Hey guys, I just turned 40 years old. I am married with special needs children who will likely need our support for the rest of our lives. My children are homeschooled, my wife is disabled, and we are a single-income family. Our three biggest assets are an investment property, our current home, and stock that I have in a private company.
I decided to finally ask for help and I am a listener of Dave Ramsey and decided to give the Smartvestor Pro system a shot. I connected with a local fiduciary and had about a 3 hour long meeting with him. We haven't made any investments yet and I wanted to reach out to this community to see if I have already or am about to make any serious mistakes.
Their rate is 1.4%
Here is the plan:
- Get term life
- Change work benefits in adjustment to term life. Essentially dropping out of extended AD&D benefits.
- Rollover my wife's 403b to IRA
- In relation to selling the investment property:
- Pay off vehicles, credit cards, medical bills.
- Estate planning for my kid's futures
- 25k emergency fund in savings account with best rate i can get
- Put nearly 20k into purchasing existing options
- Begin maxing out 12k a year in roth IRAs
- Start selling private stock and diversify into joint brokerage account
- Pay off home
I really appreciate any feedback y'all have for me. I will try to answer any questions as soon as possible but please be patient as I am essentially working from 0800-1800.
Thank you!
Submitted February 24, 2022 at 12:37AM by jofaba https://ift.tt/8lhDso0
