OP,

Here is a challenge for you. How frugally can you live for 3 months? Once you determine that number - rest becomes easy.

Anonymous wrote:is OP gay? That is interesting.

I was single up until my mid 30s and probably never spent more than $500/year on clothes in my life, other than maybe a new suit every 4 years. I bought a $1,500 watch when I was about 30 that I still wear.

Are you straight? That is interesting.

is OP gay? That is interesting.

I was single up until my mid 30s and probably never spent more than $500/year on clothes in my life, other than maybe a new suit every 4 years. I bought a $1,500 watch when I was about 30 that I still wear.

Chiming in here, I also think OP should look at a 529 for his cousin.

OP I think you are doing OK. My (presumably straight) DH would easily spend that much on clothes if he could. Maybe you could cut some expenses (the housing cost screams out to me) and put a little more into savings - because like it or not, you are going to get old some day and need some place to live. It's great that your business is doing so well but things change, 10-20-30 years down the road things could be very different.

I totally understand not wanting to buy a house now, and I wish the tax code did not so heavily favor homeowners. However, when you hit 65 you will not be able to take 1M our of your retirement willy nilly and just plonk it down on your dream retirement home. That won't work tax wise. For me, although I don't want to buy anything either and am in a much different financial situation, that is the one reason why I am taking steps to make that happen in 5 years or so. This is especially important if you envision staying in the area and continuing to live like you do for life. You may want to at least have that option on the table.

OP, I think your budget is good, although as some pointed out, at your age, I'd try to save a little more and open up a 529 account for your little cousin, and it's very kind of you to think a child's needs when you notice he has irresponsible parents.

As for the gay posters. WTH does this posters sexual orientation have to do with the question he posed. Who cares what his sexual preference is. People need to stop acting like stupid idiots or take a lesson in reading and stick to the question asked!!

I'm also a single gay guy, not that it has anything to do with what I'm about to point out.

Consider other costs for your nephew too. People irresponsible with money are often also irresponsible with time, so they may miss financial aid deadlines for camps, etc. maybe you want to contribute to camps, birthday party costs, back to school clothing shopping, orthodontia, etc.