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27 year old looking for advice. What should I be doing with my money?
27 years old
live in CA, bay area poker income ~175k/year (plus or minus 50k) rent, $950/month additional spending ~2500/month no debt Here is what I am currently doing with my money. I feel like I could be doing so much better, but I don't know anything. Retirement: 5k in roth ira 24k in sep ira, invested in Fidelity "freedom 2045" retirement fund Investments: 32k in SP500 index 12k in an international index 7k loaned out on prosper Liquid: 22k in cash 2500 in 0% interest checking 70k on poker sites 50k in 5% savings account I only need about 30k on poker sites to be comfortable. I use the cash for live play. So that leaves 40k there that needs to go somewhere. Anyway, I would like to hear what more experienced people would do in my situation. I would like to hear all sorts of suggestions. I have a medium risk tolerance. I think real estate and renting out property sounds like it would be interesting. However, given where I live it seems to me that this isn't a smart thing to do. A goal for me would be to have the option of retiring at 35. |
#2
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Re: 27 year old looking for advice. What should I be doing with my mo
ur rich!
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#3
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Re: 27 year old looking for advice. What should I be doing with my mo
Looks like your doing perfect. You are already saving plenty in your roth and SEP IRA. You will be rich whenever you decide to retire.
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#4
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Re: 27 year old looking for advice. What should I be doing with my mo
You realize you don't qualify to invest in a Roth given your income, right?
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#5
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Re: 27 year old looking for advice. What should I be doing with my mo
[ QUOTE ]
A goal for me would be to have the option of retiring at 35. [/ QUOTE ] Not going to happen unless you increase what you make. I make more than you and am 4 years younger. Retiring by 35 is a stretch even and I'm planning on 40. |
#6
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Re: 27 year old looking for advice. What should I be doing with my money?
Congrats, but you aren't going to retire in 8 years. It wouldn't make much sense at all.
Looks like you are doing pretty well, you've got money spread out in various areas. If you really think you only need $30K online, then definitely take the extra $40K out and invest. The opportunity cost of that is pretty large. |
#7
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Re: 27 year old looking for advice. What should I be doing with my money?
Retire at 35???
And do what at 35 for the rest of the 35-45 years of your life? I'd have a heart attack if I retired at 35. |
#8
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Re: 27 year old looking for advice. What should I be doing with my mo
[ QUOTE ]
Retire at 35??? And do what at 35 for the rest of the 35-45 years of your life? I'd have a heart attack if I retired at 35. [/ QUOTE ] Don't get me wrong. I'd be thrilled to be retired at 35. I don't understand this sentiment at all. He would do... whatever the hell he wants?? That's the only point. |
#9
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Re: 27 year old looking for advice. What should I be doing with my mo
[ QUOTE ]
[ QUOTE ] A goal for me would be to have the option of retiring at 35. [/ QUOTE ] Not going to happen unless you increase what you make. I make more than you and am 4 years younger. Retiring by 35 is a stretch even and I'm planning on 40. [/ QUOTE ] Not necessarily. It depends a lot on his definition of retirement and his expected level of spending. Krishan |
#10
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Re: 27 year old looking for advice. What should I be doing with my mo
[ QUOTE ]
You realize you don't qualify to invest in a Roth given your income, right? [/ QUOTE ] Metetron is right here. Krishan |
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