Episode 3: Marissa

Meet Marissa.

Age: 24

Salary: $58,850

Employment: Human Resources

Savings and Investments: 

  • 401K Balance = $10864.88 (6% bi-weekly contribution, meeting the match of 50% up to 6%)
  • Roth IRA Balance = $3961.25 ($230 contribution every two weeks, hoping to meet the max limit)
  • Savings Balance = $286.36 (saving $141.68 bi-weekly)

Debt:

  • $4,000 credit card

Expenses:

  • These are bills that we pretty much split:
    • Rent = 1825
    • AT&T = variable but always just under 100
    • Electricity = variable but always under 50 in winter, always under 100 in summer
  • These are my personal bills/expenses:
    • Renter’s Insurance = 16.97
    • Gym Memberships & Training = 329.95
    • Roth IRA = 460
    • Savings = 283.36

Marissa’s main concerns, in her words

Have a few big purchases coming up within the next 5 years (wedding, house, etc.) and trying to save for that but also for RETIREMENT!! Help! No financial advisor is interested in speaking with me.

I’m paid bi-weekly and handle all of the bills, then once a month my boyfriend quickpays me for the general amount that would be his portion. Outside of that we don’t really track who spends how much on what, though he’s the breadwinner and typically buys the groceries, etc. So here’s what my set-up looks like:

We want to pay for a wedding and a house in the next five years. What do we do?!?!

Big Question(s):

1) How can we pay for both a wedding and a house?

2) No financial advisor will help me. Why?

3) Am I doing a good enough job saving for retirement?

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