*Posting this for my parents
Background:
Parents are both around 45 years old and make a combined ~200k a year in New Orleans
Have 1 child in college-college is fully funded through 529 (START) plan- parents pay ~7000 a yr in miscellaneous expenses
House they live in is paid off (~200k)
Have 1 rental property that generates $300 profit a month after paying mortgage/manager-80k mortgage left
Owe about 15k total on cars
Have between 300k-600k in 401k/savings and contribute regularly to savings
Question:
With all this said, neither of my parents came from money or have a background in finance. Any advice you have on what they should be doing to make the most out of their situation would be greatly appreciated. Is continuing to buy rental properties the next logical step in securing wealth?
Sorry for the block of text and thanks in advance! Let me know if any more information is needed.
Submitted July 19, 2017 at 09:25AM by financequestionnnn http://ift.tt/2uzkQ0t