Been a long time since I posted here. Pretty much since the posts I used leverage to pay off the house, I cleared all debt, and am now building wealth. I am practicing the best FIRE I can.
After many years and many regrets in my financial life, I have decided to kick retirement savings into high gear. Last year I paid off all my debts. I was pretty broke in my savings and bridge account. But since then I have put a majority of my paycheck toward different things.
I opened a personal Roth IRA (a little late in my 40's but ever little bit helps). I stopped traditional contribution and opted for ROTH now that I understand it. I was not screwing the government by making my taxes lower, I was screwing my future self.
Since the endeavor of the house leverage payoff. I have cut debt out completely. I have went to barely 400k to over 557k network. I expect to break 600k this year. With the contribution max in my Roth IRA (done), and Max Contribution to my 401k by the end of the year. I also opened a High Yield Savings Account for my savings. Why I never did this earlier is beyond me. Regular banks just disrespect their clients by not giving High Yields. So how did the finances change.
Step 0. Educated myself more in retirement and investing knowledge.
Step 1. Cleared all debt, cut up the credit card (I am now like I was prior to the ex-wife)
Step 2. Opened High Yield Savings and started funding it. 2 months made 93 dollars. 5.16% yield.
Step 3. Opened a Roth IRA (I needed somewhere to stash extra retirement fund. It is best not to just rely on 401k wish I was doing this in my 20's.
Step 4. Max Contributions to the 401k and moved to Roth contribution vs traditional.
Step 5. Automated some of the contributions and trades.
Step 6. Started saving for a car in ten years.
Step 7. Paid attention to my money and where it is invested. Started investing in index funds and stuff.
Step 8. Started making Financial Goals.
Overall I am pretty happy where I am in my retirement planning. I have a paid for house, paid for vehicle, no debt, and most of my money goes to the future. One day I can retire, probably earlier than I thought.
I suppose I can drop by and write some about retirement planning and investing a little more often. I will try to do more on here.