In late 2015, having relocated to the nation’s capital, I realized I needed to get my finances in order. Up until then I had been very fortunate, but never saved for my future and I’m kicking myself for that one! I did graduate with a PhD debt free so that’s definitely something. I am in my late 20s, if that is important to readers.
My health is one of the biggest things that influences my financial strategy. I have suffered from life threatening illness since childhood. Some days are better than others. I’ve had to tailor my life accordingly.
I don’t think I will ever reach my maximum earning potential. I did not to pursue an academic career because of tenure uncertainty. Right now I’m comfortable working a low stress job. The pay might not be the greatest, but it adds a lot of stability and benefits.
Although it might not sound like a necessity, I pay a lot to live close to work. I cannot physically handle a long commute. Most days I still feel like I’m barely keeping my head above water as far as my health is concerned.
My ultimate goal is an early retirement. I am not sure how feasible this is, but I’m working on maxing out my retirement contributions in 2017, and would like to start saving outside of retirement accounts in 2016.
Another short term goal of mine is mitigate the risk associated with possible disability. I have purchased disability insurance, and I’m using my Roth IRA for my disability retirement account. Should I become disabled, I would most likely purchase a house with my Roth savings and live off of disability income.