| New Entry: MARCH 5, 2015
I upped my 401(k) contribution to 8% of my gross given the pay bump. With the 5% match, that puts me at 13% of gross pay, and I plan to up it to meet the maximum allowable contribution of $18K in 2015 after I hit the $5,500 max on my ROTH IRA for the 2014 Tax Year. I will basically lose my eligibility to contribute to a ROTH IRA for the 2015 Tax Year due to hitting the maximum allowable income limits for single adults. There are "backdoor" ROTH options, and I may look into this in the future; as well, my 401(k) plan has a ROTH 401(K) option such that I can split my contributions between them (i.e. 1/2 the contribution is with pre-tax dollars and 1/2 is taxed and goes into Roth portion of the account. Of course, this raises my MAGI / taxable income for 2015, so there's a bit of a trade off.
Once I reach 6-monhts on the E-Fund (on track for end of April / Mid-May barring any unexpected expenses), I will re-allocate those funds ($800 bi-weekly) to pre-paying the mortgage and a taxable brokerage account.
All in all, on track so far, and could be going faster if I could stop vacillating back and forth on the roommate thing. With roommates, their rental income could go fully to extra mortgage payments, and my savings snowball could be used to fund investment accounts. A good picture, and obviously accelerates the path to Financial Freedom, but it comes with a cost. I think I'm willing to pay it, so we'll see if we can't get some one (or two) in here by late-April / early-May.
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Home value is updated monthly from Zillow.com/Zestimate
(Purchase price was $370K in August 2006).
Other Mortgage = HELOC/2nd Mortgage |