Below is my present state of affairs. The idea here is to identify exactly where I am at financially and then to identify where I want to be. Knowing where I'm at now is the easy part, nailing down where I want to be can be... daunting.
Financial Profile
Age: 26, working full time for 16 monthsSalary: $63,000 (OT, bonus, profit sharing, 401k match included)
Assets: $29,100
Debts: $6,900
Net worth: $22,200
Asset Profile
401K & IRA: $15,100
Automobile: $8000
Cash: $6000
Debt Profile
School Loan: $5750 (three loans with different interest rates, weighted mean interest rate of 5.23%)
Credit Card: $1150 ( 7.5% APR, I pay it off every month)
Automated Saving
20% 401K contribution (more to come on my retirement savings plan later)
That's where I'm at! I'm still working out my strategy at the moment, there will be spreadsheets coming soon.
Assets: $29,100
Debts: $6,900
Net worth: $22,200
Asset Profile
401K & IRA: $15,100
Automobile: $8000
Cash: $6000
Debt Profile
School Loan: $5750 (three loans with different interest rates, weighted mean interest rate of 5.23%)
Credit Card: $1150 ( 7.5% APR, I pay it off every month)
Automated Saving
20% 401K contribution (more to come on my retirement savings plan later)
That's where I'm at! I'm still working out my strategy at the moment, there will be spreadsheets coming soon.
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