Hello to Bigger Pockets and Goodbye to the Rat Race!

[Steven Johnson]

Good afternoon everyone,

After trolling for the last 12 months on the forum I have decided to post - why? Because action doesn't occur without interaction. I have made a self-proclamation that 2017 will be the year I focus on wealth production versus wealth management.

I differentiate the two because with the 401(k)'s and the IRA's we are too focused on making incremental investments into these vehicles as a means of gaining wealth; in reality these vehicles do a great job at maintaining wealth not so much a good job at building/creating wealth.

Here's some background on why I feel this way:

• I am 30
• I make ~$400K/yr
• I max out my 401(k)
• I max out my IRA (via a back door-Roth)
• I have a general investment account where I stash 10% of my income
• No kids, recently married, not tax breaks (but am cash-flowing a 529 plan)
• No debt

In short - even though this sounds good, and I'm in a "good" position financially, I'm not getting rich. And sadly enough this level of savings might not allow me to retire at the same level of lifestyle. I live in an extremely expensive location in Connecticut to support my daily commute to Manhattan.

I've binged 2017 (and 2 hour commutes on the train) reading Dave Ramsey, Millionaire Fastlane, Rich Dad, Poor Dad and others; it's time to start engaging with like-minded folks and joining in on the conversation.

~Steve

[Steven Johnson]

Originally posted by @Mindy Jensen:

@Steven Johnson , did you type your earnings correctly? If so, what are you spending that on that you're not getting rich?!?

You say you live in an extremely expensive location in CT. I don't know the east coast, but are there any other less expensive living options? 

You don't say what you do, could you transfer to another part of the US where living expenses aren't so much? (I know this isn't always possible.)

 Hi Mindy, yes I typed it correctly. What have I been spending my money on? Outside of housing and my 35% income tax, maxing out retirement vehicles, it has been debt payoff (~150K mostly due to my student loans from my Doctorate and my wife's Masters). 

Otherwise the remainder has gone to cash savings. 

In 2015 I moved from Rhode Island to Connecticut for a career bump; I am in the Cybersecurity industry and Manhattan (or the West Coast) is hot at the moment.