been there, and my situation is quite similar to yours and can commiserate. The thing that I "dread" is how 401k of ~150k will turn into 1.5 million. I know that compound interest and all that is what will get it there, but it seems so far away...

rossaxr
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Re: 33 Male, how am I doing?

Post by rossaxr » Wed Aug 15, 2018 11:19 am

Ron Ronnerson wrote:
Tue Aug 14, 2018 7:10 pm
Your rent seems totally reasonable yet you have a 7% savings rate on a six-figure income. So, where is your money going?
Well I made like 15k less last year (I switched jobs). After tax income was about 65k (10% into 401k)

Assuming I saved ~14% of that, that's 86% left

Of after-tax income:
24% rent
11% food and dining (restaurants, groceries, alcohol)
10% shopping
10% mom
8% travel (I made a few trips last year)

The rest makes up about 20% (bills, medical, auto, gas etc..)
Your asset allocation seems a little aggressive but could be fine if you can handle volatility. I'd think about increasing bonds a little.
It's actually based on the Vanguard target retirement funds. It recommends 10% bonds until about age 39... I've even seen some say to keep 90/10 until you are within 10 years from retirement. Bonds are pretty much worthless...
I think you are doing very well.
Thanks!
Good luck, as it can definitely feels a bit Sisyphean.
That is exactly how it feels!
The thing that I "dread" is how 401k of ~150k will turn into 1.5 million.
Well it doubles every 10 years I think. That and, you keep contributing...

tesuzuki2002
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Re: 33 Male, how am I doing?

Post by tesuzuki2002 » Wed Aug 15, 2018 11:33 am

rossaxr wrote:
Wed Aug 15, 2018 11:19 am
Ron Ronnerson wrote:
Tue Aug 14, 2018 7:10 pm
Your rent seems totally reasonable yet you have a 7% savings rate on a six-figure income. So, where is your money going?
Well I made like 15k less last year (I switched jobs). After tax income was about 65k (10% into 401k)

Assuming I saved ~14% of that, that's 86% left

Of after-tax income:
24% rent
11% food and dining (restaurants, groceries, alcohol)
10% shopping
10% mom
8% travel (I made a few trips last year)

The rest makes up about 20% (bills, medical, auto, gas etc..)
If you want to see real change... you know your Budget... Change it to make meaningful progress. Not much... but change your spending to 9%.. shopping to 8%... put that extra 4% into medium term investing for thing 5 years out.. like buying a house.. could be a down payment start. I purchased a house 2 months out of college.. back in 2006... as we know one of worst times in history.. 12 years later.. it is paid for and has become a rental as I moved on..

cost of living is huge... our salary is similar, but I have chosen to live in a area where my rent is $500 a month.. I kind of hate it in the day to day.. but LOVE LOVE the job and the work and I have good opportunities outside of my local area. But the progress is much easier to see with very low expenses.

The thing that I "dread" is how 401k of ~150k will turn into 1.5 million.
Well it doubles every 10 years I think. That and, you keep contributing...
I hate 401ks they eat up balances with fees... go for your own IRAs and take control of your future that way.

BuckyBadger
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Re: 33 Male, how am I doing?

Post by BuckyBadger » Wed Aug 15, 2018 11:34 am

Just out of curiosity, how does your being male enter into your question?

Ron Ronnerson
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Re: 33 Male, how am I doing?

Post by Ron Ronnerson » Wed Aug 15, 2018 11:40 am

Congrats on the pay increase over last year. I would go line item by line item through my budget and look for places where I could save without really feeling like it's much of a sacrifice. Your savings rate is what's most important so I'd look to increase that gradually.

I'm definitely not opposed to a 90/10 allocation at your age. I was at 100% equities myself until age 40 (I'm expecting a pension so that was a consideration for me). I'd just try to assess if the allocation is right for you and that a downturn doesn't cause you so much stress that you do something drastic like sell everything at a bad time. If you think you can handle the ups and downs and have a long time until retirement, your allocation could be just fine for you.

bh7785
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Re: 33 Male, how am I doing?

