Hello all! I feel that I am finally near a point in my life where things are pretty comfortable and I am glad to find resources like this community to help inspire me to stay on track and make it the rest of the way there.
Growing up my parents never had much but they had their own business and I think as a result I always had a strong work ethic and never really developed a taste for fancy.
My mindset was that I could advance myself by working really hard (at one point holding 3 jobs) but realized you can only do that so long and in the end there wasn’t much to show for it (also had a girlfriend at the time working against me financially).
However there were 2 (maybe 3) things looking back that I did absolutely right:
- As soon as I could I bought a house (I just never liked the idea of renting)
- As soon as I joined my current employer (20 years ago now) I elected to put 15% into the 401k they offered even though they were already offering a pension (which is a mandatory contribution of 7.5% salary and matched 100% - to the pension no match on 401k at the time).
- I never bought a new car, on average spending 3-4k and learned how to fix them myself so I would get many years and 150k+ miles out of each.
It was a struggle through my 20’s and 30’s but now reaching mid-40’s I think I see a light at the end of the tunnel (hopefully not a train lol).
That house I bought in my early 20’s is now a net income rental property and that 401k is on track to when combined with my pension double my current salary at retirement before any social security that may or may not exist.
Presently I am debt free for the last 4 years other than the mortgage, but I’m still not really saving a whole lot more than our emergency fund and what goes into the 401k. That makes me worry that I should be saving more.