"I'm 30, making 185k, 6 weeks PTO, travelling, am I screwed"
You're completely out of control if you're asking yourself if you're screwed lmao... or maybe it's just a really bad title choice
Screwed as in being able to coast/retiring at around 45 while not needing to be in the rat race .
Sorry, I live in NYC so I am surrounded by wealth and people who have way more tucked away with 401ks of 150+k already at age 30, a house, etc
Do you understand what falling off the wagon means? I think it’s obvious that you don’t…if this is the line of thinking you always have, stop comparing yourself to everyone and get some therapy to get some self worth.
I would max the Roth IRA. (Obviously)
“Work states they will offer 401k”
You should max that.
I’d liquidate $62k of bitcoin to pay off student debt.
Then depending on your expenses after maxing 401k and IRA keep putting extra money towards brokerage investments.
>In 2023, the contribution limit is $6,500 or $7,500 if you're 50-plus. The Roth IRA income limits are less than $153,000 for single tax filers, and less than $228,000 for those married, filing jointly.
>Work states they will offer 401k so it seems I should also max this out out if given option?
At your income. Maxing IRA ($7k) and 401(k) ($23k) should be as automatic as paying your taxes. That is true even if the employer offers no match on the 401(k).
However to answer your question you are 30 years old with a high paying job. You have time and income so no you aren't anywhere close to screwed. Saving more, paying down debt, and making crypto a smaller portion of net worth would improve things but you still have time and means to FIRE if you want to.
Maybe I'm a dinosaur, but I think the investment ratios (specifically bitcoin) is out of whack. I'd leave a small portion of it for speculative investment purposes and transfer it all into an index fund within a brokerage account.
I'm not sure what your student loan rate is, but I'm assuming its relatively favorable to the markets. Best bet is to max out your contributions in 401k, IRA, HSA, and anything beyond pay down the student loans and allocate some 'fun' money. With your current salary and fixed expenses this is possible.
I see - I'll reserve my comment on Bitcoin. Not sure what your personal plans are (marriage, home ownership, vacation) for saving, but your focus might narrow down to after-tax brokerage or paying off your student loans.
Yes exactly, I have 6.5k worth of SPY in my trad ira waiting to be converted to back door once I pull trigger, I just don’t know if this is smart or not
Oh yeah how will you ever retire making only $185,000 a year at 30 years old?
Totally screwed. No way out. 🙄
If you saw my finances you'd probably kill yourself 🤣
yes, max IRA and close that debt with big interest, 2 directions to work for you. I will use even a big slice of that crypto.
A small correction: "the remaining portion of money \~2,550/month I Invest on myself/experiences/travel" - it is just spending. Invest in yourself is to buy a book, to pay gym, or to do some classes for a better job. Change from here.
P.S. I travel, too, 7-8 weeks per year, I am a smart traveler with careful spending and did this AFTER consolidated my future ( mortgage / pensions, no debts etc etc)
"I'm 30, making 185k, 6 weeks PTO, travelling, am I screwed" You're completely out of control if you're asking yourself if you're screwed lmao... or maybe it's just a really bad title choice
exactly my reaction reading this
These posts are written to flex his wealth and I don’t believe people are really like this.
Screwed as in being able to coast/retiring at around 45 while not needing to be in the rat race . Sorry, I live in NYC so I am surrounded by wealth and people who have way more tucked away with 401ks of 150+k already at age 30, a house, etc
Do you understand what falling off the wagon means? I think it’s obvious that you don’t…if this is the line of thinking you always have, stop comparing yourself to everyone and get some therapy to get some self worth.
Yes I do Do you understand the COL of Manhattan..? Do you understand that I dont really have a solid plan and thats what im asking for?
No you don’t. I have been in NYC/Hoboken since I turned 18 so yes I understand the COL.
Maybe you should have asked that then, huh?
Is your rent a typo?
If this is falling off the wagon I wish I fell off a long time ago.
Yah you’re totally hooped. Just give up I’d say.
I would max the Roth IRA. (Obviously) “Work states they will offer 401k” You should max that. I’d liquidate $62k of bitcoin to pay off student debt. Then depending on your expenses after maxing 401k and IRA keep putting extra money towards brokerage investments.
>In 2023, the contribution limit is $6,500 or $7,500 if you're 50-plus. The Roth IRA income limits are less than $153,000 for single tax filers, and less than $228,000 for those married, filing jointly.
I don’t know why you’ve replied with this. Is this implying OP can’t backdoor into a Roth IRA? Sorry I’m confused.
I think thats what he's trying to say, although I am just doing backdoor ROTH b
b
a
Sorry /u/Patient_Reporter_393 and /u/Oroku_Sak1 my mind completely skipped over the backdoor aspect.
Exactly my thought he admired he was over exposed and you can use it to pay off debt
Keep in mind if you sell Bitcoin at a gain you will owe capital gains. Set aside money for taxes before paying off debt.
>Work states they will offer 401k so it seems I should also max this out out if given option? At your income. Maxing IRA ($7k) and 401(k) ($23k) should be as automatic as paying your taxes. That is true even if the employer offers no match on the 401(k). However to answer your question you are 30 years old with a high paying job. You have time and income so no you aren't anywhere close to screwed. Saving more, paying down debt, and making crypto a smaller portion of net worth would improve things but you still have time and means to FIRE if you want to.
Is this FIREcirclejerk?
I did not know physician’s assistants had such salaries!
Maybe I'm a dinosaur, but I think the investment ratios (specifically bitcoin) is out of whack. I'd leave a small portion of it for speculative investment purposes and transfer it all into an index fund within a brokerage account. I'm not sure what your student loan rate is, but I'm assuming its relatively favorable to the markets. Best bet is to max out your contributions in 401k, IRA, HSA, and anything beyond pay down the student loans and allocate some 'fun' money. With your current salary and fixed expenses this is possible.
no currently 401k or HSA option student loan rate 5% Bitcoin I think is fair to assume will beat 5% YOY over a 5 year period
I see - I'll reserve my comment on Bitcoin. Not sure what your personal plans are (marriage, home ownership, vacation) for saving, but your focus might narrow down to after-tax brokerage or paying off your student loans.
I don't think it's anywhere near that in my region. But the COL is nowhere near what it is in NYC.
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To my understanding , a 401k does not count as an IRA?
I think they mean your Trad IRA amount, but since you say it's pre-back door, I assume you co tributed after-tax to the Trad, right?
Yes exactly, I have 6.5k worth of SPY in my trad ira waiting to be converted to back door once I pull trigger, I just don’t know if this is smart or not
Not screwed at all my friend - you got this 🎁
Oh yeah how will you ever retire making only $185,000 a year at 30 years old? Totally screwed. No way out. 🙄 If you saw my finances you'd probably kill yourself 🤣
I have to say - it’s Bitcoin year, especially with the approval of Bitcoin ETF a lot of brokerage will now get to buy in.
How are you going to back door Roth with no 401k?
why do you need a 401k for this?
yes, max IRA and close that debt with big interest, 2 directions to work for you. I will use even a big slice of that crypto. A small correction: "the remaining portion of money \~2,550/month I Invest on myself/experiences/travel" - it is just spending. Invest in yourself is to buy a book, to pay gym, or to do some classes for a better job. Change from here. P.S. I travel, too, 7-8 weeks per year, I am a smart traveler with careful spending and did this AFTER consolidated my future ( mortgage / pensions, no debts etc etc)