shanewp1988
New member
Hi everyone, I am new to financial planning, but I really want to be on the right track for retirement and overall be financially savvy. For the first 8 years of my employment, I was making roughly $135,000/year. During that time I had only contributed 3% of my company match 3%. I also had taken out a $19,000 loan from my 401k to help fund a down payment on a home. Needless to say, all dumb mistakes on my part. I now currently have approximately $49,000 in my 401k. I have a house with a $3500.00 mortgage/month (utilities, property tax, and HOA all included), and an average of $4,000.00 in credit card spending a month (card is used for all bills/ subscriptions/ car payment). I recently got a new job that pays me now $210,000 and I have set my contributions to 15% with a 4% company match. I get taxed just about 25-30% so my after tax income comes out to $9,500.00/ a month. I have also recently transferred all of my savings ($30,000) into a HYSA instead of a measly credit union savings and try to put away $1,000 a month for emergency purposes. I plan to also start contributing to a traditional IRA account next year, but this year I am saving up for a wedding (saving up an additional $800/a month in addition to the emergency savings account). I don’t have any other investments set up, and I feel like I’m trying to catch up from the mistakes I made when I was younger. I only have my school debt of $30,000 but that will be completely reimbursed by my employer. How can I better set myself up for success and maximize my savings?