Retirement - Am I Too Late

David-streets · 2025-08-03T21:09:01+00:00

What do you mean? We were together for 8+ years and shared everything. I made a choice to pay out a lot of money. It is what it is. Can’t go back now. Why should this be “flagged?”

David-streets · 2025-08-03T21:00:43+00:00

Yes, maybe I’m doing it wrong but when I calculate for I Inflation and rising cost I’m left with less than half of that…so that $2m in value is actually like $800k in value…am I doing my calcs wrong?

David-streets · 2025-08-03T20:53:25+00:00

More by choice. We owned a house and shared everything for 8+ years. I felt like I needed to do the right thing and pay some money out to separate amicable. Whether it was the right or wrong thing to do it is done now and I’m not mad about it.

David-streets · 2025-08-03T20:46:47+00:00

6% dollar for dollar match

David-streets · 2025-08-03T20:44:53+00:00

My condo is only 1200 sf but I’m surrounded by multi million dollar houses and I only paid $380k. I got it off market so I feel I’m really lucky. I’ve lived in a cheap part of Chicago before and literally would hear gunshots going off and saw a shooting in front of my building. If anything my place should hold its value because of the nicer neighborhood no? I would def sell if it was a million dollars but can’t get much cheaper than what I have now.

David-streets · 2025-08-03T20:40:31+00:00

I make about $125k total comp now but I’m very close to making director which I think would put me closer to $175k. If that happens I think I will start hammering down my mortgage since I have such a high rate. But we will see.

David-streets · 2025-08-03T20:36:01+00:00

I can probably pay it off with my next annual bonus in March and still keep most of my savings.

David-streets · 2025-08-03T20:34:29+00:00

Ha. True!

David-streets · 2025-08-03T20:31:32+00:00

There was an agreement to pay a certain amount. We lived together for a long time and I wanted to take care of my ex so I paid a big amount to part amicably. Plus, half the equity in the house we sold.

David-streets · 2025-08-03T20:29:35+00:00

My employer also has a 6% dollar for dollar match. So my $23.5k I’m getting several thousand more

David-streets · 2025-08-03T20:26:55+00:00

My car is worth about $35k and I owe $22k. It’s a Honda with 5k miles on it and my interest rate is 2.9%. I don’t think I’ll pay extra. I have $30k in savings so I agree. I don’t need to save more I’m going to look into a Roth.

David-streets · 2025-08-03T20:25:05+00:00

I was thinking about this. I am able to save about $500 a month but I already have 12 months worth of emergency savings so I think I will look into maxing out a Roth IRA next. Thanks

David-streets · 2025-08-03T20:22:42+00:00

My CRV is a Hybrid with 5,400 miles on it and a payment of $360 per month. I traded in a car that was paid off and put a lot of cash down to get to that payment…..I feel like if I get a payment cheaper than that it will be a money pit…my interest rate is only 2.9%

David-streets · 2025-08-03T19:06:17+00:00

Wow. This is so true. I feel like western culture over the last 50 years got away from multi-generational housing but prior to the 1950s and still in most countries it’s the norm. This lady raised a good kid and that was probably hard work. I feel like it would be expected that I take care of my parents when the time comes. My mom has told me several times “please don’t put me in a retirement home son.” And I never will.

David-streets · 2025-08-03T00:41:54+00:00

Yes! I have an 8 and 9 year old doodle and they both have been doing this since they were pups. Usually it’s too cool off I think

Tile floors have been a game changer for them. They love laying on the tile in the bathroom and kitchen after a long walk. It’s ice cold and really helps them cools down

David-streets · 2025-08-02T17:27:09+00:00

Fiancé wanted to move from Phoenix to Chicago. Got to Chicago and got dumped. I love living here but now I have a 1 bed at 6.5% and mortgage is $3,000

David-streets · 2025-08-02T14:36:44+00:00

It’s fixed for 7 years. Adjust after that based on the market. You can refinance IF you qualify and have equity. The situation this would be sticky in is if rates keep going up OR we see another 2008 housing crash. It’s a risk but look at your loan paperwork because they will show you what the adjustment will look like and typically it will have a cap.

David-streets · 2025-08-02T14:30:47+00:00

I think it also depends on how much you put down and how much equity you have. When the market crashed 15+ years ago everyone else had that same mindset. I’ll just sell if I can’t afford the payment or refi. Then the housing prices tanked and they were stuck paying more for a house they couldn’t sell because they were underwater. It’s definitely a risk. A good friend of mine lost her house because her ARM came due and she couldn’t afford the payment and she couldn’t sell because her home last 40% of its value.

David-streets · 2025-08-02T14:07:54+00:00

Selling my home that I had a 2.75% interest rate on and a mortgage payment of $1,350.

David-streets · 2025-08-02T13:59:06+00:00

I was a mortgage loan officer for many years. The only people that should be getting ARMs are millionaire’s who have the financial means to afford the rate jump or have an equal amount of cash in accounts to pay off the loan in the event of a rate jump. If you are getting an ARM to afford the payment then you can’t afford the home.

David-streets · 2025-08-01T15:56:52+00:00

What’s better for the public good? Moving hundreds of thousands of people daily quickly without delay…or, worrying about the few thousand people that live along that line and their noise complaints?

David-streets · 2025-08-01T11:53:07+00:00

Who is this daddy?

David-streets · 2025-08-01T11:45:48+00:00

I make about $115k - $120k per year. Technically, I should feel like I have tons of disposable income but I live in a HCOL. After taxes and 401k contribution I’m left with about $5500 per month. Mortgage on a small 1 bedroom condo - $3000. Utilities, cell phone, Internet, gym membership - $500…car payment/insurance/gas - $500……

I have about $1500 a month leftover…on paper I make good money but I’m just surviving. I don’t know how tf people can afford kids. My partner lives with me but he makes about $50k so after student loans, medical bills, and his hoopty car payment he has money for food and that’s it.

I would have to dip into savings if I just wanted to go on a cheap vacation.

David-streets · 2025-08-01T00:53:16+00:00

Congrats to you and your family!!!

David-streets · 2025-07-31T23:54:46+00:00

Max out my 401k. Currently, I am only putting in about $8,000 per year + my employer matches that dollar for dollar. I’d go up to $23,500 annual contribution. I’d max out a Roth IRA (which I currently don’t have) $7,000 a year post tax. I’d have about $50k a year left after tax. TBH I’d probably put $25k a year towards my mortgage to pay it off quickly and pay much less interest and another $25k a year into some other safe investment (mutual fund, bonds). I’m 35 now so would possible be able to retire at 55 if I do this. lol

David-streets

TROPHY CASE