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Thought I'd share another leadership opportunity, this time for industry leaders in the Tech & Digital sector. Would love to connect with anyone who is a senior leader (MD / SVP) with deep experience in this sector alongside leadership experience in a TA / Growth or Client Relationship environment. Amazing opportunity to further establish and grow our presence with global leaders in Tech.
https://www.weareams.com/careers/job-search/job/?id=15575
The adventures of RECTANGLE MAN
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Sooo AMC.. who’s in?
😂
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If you get rid of the car loans / student loans, you could save an extra $2700 per month.....
Maybe stop doing $24k/yr into the 401k. Get the match, then pay off those consumer loans ASAP.
This doesn’t add up. You’ve indicated $8,200/month in debt payments—$98,400/year. You then say you make $144k/year and contributed $24k to your 401k—so a $120k pre-tax income. Even if you live in a zero income tax state, your post-tax income is about $91,300, $7k less than your annual debt burden.
Mentor
Would be working off of net…
Benefit of the doubt…
I forgot to also include most of my regular and house hold bills come out of my credit card, which I pay almost $3K per month. My TC is around $144K, contributing around 16% roughly $24k last year to my 401K.
You should reevaluate your budget. You only make 144k but spend a lot on cars, mortgage, and other debt
You’re missing a bit of info:
- how old are you? IE how close to retirement are you?
- how much are you contributing towards retirement and/or ESPP currently? Use a monthly basis since you’ve given us all other info based on monthly amounts.
- how big is the discount on ESPP? Are you selling once it vests, or holding?
- What interest rate are your student loans and car notes at? What’s your minimum payment on the car notes?
- is the 2 cars because you are talking about household level spending? Or do you have a “regular / commuting” car and a “fun” car?
Once we have this info, we can give you a bit better guidance on where to allocate money.
Mentor
I would at least contribute up to the match… it’s a free 100% return that you won’t get anywhere else…
ESPP, I do it because I always have since I got a ‘big boy job’… so I’m biased, but think it’s good to put some money away, and what greater insight can you have besides the firm you work for?
Student loan overpayment… I wouldn’t do it… just pay it over the term, it frees up $850 in cash flow… and they could get erased at some point, that’s a policy issue but you never know… my wife got a mailbox money check for $24k a couple of years ago because of a student loan she paid off…
Mortgage… again, I wouldn’t overpay unless you have an unfavorable rate or plan to use the equity for something…
There isn’t a right answer.
$1,200 is already being aggressive toward your student loans. Go ahead and be more aggressive if you please and it would bring you satisfaction.
1500 for two cars really stands out as a question mark. For one person that is definitely excessive. For two people that also seems excessive, unless both partners need a car to commute, but then in that case, two incomes would cover that and not fall on one person to pay both
Subject Expert
Also you can have two commute worthy cars for a lot less than $1500 a month. Shoot, they sell some new cars for under $20k. You can get a late model, low mileage Toyota Camry, single owner, clean title, no accidents, for under $20k. I commute to my white collar job, wearing a suit and tie, in a car I bought seven years ago for $7000. The commute is no high bar, no reason to break your budget.
You should contribute at minimum what the company matches. In my opinion do not stop contributing to your 401k it is too important in my eyes, after all you would hate to run out of money at 80 years old.
The retired guy at 62
Subject Expert
You'll have to think about it down in the details, with the extra information people have mentioned.