Hi guys/girls! I just got a job offer that will increase my household income from ~30k/yr to over 100k/yr. I was hoping for some some advice to help determine where to save my money and how to live a responsible lifestyle. We got a small inheritance last year that we put away in a Roth IRA and a Vanguard, besides that we've been living month-to-month.
I just have two questions:
- What kind of retirement accounts should we put our money in? Because we've already got a start on a Roth IRA, is it best to keep contributing there first? Should we be opening other retirement accounts as well? My we don't have anything in a 401k yet, my current job doesn't offer 401k matching (see details below).
- How do I live this kind of lifestyle responsibly? I don't want to succumb to lifestyle inflation, but I also want to have security and longevity that more expensive products tend to have (Lexus vs Nissan, Ikea furniture vs solid wood furniture, Walmart appliances vs Costco appliances, etc.).
Details:
-I'm 24 and my wife is 21, and we both work in the software dev industry.
-We have 1k total student debt, graduated.
-About to take a 15k car loan
-We've got 7k in a Vanguard for emergencies, and have had two Roth IRA's for a year and maxed out each them out last year (5.5k each).
-I don't have anything in a 401k yet, and my new job doesn't offer a 401k match (not sure if they offer 401k at all?).
-Our monthly budget puts us at around 4k for monthly expenses.
Any advice would be helpful :) Thanks!
Submitted May 05, 2018 at 03:53PM by throwaway_benice https://ift.tt/2rmUVXd
