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I’ve been lurking for a few months and want to get serious with FIRE, but not sure where to start and would really appreciate some initial next steps.
Breakdown:
10K in checking account
70K in HYSA
7k in Total Market Index Fund (FSKAX)
2k in Traditional 401K (Employer matches 50% up to 6%, contributing 6% currently). I just started this a couple months ago.
Salary: 90K (Sales, so can be more or less), upwards mobility is achievable.
HSA is offered thru company with $600 compensation, but I did not elect in early enrollment.
Debt: 15K in student loans. Car is paid off but will probably give me another 2 years max.
I would also add that within the next 2 years I plan to purchase a home for a rental property. Also based on my current trajectory, an engagement and wedding are in the cards in 2-3 years, then probably kids. I would like to retire by 55, 60 latest.
Would love any advice.
Starting the 401k is a good initial step.
In your position, my targets would be:
-If the interest rate on the student loans is >4.5%, prioritize knocking that down.
-building 3 mo emergency fund, and then start building towards a downpayment
-find out fixed costs minimize when possible
-feel out what aggressive % of income can be sustainably put in retirement each month
-start working on boosting income
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- 1 year ago
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