This barley leaves him with enough money to cover his other living expenses.Ĭurrently, Joe is only making the minimum $30 payment on his credit card. Joe is spending 78% of his take-home pay on “ the big 3” expenses housing, transportation, and food. The current value of his 401k is $175,000.Other than that, he does not think about saving for retirement. He contributes enough into his 401k to get the full employer match of 5% of his annual income.This leaves Joe with $85,000 in equity in his home.
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