The other reader comments may help
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Posted: 14 Aug 2013 11:32 AM PDT
The following is the latest post in my "Reader Profiles" series. Each post in this series details the financial situation and challenges of an FMF reader. The purpose of this series is to help us all identify with people like us (in similar situations -- not all will be, of course, but eventually I'm sure you will find someone like you here), get to know the frequent commenters on the site, and hear some financial wisdom/challenges from people other than me.
If you're interested in contributing to this series, then drop me an email. The series seems to be very popular with readers and I need a steady stream of new ones to keep it going. Also, please leave constructive comments, questions, and so forth. Simply telling someone what a mess they have, how they have made poor decisions, and so forth is not helpful. There is a way to say, "That was a mistake, but here's what you can do to correct it" that both acknowledges the problem and offers a solution. It's this sort of feedback that this series is intended to solicit. Next in the series is FMF reader VA. She answered my questions (in red below) as follows: Please tell us a bit about yourself. I am a 29 yr old female. I currently live in New York, NY and have lived here for six years. This city is expensive! My situation has improved a lot over the last two years, due to a higher salary and better managing of my finances. But I know I still have a long way to go. I am single. Describe your financial situation (who works in your family, how your income is (general), how your expenses are, etc.) Income: $3200 take home pay/mo, post-deductions (health insurance ($100), subway card ($112), 401k ($420) are monthly expenses deducted pre-tax.)
Assets:
What are the current financial issues you're facing (saving, paying off debt, etc.)? By getting a roommate and increasing my cashflow by $500, I need to decide where to allocate the extra money. I feel that I'm behind on retirement saving and will likely increase my contribution by 2%. (Current is 8% with a 4.5% match). Next, should I pay off my student loan or put more into my emergency fund and investments? What are your plans for the future (retire early, build your career, etc.)? I plan to continue to "catch up" and aggressively save. It would be great to develop some side income as well. As far as the living situation, I don't know how long the roommate arrangement will last. I would like to move in with my boyfriend eventually. However that worries me as he has a large amount of law school debt, over $100k. I also worry about my long-term prospects in this city, as entering the real-estate market seems impossible. I do love it here and enjoy my job, perhaps it's worth the sky high rents. My overall goal is to save as much as possible to give me more options. What's your best piece(s) of financial advice and/or your general philosophy on personal finances? General philosophy is to spend where it counts. I love traveling and occasional restaurant indulgences. However my lifestyle is simple, free of gadgets and "stuff". I learned some financial lessons a little late in the game, and I wish I had saved more in my early 20s. Save early! |
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