So I've seen everyone else posting their current Financial status and getting everyone's opinions so I figured I'd do the same
I'm 32, and my wife is 29, we have one child (6 months) and likely will not have a second. Household income = $130K + bonuses
- Cash
- $32K
- $18k EF
- $9K extra EF due to COVID ($6K will be a starter college fund, the rest will go towards the mortgage once we get through COVID)
- Rest in various savings or checking accounts
- $32K
- HSA/FSA
- $5K
- We are maxing out our HSA, but we had our first kid this year so that drained it a bit
- $5K
- Housing
- $115K Mortgage
- 9 years left on the term, but we're complete in <5 years with extra payments
- Home Value - ~$240K
- $115K Mortgage
- Retirement
- $82K 401(k) - split between ROTH and traditional
- $45K ROTH IRA's - combined for both of our accounts
- Cars
- 3 paid for cars (1 is a project car)
- Net Worth = ~290K not including our cars (I don't count depreciating assets in my NW)
Other tid bits, we are contributing 17% of our income to retirement not including my company match (20% including company match).
Our plan is to pay off our mortgage as quickly as possible, then max out my 401(k) and start taxable investment accounts, but not before.
We're essentially following Dave Ramsey's plan, and besides we don't want debt to be part of our long term strategy, so please don't start discussing how we can make more in the market vs paying off the mortgage.
I appreciate the feedback everyone!
Submitted August 05, 2020 at 09:32PM by gearhead5015 https://ift.tt/39X14hO
