Anything related to NetworthShare, finance, investing, etc.
32, married now, saving hard...
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JC Posts: 48
1/5/2017
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Congrats on the wedding!
And, 35% of income saved/invested is awesome! Keep up the good work.
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JC Posts: 48
11/23/2016
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You're doing well, Stephen. The only thing I would add is to check and ensure that you are invested in equities. Too often, I hear friends and family who contribute to their 401s, but haven't checked into what they're invested in. Sometimes, the default is a stable fund that earns next to nothing. You have a long time to go before accessing the contents of your 401k. You should be in equities and let time and compounding interest work for you for the next 30 years or so. The difference in 30 years could be hundreds of thousands, or even millions of dollars.
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M543 Posts: 61
11/22/2016
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Congrats on the wedding. Sorry, I didn't get you anything except for some bits of free advice:
1) Don't include cars in your net worth since they're rapidly depreciating consumption items that you can't readily convert to cash since you'll most likely replace them with other cars once you do sell them.
2) Love maxing the 401(k). But if you haven't maxed out your HSAs, I'd consider doing that before hitting the Roth.
3) If you're planning on having kids, consider structuring your spending as if only one of you will continue working. If you or your wife decide someone wants to stay at home with kids, you'll be prepared. If not, then you'll be prepared for the expense of having two working parents, which often means the second spouse is working to pay for day care plus dry cleaning and little else.
4) I like the amount of cash you have. If you're going to buy a house, you'll want that much after you've made your down payment.
5) Stay invested and aggressive on your retirement savings.
Good luck!
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stephen2tea Posts: 3
11/19/2016
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Hey guys... stoping by for a quick update. 32 years old now & married. We've been using Mint and Quicken religiously now and it's great for seeing the big picture of cash, assets, and investments.
Here's an update on our situation:
Cash $56,146
Retirement $102,255 (solo401k & Roth)
Home Value ~$400,000
Cars ~$22,238
Home Mortgage $300,375
The mortgage is our only "debt". We'll be maxing our mine and the wife's Roth IRA soon as well. Trying to be as aggressive as possible with putting money into retirement accounts.
We're sitting on a lot of cash right now for a few reasons. Wife and I merged banks account, got married in August, were considering buying a new home, didn't make estimated tax payments in 2016...
We're investing about 35% of our income... maxing roth's and solo401k's.
Any advice or suggestions.... Thanks!
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