![]() ![]() If he just keeps on the current path and saves a bit more during those “peak earning years” in a couple decades once he makes partner, he’ll have a nice fat retirement fund by age 65. Expensive house, flashy car, massive income and even some money in the bank. If you ask the average Josephine, Joe is a successful rich guy, doing very well for a 33-year-old. When you’re confused about your own money, it is likely that you are wasting a lot of it. They just heap them on a plate and hope it will straighten itself out some day. Oddly enough, when people write to me with financial problems this is usually how they are described: a big list of confusing and unsorted details. Whoo! Look at that collection of financial spaghetti. Credit card balance is just a bit high at $8,000 right now, what with the holiday season hangover. He also has a BMW 535i sedan that cost him $61,300 including tax a few years ago, payment is $539 per month and remaining balance is $43,000.Ĥ01(k) balance is $50,000, IRA is $27,300 and he has $90,000 left on his Harvard student loans, which he plans to get serious about soon and pay off over the next 10 years. He has a condo he paid $517,000 for with a current market value of $580,000 and a mortgage of $460,000. Joe Consumer (age 33) is a Washington DC Lawyer pulling down $250,000 per year. Let’s start with a deliberately twisted example:
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