Ep. 79: Barry is single and feels like he should be making hay, but afraid he isn’t

M$D: October 19, 2040

Meet Barry

Age: 35

Barry’s main concerns, in his own words:

I’m 35 years old, single, and living in Atlanta. I make just under $70,000/year, put 13% into a company sponsored 401K (7% match on first 6%). The 13% increases annually by 1%. Another $100 per paycheck (biweekly) is put into savings, but it’s kind of liquid. I need to start putting it into a different, less easy to access account. It’s way too tempting to be able to open my banking app and transfer a few hundred if I need/want! I started seriously saving for retirement only 3 years ago. Before that I worked in much lower wage jobs working my way up, not making enough to put into a 401K, so I contributed the minimum 3%. I moved around from job to job, as is customary in my line of work, and now have four — yes, four IRAs or 401Ks sitting out there. In total, I have about $45,500 in retirement savings at this moment. I also have $10k in credit card debt mostly accrued while working those lower wage jobs, plus $10k in student loans debt. I’m trying to pay down the credit cards right now. I’m starting to freak out. I have no budget — I just pay what I need to pay each month with no thought as to where it’s going. However I break even with expenses most months. I know that shouldn’t be the case. I make 70k… As a single guy I should be shoveling money into savings, right!? I have no plans to reduce my retirement contribution amount, it will likely increase over time, or I may shift a percentage in excess of the company match (7%) to a better fund. That’s still up in the air. I want to retire a millionaire, but I feel I’m looking at Google Maps without a GPS signal. I know I’m heading down the road and retirement will be here eventually, but I have no idea how to get there!

What we cover in this episode:

  • How to break out of a boredom induced financial slump
  • Prepping your financial life for a move to a new, expensive city
  • How to jump start your finances to overcome an underachieving past

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