When I first began investing, I was completely lost. There were so many names, acronyms, and terms that I had never heard before. Like so many families in America, mine didn’t talk about things like investing and money. I had no idea how to start, and as a result I made some silly mistakes. This post will be geared toward someone like myself when I was starting my career: young and naive, but willing to learn. I want to talk about my favorite investment vehicle: The 401k.
As several of you are aware, the entire goal of this blog is to chronicle the journey to having a net worth of $1,000,000 by my 40th birthday, which is February 12, 2029. That being the case, it is fitting to have an annual progress report to show how far we have come over the previous year. Well, today is my birthday! Because the blog is so new, this will serve as the inaugural edition!
After I finished my 8 years of college, I was very lucky to find a job in my field, making a nice salary ($80,147 plus benefits, $160,000 with my wife’s), and living in a reasonably affordable city (Houston, TX). I had everything I needed in life and almost all of what I wanted, even if it wasn’t necessary at the time. Life was good.
However, it all came crashing down six months after graduation when I got my first student loan statement. Continue reading “Pay Off Student Loans or Invest?”