Hi there,
I currently make $150,000/yr in a low CoL city and am in my mid twenties. I just came into this new job (big pay jump). I am very, very lucky to be in the position that I am in and want to make sure I maximize the potential I have financially to set my family up for long term success. Can anyone please give me some guidance on what I should be doing specifically? I am looking for current validation of my plans and also looking for spots where I should change what I am doing (mostly because I feel like I'm missing a few spots).
- Income: $150,000/yr
Current Accounts
- Cash: $10,000 (emergency fund)
- Company 401k: $16,000 (4.5% matched)
- Rollover IRA: $16,500
- Roth IRA: $11,000
- Taxable Brokerage Account: $16,000 ($400/wk, with a spot investment of $10,000 every six months)
Current Debt
- Car ($4k left, 0.9% APR, $270/mo)
- School ($12k left, 3.7% loans, $250/mo)
- Engagement Ring ($15,000, 0% APR 60months - $200/mo)
- Mortgage $1,100/mo
Total Debts/mo: $1,820
My current investment track follows:
- $400/wk into brokerage account, invested in VTSAX
- 4.5% match into company 401k
- Maxed IRA
What else can I do exactly? I can save about $50,000 a year and want to make sure I am maximizing what I am doing. Instead of throwing into brokerage, should I really be putting it into the 401k since it is tax deferred? What if my plans on retiring are before the minimum withdrawal age (59)?
I don't really spend much money -- I would love to have a really nice house one day, but am mostly trying to save and maximize for my family's well-being in the long run.
Thank you so much for the read and for your guidance and help. I will give more information if needed.
Submitted November 18, 2018 at 03:04AM by PlanMyLifePlease https://ift.tt/2RXZGkF
