Married couple, mid 30’s, making $210k. No student loans or credit card debt. Purchased a home last spring in Seattle with a $600k mortgage @ 3.25% for 30 years. We put 20% down with half of that coming from parents. Between the mortgage and repaying parents, we’re spending 3.8k on housing with is about a third of our gross monthly take home.
We just had our first child so I thought I would check on my financial planning moving forward
Currently have the following assets: Savings - $20k 401k - $225k Company stock - $50k Other stocks - $68k Two cars - $20k (total)
Changes I’m making: 1. Going to sell about half the company stock (25k) in October. We’re going to sell one of the cars for $10k and roll that plus another 10 from the stock sale to buy a Tesla. Little worried about spending 45k on a car, but I own the equivalent in Tesla stock and told myself I would buy one once the stock reached that point. Decided it was better to keep the stock and take out a loan instead so expect to take out an auto loan for $25k 2. With the other half of the company stock, I was going to start a 529 for our baby and start to make monthly contributions of $100 3. Changing health insurance to an HSA so will max that out 4. Continue to max out 401k and ESPP. 5. Expecting to pay about $2k for child care 6. If there’s any money left over, will consider putting it towards stocks or go backdoor Roth.
Anything else I should be considering?
Submitted August 29, 2020 at 09:21PM by justanotherstranger2 https://ift.tt/3b6rZs7