Post by bh7785 » Wed Aug 15, 2018 12:03 pm

Looks like you're doing pretty good to me. I bought my first house on a $45k salary, I don't understand how people say they can't do it. I didn't have a lot of money leftover, but I wasn't living check to check either.

rossaxr
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Re: 33 Male, how am I doing?

Post by rossaxr » Wed Aug 15, 2018 12:08 pm

I hate 401ks they eat up balances with fees...
Wait, what fees? Do you mean expense ratios? My 401ks have low expense ratio index funds (0.04%). Same as what is available in an IRA. Unless there is something I am missing...
If you want to see real change... you know your Budget... Change it to make meaningful progress. Not much... but change your spending to 9%.. shopping to 8%... put that extra 4% into medium term investing for thing 5 years out.. like buying a house.. could be a down payment start. I purchased a house 2 months out of college.. back in 2006... as we know one of worst times in history.. 12 years later.. it is paid for and has become a rental as I moved on..
That's good advice. I started shopping at a cheaper grocery store (like 20-30% cheaper) so that should help a bit. What is medium term investing? CDs?

Rupert
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Re: 33 Male, how am I doing?

Post by Rupert » Wed Aug 15, 2018 12:09 pm

BuckyBadger wrote:
Wed Aug 15, 2018 11:34 am
Just out of curiosity, how does your being male enter into your question?
Seeing the word "male" in the title is actually what prompted me to read the thread. What possible relevance does it have to the question presented?

rossaxr
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Re: 33 Male, how am I doing?

Post by rossaxr » Wed Aug 15, 2018 12:12 pm

Rupert wrote:
Wed Aug 15, 2018 12:09 pm
BuckyBadger wrote:
Wed Aug 15, 2018 11:34 am
Just out of curiosity, how does your being male enter into your question?
Seeing the word "male" in the title is actually what prompted me to read the thread. What possible relevance does it have to the question presented?
I have no idea why I included it...I just copied another post's title that used it...it's completely irrelevant.

Next time I can maybe put 33 yr old Unicorn, maybe that gets more attention? :D

TheHouse7
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Re: 33 Male, how am I doing?

Post by TheHouse7 » Wed Aug 15, 2018 12:21 pm

I cringe every time I hear a young man wanting to save for a down payment or go ahead and buy a house before finding a spouse. :oops:

Your finances are fantastic for your position in life, consider improving health, happiness, emotional, family security. Finding the right mate may be the most important thing you do: agree on religion, kids, how to handle "in-laws", and money. :sharebeer
"PSX will always go up 20%, why invest in anything else?!" -Father-in-law early retired.

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blackfish
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Re: 33 Male, how am I doing?

Post by blackfish » Wed Aug 15, 2018 12:30 pm

rossaxr wrote:
Wed Aug 15, 2018 12:12 pm
Rupert wrote:
Wed Aug 15, 2018 12:09 pm
BuckyBadger wrote:
Wed Aug 15, 2018 11:34 am
Just out of curiosity, how does your being male enter into your question?
Seeing the word "male" in the title is actually what prompted me to read the thread. What possible relevance does it have to the question presented?
I have no idea why I included it...I just copied another post's title that used it...it's completely irrelevant.

Next time I can maybe put 33 yr old Unicorn, maybe that gets more attention? :D
Nah, just go ahead and add your location so you have your full a/s/l

bh7785
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Re: 33 Male, how am I doing?

Post by bh7785 » Wed Aug 15, 2018 12:38 pm

TheHouse7 wrote:
Wed Aug 15, 2018 12:21 pm
I cringe every time I hear a young man wanting to save for a down payment or go ahead and buy a house before finding a spouse. :oops:

Your finances are fantastic for your position in life, consider improving health, happiness, emotional, family security. Finding the right mate may be the most important thing you do: agree on religion, kids, how to handle "in-laws", and money. :sharebeer
Not everyone wants the shackles of marriage

ponyboy
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Re: 33 Male, how am I doing?

