Personal Income/Info:
- Married
- Me: 32, $225k-$250k annual income
- Wife: 30, $75k annual income
- Combined annual income $300k-$325k
- 2 Kids - 4 year old, 3 month old
- $155k Equity in our home
- $40k cash
- $60k Retirement (me)
- She has a pension
- Both of our credit scores are close to the 800 mark.
Expenses:
- $3,000 Mortgage
- $2,000 in monthly vehicle expenses
- No other debt
- $1,400 Child care
I've lived a fun life. I've never been afraid to spend money and we've pretty much built our material dreams. We've got the house with the white picket fence, the nice cars, the toys, all of the things that make up the "American dream" but as I get older I realize there are some securities that need to be put in place like life insurance, college tuitions for our kids, saving for a wedding one day with my daughter, etc. Where do I start?
My wife brings home about $3,200 after taxes, benefits and pension. I bring home about $12,000 after taxes and a 12% 401k contribution.... So all in we have about $8,000 or so left over. Up until now, we've been building the lifestyle we have. We built a town house in an up and coming area, optioned it out really nicely and sold it for a $45k profit in 4 years. We then built a single family home which appraised for $635k and between money down and built equity we're about $155k in the green. We've spent about $50k on furnishings, etc. and feel pretty good about where we are. I like my vehicles so naturally we've got some cars notes but I don't feel weighed down at all by them. We've lived a good life and haven't done much planning, we've just overcome out spending and good times with hard work and lots of grinding.
I currently max out my 401k and have for the last few years and I Just got her to enroll in a separate 401k and I plan to supplement her income to allow her to also max that out. I also plan to start a 529 for both of my kids at the start of 2020 ( we want to get our cash back up to $100k).
What else can/should I be doing? I don't care about being a millionaire or any other social ideology of money... but I do want to be smart with money and pave a good road for my kids, wife and myself. I also want them to be protected if I am not here one day so i'm looking into larger life insurance policies.
What should I know?
Submitted June 30, 2019 at 11:34PM by Duct31 https://ift.tt/2Nynhvc
