jesusreigns4ever
New member
Only 10,000 ‘how am I doing posts’, why not one more right? Have an almost daily low level anxiety feeling like I’m falling behind and ‘time is running out.’ Like it’ll take forever to retire, like SO many people are doing SO much better (despite stats saying otherwise). Guess I’m just looking for feedback, reassurance from strangers. Thanks for reading.
46, went through expensive divorce, 2 school-age kids, joint custody, live in sort of pricey suburb of LA, concert producer, $140k, live w/gf so I guess ‘household’ is $210k. Rent is below market on nice 2+2 craftsmen, decent area. Ex and I have move-away provision which makes it unrealistic to move away from area so no, I can’t “just move to a cheap area”.
I was a late bloomer w/starting on investing (mid 30’s) but quick stats are:
Net Worth approx: $537k
401k: $275k
Roth: $60k
529 plans (2): $22k
Cash: $180k
No debt
$1000 p/mo child support
I’d like to buy a house but starters are like $750-800k in area and getting an affordable mortgage would require completely cleaning me out on cash, so I’d have no reserves, no E-fund. Housing nut would also almost double if I did this. Def a cash poor scenario if I even could buy. Broker did pre-qual and max I could qualify for is $560k loan. So that’s a lot of cash to come up w to find something doable.
The divorce (2018) hit hard (she makes relatively little) and I paid 4yrs of alimony, Covid wiiiiped out my industry for 15 mos so it’s been a rebuilding period this past 4 yrs.
Am I screwed? I feel screwed. If I stay in my current gig I can expect 5% increases p/yr, could maybe hit $1.5-2mil in retirement accts by 60? But thats not a lot in the scheme of things. Guess I could keep stacking funds and move to LCOL area when kids go to college?
TLDR: middle class single dad, Feel like I’m spinning my wheels. Thank you all
46, went through expensive divorce, 2 school-age kids, joint custody, live in sort of pricey suburb of LA, concert producer, $140k, live w/gf so I guess ‘household’ is $210k. Rent is below market on nice 2+2 craftsmen, decent area. Ex and I have move-away provision which makes it unrealistic to move away from area so no, I can’t “just move to a cheap area”.
I was a late bloomer w/starting on investing (mid 30’s) but quick stats are:
Net Worth approx: $537k
401k: $275k
Roth: $60k
529 plans (2): $22k
Cash: $180k
No debt
$1000 p/mo child support
I’d like to buy a house but starters are like $750-800k in area and getting an affordable mortgage would require completely cleaning me out on cash, so I’d have no reserves, no E-fund. Housing nut would also almost double if I did this. Def a cash poor scenario if I even could buy. Broker did pre-qual and max I could qualify for is $560k loan. So that’s a lot of cash to come up w to find something doable.
The divorce (2018) hit hard (she makes relatively little) and I paid 4yrs of alimony, Covid wiiiiped out my industry for 15 mos so it’s been a rebuilding period this past 4 yrs.
Am I screwed? I feel screwed. If I stay in my current gig I can expect 5% increases p/yr, could maybe hit $1.5-2mil in retirement accts by 60? But thats not a lot in the scheme of things. Guess I could keep stacking funds and move to LCOL area when kids go to college?
TLDR: middle class single dad, Feel like I’m spinning my wheels. Thank you all