Our friends use financial advisors, but my husband has been reading lots of books and articles about investing and finance and says he feels comfortable taking the lead until our nest egg has added up to a large amount. It concerns me because he isnt in the finance industry and may overlook something as this is the first time we are really saving. Both of us grew up middle class.
We are in our early 30's. Im a SAHM. We have 2 children. Yearly salary 390k, not including bonuses. School loans ~500k all federal and currently on the Public Service Loan Forgiveness plan through fedloan (we lived in an expensive city during his schooling, so 300k in loans turned into 500k in 8 years from interest and forbearance). So we pay minimum payments which comes out to be around 3500/mo for 9 more years and the rest is forgiven.
No other loans except modest cars that are leased. He currently contributes 19.5k/yr to the 403b and his company contributes 14k/yr. the 403b is all vanguard mutual funds VTSAX, VTIAX, VBTLX 65:25:10, which are automatically taken from each paycheck. Has a pension plan through the university that he contributes to as well. He also plans to do a backdoor roth ira for each of us this year through vanguard and buy more or less the same mutual funds with it. We have an emergency fund with 6 months worth in it sitting in our savings account. $2.37m term life insurance 20 year (he just got this year), long term disability policy, We are planning to buy our first house this spring.
Would a financial advisor add anything or point out anything that is forgotten? We have interviewed a couple, one that came highly recommended wanted 7500/yr plus .7%, which we both thought was very excessive.
Submitted February 27, 2021 at 10:46PM by [deleted] https://ift.tt/2MARhXw
