How far behind am I financially at 29?

Budgeting Forum
1

I’m 29 years old, and here’s a breakdown of my finances:

  • $200k W2 income (combined with my spouse, I make $90k, she makes $110k)
  • $100k in a high-yield savings account (HYSA)
  • $60k in a brokerage account
  • $16k in a rollover IRA
  • $43k in an old company 401k (in the process of rolling it over)
  • $200k in equity in a rental property (2.6% rate)
  • $140k in equity in my current home (6.5% rate)

I’m not contributing to my current company’s 403b because I find it to be a poor plan.

My only debt is $14k left on a car loan with a $320 monthly payment at a 6% rate.

I have a rental property that nets $1,175 per month, and my mortgage is $3,115 monthly.

After reading around, I feel like I might be behind. Should I be adjusting anything in my financial setup, or am I on track?

2

After lurking, I feel like my numbers are on the lower side.

You’re out of touch if you think that. Based on retirement guidelines, like those from Fidelity, you’re well ahead.

3

$200k W2 income

Not contributing to a 403b.

Why aren’t you contributing? The tax deduction alone, plus decades of tax-free growth, would make it worth it.

Skipping both a 403b and an IRA seems like you’re digging yourself into a deeper hole.

4

@Molly
Gotta disagree here. You’re sitting on over $500k in net worth before age 30. Just because the funds aren’t in retirement accounts doesn’t mean you’re behind. However, not using the 403b or IRA is a missed opportunity unless the plan is really terrible.

5

The only person I’ve seen with more assets than you by 29 was someone with generational wealth. Do you also have wealthy parents?

6

How are you making $200k in a non-profit job? Isn’t a 403b for non-profits?

7

Kameron said:
How are you making $200k in a non-profit job? Isn’t a 403b for non-profits?

To clarify, $90k is my salary and $110k is my wife’s.

8

Bela said:

Kameron said:
How are you making $200k in a non-profit job? Isn’t a 403b for non-profits?

To clarify, $90k is my salary and $110k is my wife’s.

$90k is still great for a non-profit. I’d recommend contributing to the 403b, especially if they offer a match—otherwise, you’re leaving free money on the table.