SAVINGS GOAL: | $600K | OBJECTIVE: (shooting for the stars) EARLY RETIREMENT: $600k DEFAULT: ($300k, landing in the clouds) 10 YEAR SABBATICAL @ $30K/YR |
GOAL DATE: | 2028 (Labor Day) | Age 44 |
GROSS SALARY: | $89,440 | ($43/HR) |
NET SALARY: | $67,080 | (estimated at 25% TAX RATE) |
SPENDING BUDGET: | $2,500/ mon | ($30K/YR) |
SAVINGS BUDGET: | $3,115/ mon total | (37K/YR) *Using the Calculator, this is how much I would need to invest monthly for 10 years with an annual interest rate of 6%. |
ALLOCATIONS
MONTHLY SPENDING | ($2,500/mon) | SAVINGS | ($37k/yr) | ||||
Student Loans | $566 | Per Pay Period | Notes | Annually | |||
Housing, Utilities | $1000 | (40%) Experts recommend 30% = $750; would like to bring this number closer to 30% but in my defense this amount was in budget with my pre-early retirement spending | 401k | $750/pp | Payroll deduction | $18,000 | |
Groceries ($200/mon) Entertainment Incidentals · Gas ($50/mon) · Phone ($27/mon) · Other · Household items ($35/wk?) · Cable? | $540 | Roth IRA | $229/pp | $5500 | |||
Tithe | $250 | (10%) | Taxable account | $563/pp | (*not yet implemented) | $13,500 | |
Remainder Unexpected expenses: · travel · medical/dental · car maintenance · car insurance ($53/mon) · home repairs, if applicable · family needs |
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