milestone reached

[jpham540]

Hi guys just wanted to let you know I have reached a milestone of $350,000+ between my retirement and taxable accounts. My net worth is @ $530,000+ so I am very happy what I have achieved so far. I am currently 27 years old and I have been thinking about making a big move next year and would like some advice.

Some of you may know I am currently working in Afghanistan and have been working for almost 3 years, so that’s why I was able to accumulate a lot at my age. I am thinking about moving back to the states sometime at the beginning of the year. Since I been out here so long I kind of want to take like a 2 – 3 month break and go on vacation traveling to different countries. Then I will try to find a stateside job.

The only expense I currently have is my rental house which is @ $550/mo and it pays for itself. I can probably net @ $100 - $200/ mo.

Then I have a personal home I bought for my mom but I only pay for the mortgage which is about $450.00.

Currently owe on my rental house - $59,000 @ 4.5%

Personal House - $95,000 @ 3.5%

So I know it will be a big change but I’m still bouncing around that idea it’s been bothering me for awhile. The job is good over here but I’m pretty much almost stuck in a prison and just wondering if I should tough it out for 1 more year and accumulate some more or just say screw it and leave.

If I do decide to leave, I plan on maxing out my 401k and IRA and normally I can do that in about 2 – 3 month. Anyways just wanted to get some feedback. Thanks

[alohabear]

So I know it will be a big change but I’m still bouncing around that idea it’s been bothering me for awhile. The job is good over here but I’m pretty much almost stuck in a prison and just wondering if I should tough it out for 1 more year and accumulate some more or just say screw it and leave.

What are your career goals, and would staying one more year help you meet those goals? You don't necissarily have to answer me, but it's something you should consider outside of the money question.

[jpham540]

I did thought about going back to school for a mechanical engineering degree, but the thought of going back to school is daunting. I do want to get a bachelor degree to further my career eventually but I will probably work full time while going to school. I don’t plan on touching any of my money that I have invested for retirement so I will leave it there for it to grow and compound.

I work in the blue collar industry and my company has been paying for some class but mostly is hands on training. I can probably find a job back in the states, but financially I think I will be good. Yea it’s something I will have to think about.

[VinTek]

Congrats on the milestone. You're far ahead of where I was when I was your age, even accounting for inflation. You're in a really good position.

I think what you do next depends on what you think you really want out of life. Certainly you have more options than most people your age because you're way ahead of the curve. It's entirely up to you if you want to stay ahead, get further ahead, or kick back a bit while your peers do a bit of catching up. Personally, I'd go with the momentum since it's hard to regain once you've lost it and the rewards are so high. But that's me. Your mileage may vary.

[jpham540]

Thanks! I agree with you Vintek, I can probably get further ahead, but being oversea and in a warzone is getting tiresome. We work 12 hours 7 day a week so I am getting all poop out. I think I will probably take a break in March and take me a nice 2 – 3 month vacation then look at other option. I have other job recruiter that I keep in touch with so I’m pretty sure I can find some work later on.

[jdmartin]

Wow - congratulations! Very good job to see that. I am definitely psyched reading about younger people who have a lot of it figured out.

Whether or not you come back really depends on how much more you can take over there. I don't have to tell you that you're in a very dangerous area. Just staying alive is a gamble. I served during the first Gulf War and that's almost a joke compared to the 14 years going right now in Afghanistan/Iraq.

You're pretty young, which means your mother is (likely) pretty young as well. Does she work, and can she handle her own mortgage payments?

[jpham540]

Thanks jdmartin, No she doesn't work, on the house situation it's a little complicated. My mom does own a house that I grew up in, but that house is paid off. The house I just recently bought cause she wanted for other reason I just only pay the mortgage for that one. So really she doesn't pay anything. My brother live in that house so he take cares of the bills and insurance, I just cover the mortgage but it is under my name though.

Yeah I'm just getting tired of being over here.

[andyo4you]

If you can buy more properties you can live off that. While getting a less stressful job and take a lot of vacations since those 500k will only grow if you spend less than what you make.

I am young too, and probably have about the same but 500k invested . If I were to count my business valuation it be over 1.5 million. I am counting the house since is almost paid off.
I am 26, plan to be semi retire by 35. I love $ so I will never retire from it

[lantran]

I agree with you Vintek. I think I will probably take a break in March and take me a nice 2 – 3 month vacation then look at other option.

[lantran]

I do want to get a bachelor degree to further my career eventually but I will probably work full time while going to school.