Post by ponyboy » Wed Aug 15, 2018 12:42 pm

Forget the house...you cant afford one where you currently live.

As far as "how you're doing"...not too bad. Could be a lot better tbh. Just as a comparison I lived in the DC area for 12 years. I never made more than $63k/year...im 35 and have over $500k saved/invested. I did have a girlfriend, now wife...so we have always split expenses which helped.

You need to look at your expenses and start trimming some fat...or move to a lower cost of living area. At your salary you should be saving/investing more. Theres no way around that. You need to start maxing your roth ira every year...and contribute as much as you can to your 401k.

For a house comparison, we recently moved and purchased a home for $220k (LCOL area.) Our combined salaries are $165k (which by boglehead standards isnt that much.) I guess the safe rule of thumb is 2.5x your annual salary for a home purchase...ours is 1.375x. Live below your means dude.
Last edited by ponyboy on Wed Aug 15, 2018 12:45 pm, edited 5 times in total.

e5116
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Re: 33 Male, how am I doing?

Post by e5116 » Wed Aug 15, 2018 12:43 pm

I think you're doing pretty well overall and should be pleased. One thing I don't understand is that you say you contribute to a Roth but you have only $12k at age 33? You must have just started a couple years ago on contributions to the Roth. Similarly, I'd expect more than $39k in taxable brokerage + savings given your stated savings rate, but maybe that rate is relatively new.

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ruralavalon
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Re: 33 Male, how am I doing?

Post by ruralavalon » Wed Aug 15, 2018 12:55 pm

rossaxr wrote:
Wed Aug 15, 2018 12:12 pm
Rupert wrote:
Wed Aug 15, 2018 12:09 pm
BuckyBadger wrote:
Wed Aug 15, 2018 11:34 am
Just out of curiosity, how does your being male enter into your question?
Seeing the word "male" in the title is actually what prompted me to read the thread. What possible relevance does it have to the question presented?
I have no idea why I included it...I just copied another post's title that used it...it's completely irrelevant.

Next time I can maybe put 33 yr old Unicorn, maybe that gets more attention? :D
Or maybe "bigfoot" for grabbing even more attention :D .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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ruralavalon
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Re: 33 Male, how am I doing?

Post by ruralavalon » Wed Aug 15, 2018 1:02 pm

bh7785 wrote:
Wed Aug 15, 2018 12:38 pm
TheHouse7 wrote:
Wed Aug 15, 2018 12:21 pm
I cringe every time I hear a young man wanting to save for a down payment or go ahead and buy a house before finding a spouse. :oops:

Your finances are fantastic for your position in life, consider improving health, happiness, emotional, family security. Finding the right mate may be the most important thing you do: agree on religion, kids, how to handle "in-laws", and money. :sharebeer
Not everyone wants the shackles of marriage
Not everyone thinks that marriage means "shackles".

And to marry or not was not part of the OP's question.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

ponyboy
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Re: 33 Male, how am I doing?

Post by ponyboy » Wed Aug 15, 2018 1:07 pm

bh7785 wrote:
Wed Aug 15, 2018 12:38 pm
TheHouse7 wrote:
Wed Aug 15, 2018 12:21 pm
I cringe every time I hear a young man wanting to save for a down payment or go ahead and buy a house before finding a spouse. :oops:

Your finances are fantastic for your position in life, consider improving health, happiness, emotional, family security. Finding the right mate may be the most important thing you do: agree on religion, kids, how to handle "in-laws", and money. :sharebeer
Not everyone wants the shackles of marriage
Why not? Just do what I did and marry up, lol. Wife makes more than double what I do.

