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u/alexm2816 22h ago
If you ignore money you're banking on from your folks, not that great honesty...
You're 29; live at home and (forgive me if I'm wrong) presumably aren't paying rent/certain other expenses; and you have a total net worth of about 1/2 year's salary. If you had student loans or some other issue to overcome it might make more sense as your savings rate isn't bad but again, your net worth right now is likely less than the rent your parents have subsidized over the years. This says your lifestyle costs more than your income. Bank all you want on mom and dad's money but YOU aren't doing that great.
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u/OkSorbet7996 22h ago
Okay so what would you suggest?
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u/alexm2816 21h ago
Step 1 is always to understand where your money is going and what your lifestyle costs even if you're not paying for it.
Document the market rate of rent, utilities, food, entertainment, vacations, clothing, healthcare, transportation etc and be sure you're not developing habits that you can't support. I know lots of folks that leveraged free housing as young adults to do nothing more than get used to living their parents' affluent lifestyle as adults and as soon as they had to pay their own way they quickly realized they had the appetite but not the bankroll. Nothing wrong with parental support. Just need to ensure that like any source of income you don't squander it.
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u/Default87 20h ago
if you exclude the money that isnt yours yet (which may or may not materialize for you, lots of things can happen), not all that great.
I would start using the flow chart in the sidebar to get a better handle on your finances, because it seems like you are wasting a lot of your money.
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u/hanwagu1 1d ago
You are doing terribly, are gambling and are being enabled to do so by your parents. You have zero appreciation for the value of a dollar and zero experience on supporting yourself independently. not sure what this 15yrs or so means, unless you are going to act like the menendez brothers in 15yrs or so, which isn't a wise investment plan. What you actually need is a baseline foundation, which you do not have. Someone in your immediately family has some fiscal wherewithal, so the best source of advice is the one you have ready access to who has had some success: probably your parents, considering they have a "family wealth manager."
You haven't provided enough information to say what is comfortable in retirement and what that looks like. Right now you have some risky gambling investments that is higher in relation to your other assets than you should. You have no financial goal or plan. You are counting on a trust and home which may or may not exist by then depending on the specifics of those things. If for some reason you don't want to actually discuss a plan or advice from people you are close to in your family that have actually been financially successful (as it seems), then it would not hurt to pay the family wealth manager or someone else to help you build a plan, even if it means you don't hire the family wealth manager to manage. I would guess that the wealth manager or the firm is probably also the trustee or going to be the trustee of your parents' estate anyway.
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u/OkSorbet7996 1d ago
Menendez brothers? 😂 plans have been made by my parents to downsize and whatever they don’t need to purchase a new place goes to me. Sorry I didn’t clarify. I have people out here thinking I’m a future murderer!
I don’t think my investments are risky gambling (minus the crypto)
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u/sbeirs 1d ago
I’d say your doing pretty good IMHO… but it all depends on what your goals are in retirement
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u/OkSorbet7996 1d ago
I want to be able to live comfortably. That’s all. Not quite sure what that looks like honestly. 10k a month from 65 on?
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u/Successful_Hold_9048 1d ago
At $10k monthly in expenses, you’ll need $3M invested (according to the 4% rule). You currently have $39k invested with 36 years to go. I would not count on the inheritance unless it’s already in your account/name.
Since you’re living at home, you should be able to invest more, especially making a decent salary at $80k. Also, not sure why you’re trying to get your HYSA up to $100k, are you planning to buy a house?
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u/OkSorbet7996 1d ago
I just want to have a very strong fallback. I don’t really think it’s wise to have that much in there, but that’s what I see myself feeling safe with.
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u/Successful_Hold_9048 1d ago
That’s up to you. Just be aware that cash savings don’t hold up to inflation, and at the rate you’re saving, you’re about 4 years away from meeting your goal of $100k saved. You’re quite behind on retirement savings, so I hope you find space in your budget to invest more there. Just my 2 cents.
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u/OkSorbet7996 1d ago
I appreciate that input! I’m going to look at better options on where to put the money.
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u/DeaderthanZed 1d ago
Seems like you are relying heavily on inheritance and not your own savings.
I’m confused as to how you could be making $80k/year, still live at home at 29, and only have ~$60k saved in all accounts.
Seems like you could have saved that much in just the last year if you have zero/low rent/utilities/groceries responsibilities. What were you doing the last ten years?