About a year ago I started to follow Dave Ramsey's Baby Steps. I had a few thousand dollars in credit card debt and a car loan. Today, I am happy to say that I am debt free. Here's my situation. I turn 29 next month. Live with my girlfriend who is a teacher. I'm leaving my job next week and starting a new one in July. $155K base salary with 20%+ bonus target. We live in a house that we own. Owe $255K on the mortgage. Payments are $2150-$2200 each month. That's all in and includes taxes which are high where we are; $12K per year. We have no kids. We have no debt. I have an emergency fund of $17K which would cover 4 months of expenses for both of us. Mortgage + Utilities + Food + Gas. We each contribute 15%+ to retirement. I'll max out my 401K benefit this year; federal limit of $18,500. I plan to increase my emergency fund to $25K by the end of the year. I'm planning to save about $10K for an engagement ring which I'd like to buy around/before November. So... what's next? I feel like I'm in this spot where the next 10 years of my life are all about paying off the house. Realistically, we'd like to move to a town with better schools. Should I be saving for the next downpayment instead? Move as soon as possible? Should I just sock more money away toward retirement? Start a 529 now and save some money for the kids we don't yet have? What do y'all think?
Submitted June 15, 2018 at 09:29AM by mynameisrichandiama https://ift.tt/2JP77XV