It always confuses me when people say how much money someone has because they've been single their whole lives. Im not great at math but if my wife is making the same amount I do...thats double the money coming in. Rent/mortgage remains the same...now thats split in half. Food goes up a little...which is minimal. Almost everything is split...meaning you acquire more money. But what do I know...im 35, wife is 34...and we're pushing $1million without including our home. I guess if I was single id already have millions saved according to everyones logic.

InvisibleAerobar
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Re: 33 Male, how am I doing?

Post by InvisibleAerobar » Wed Aug 15, 2018 1:23 pm

rossaxr wrote:
Wed Aug 15, 2018 11:19 am
Ron Ronnerson wrote:
Tue Aug 14, 2018 7:10 pm
Your rent seems totally reasonable yet you have a 7% savings rate on a six-figure income. So, where is your money going?
Well I made like 15k less last year (I switched jobs). After tax income was about 65k (10% into 401k)

Assuming I saved ~14% of that, that's 86% left

Of after-tax income:
24% rent
11% food and dining (restaurants, groceries, alcohol)
10% shopping
10% mom
8% travel (I made a few trips last year)

The rest makes up about 20% (bills, medical, auto, gas etc..)
That's actually pretty reasonable, all things considered, though $5000 on traveling is quite a bit. We all have our own hobbies and indulgences, and mine (bicycling) eats up 3000/yr. That really made a dent in things back when I didn't make as much. You are a good son to help out your mom like that; kudos! As for your annual after-tax savings, the entirety of that $15k can go into your savings. Even assuming you live in CA (where one would need to pay 9% of one's income), that's still $10k/yr extra. A saving of $18k/yr (after you've helped out your mom and contributed to your Roth IRA) is commendable at your take home pay.

A bit of personal story, I probably stashed away the same amount per annum as you did, and I wasn't even helping out my dad; so you really are doing quite well there. My ability to save after taxes has more than tripled, but that was purely the result of having a salary increase of $30k from $85k. Give it a bit of time, and with some additional tinkering, I think you'd be able to save $20k/yr. The only other caveat is that you may want to consider upping your 401k contribution. Think of it this way, yes, you will have $7k less to spend, but with the tax savings (say $2300), you get to fund a good 40% of your Roth

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Meg77
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Re: 33 Male, how am I doing?

Post by Meg77 » Wed Aug 15, 2018 2:52 pm

I agree, you're doing quite well. The median household income in this country is about $55k - you make more than double that and only have yourself to support. Don't compare yourself to the wealthiest of the wealthy except for inspiration and advice.

Regarding home ownership: if that's really a dream of yours, then do it! You can absolutely afford it. You may not be able to afford your dream home, or your "forever home" right now, but you're only 34. Save something to look forward to in your 40s and 50s. You can certainly afford a starter home, a condo, or even a duplex where you rent out one side. I don't know where you live, but I bet you that most of the home closings in your city are for people with your income or lower and that most of the homes cost less than $500k. Once you build some equity and get a few more raises, you can trade up in your 40s.

Regarding a nice car: again, if you value nice cars (and plenty of 34 year old males do), then buy one! You have $30k in the bank. Nothing is stopping you, and you can't take it with you. As long as you're saving 15% of your income, I think it's OK to upgrade given the value of your current car compared to your income. You just got a fat raise after all. Just don't buy brand new - let someone else pay for that first year or two of depreciation.

Regarding your salary: Yes, you should focus on aggressively increasing your salary during this stage. The mid-30s to the mid-40s is when income and career are most likely to really take off. Switch firms if you have to, move cities while you're flexible if the opportunity is compelling. But if big raises and promotions aren't in the cards for whatever reason, then definitely focus on saving what you can and enjoying your life. You can certainly get a side hustle or start a business or something if you really want extra spending money sooner than later, and if putting that extra energy into your career isn't likely to produce major results. But it doesn't seem from the outside like you need to give up any financial goals or dreams on at this stage though. A lot could change in the next 5 years.
"An investment in knowledge pays the best interest." - Benjamin Franklin

DesertDiva
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Re: 33 Male, how am I doing?

