New account because I just discovered reddit and the idea of FIRE.
Age: 37/37, MFJ, 2 kids (3 years/6 years)
Combined HH Income: $148,000 net
Retirement: roughly $257,000
| Summary | Amount/Month | Balance |
|---|---|---|
| HSA (just opened this year) | $500 | $3,000 |
| Spouse 401k (trad) | $1,100 | $170,400 (2060 Target Date Fund) |
| Self 403b (trad) | $600 | $15,700 (2060 Target Date Fund) |
| Spouse Rollover IRA (trad) | $0 | $58,300 (VFTAX/VTIAX) |
| Self Rollover IRA (trad) | $0 | $10,400 (VFTAX/VTIAX) |
Monthly Spending: roughly $12,260
| Summary | Amount/Month | Balance |
|---|---|---|
| Debt (mortgage @ 6%, student loans @ 6.25%) | $5,360 | mortgage- $240,000, student loans- $20,000 |
| Emergency Fund | $1,000 | $20,000 |
| 529 plans | $200 x 2 | $3,000/$7,500 |
| Discretionary (travel, dining out, etc) | $1,000 | --- |
| Fixed Costs (daycare, utilities, home/auto insurance, property taxes, food, gas, maintenance, etc) | $4,500 | --- |
Right now we are putting a solid chunk of our income to student loans, mortgage, and daycare. In the next year we will be done with student loans and our last kid will be out of daycare. The plan is to then pay down some of the mortgage. We feel like cutting our work hours/getting less soul sucking jobs is more attainable without a mortgage. I also will have a pension that covers 1/2 of my current salary at 62.
What would you change or do better on? Any constructive thoughts are appreciated!!
u/Capybaradox — 8 days ago