Post by DesertDiva » Wed Aug 15, 2018 2:59 pm

rossaxr wrote:
Tue Aug 14, 2018 6:08 pm
...
I guess I just feel like I'm not really making much progression, or that I am not doing as well as some others here. ...
Please don't compare yourself to others. There will always be people who appear to be doing better than you. In reality, there are a lot of people who are not doing as well as you. Have a plan and stay the course!
♫ Stocks go up ♫ Stocks go down ♫ Stocks go up ♫ Stocks go down ♫ - Second verse same as the first

pascal
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Re: 33 Male, how am I doing?

Post by pascal » Wed Aug 15, 2018 3:14 pm

Meg77 wrote:
Wed Aug 15, 2018 2:52 pm
I agree, you're doing quite well. The median household income in this country is about $55k - you make more than double that and only have yourself to support. Don't compare yourself to the wealthiest of the wealthy except for inspiration and advice.

Regarding home ownership: if that's really a dream of yours, then do it! You can absolutely afford it. You may not be able to afford your dream home, or your "forever home" right now, but you're only 34. Save something to look forward to in your 40s and 50s. You can certainly afford a starter home, a condo, or even a duplex where you rent out one side. I don't know where you live, but I bet you that most of the home closings in your city are for people with your income or lower and that most of the homes cost less than $500k. Once you build some equity and get a few more raises, you can trade up in your 40s.

Regarding a nice car: again, if you value nice cars (and plenty of 34 year old males do), then buy one! You have $30k in the bank. Nothing is stopping you, and you can't take it with you. As long as you're saving 15% of your income, I think it's OK to upgrade given the value of your current car compared to your income. You just got a fat raise after all. Just don't buy brand new - let someone else pay for that first year or two of depreciation.

Regarding your salary: Yes, you should focus on aggressively increasing your salary during this stage. The mid-30s to the mid-40s is when income and career are most likely to really take off. Switch firms if you have to, move cities while you're flexible if the opportunity is compelling. But if big raises and promotions aren't in the cards for whatever reason, then definitely focus on saving what you can and enjoying your life. You can certainly get a side hustle or start a business or something if you really want extra spending money sooner than later, and if putting that extra energy into your career isn't likely to produce major results. But it doesn't seem from the outside like you need to give up any financial goals or dreams on at this stage though. A lot could change in the next 5 years.
Great advice! :sharebeer
"Never underestimate the ability of a bad situation to get worse...rapidly." Ninegrams

warner25
Posts: 316
Joined: Wed Oct 29, 2014 4:38 pm

Re: 33 Male, how am I doing?

Post by warner25 » Wed Aug 15, 2018 3:31 pm

ponyboy wrote:
Wed Aug 15, 2018 1:07 pm
It always confuses me when people say how much money someone has because they've been single their whole lives. Im not great at math but if my wife is making the same amount I do...thats double the money coming in. Rent/mortgage remains the same...now thats split in half. Food goes up a little...which is minimal. Almost everything is split...meaning you acquire more money. But what do I know...im 35, wife is 34...and we're pushing $1million without including our home. I guess if I was single id already have millions saved according to everyones logic.
What you say is true for a dual-career couple with no kids (or I guess for someone who marries up, as you say). For a while before my wife and I had kids, we saved 75% of our combined income. But many marriages involve kids, and things are very different now that we're a single-income family with my wife at home (a bigger, more expensive home) caring for two (soon three) kids. I love them, but I would be richer if I had chosen to stay single.

To the OP, I say don't worry about owning a house, although I understand the cultural influence: many Americans think you aren't an adult until you do. I say exploit the efficiency and mobility you have as a single guy to rent a small apartment and move rapidly for career opportunities.

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