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Started By
Message
Maxing Out Retirement Savings
Posted on 12/22/21 at 9:25 am
Posted on 12/22/21 at 9:25 am
Trying to keep this short and simple. I just turned 29, married with two kids. Luckily I am in a position with my career where my wife doesn't have to work. Currently I max out my 401k: 4% traditional 16% Roth. I also max out mine and my wife's Roth IRA's. $250/each a month goes into my kids custodial accounts with the hope this will cover college, weddings and possibly a home that can be used as rental income once they have graduated.
Being relatively new and ignorant to investing, what should be the next play for me? Brokerage account? Finding a good FA to manage my investments? Open to any and all advice. Cheers
Being relatively new and ignorant to investing, what should be the next play for me? Brokerage account? Finding a good FA to manage my investments? Open to any and all advice. Cheers
9
Posted on 12/22/21 at 9:35 am to Hunter6868
I would just open a vanguard account (FA just want your $ imo), and invest that way (toward estimated retirement age/year). Others will suggest differently, but its to preference of what you are comfortable with (are you scared of stock market? Etc). GL
Posted on 12/22/21 at 9:45 am to Hunter6868
you are stuck in one market/mindset. expand.
rentals
flips
lend to HML's.
that way you get stocks and RE. plus cash flow now.
Do you know how to trade futures??
No? then learn. read sticky thread.
is your empire built already? in multiple sectors? You really need help? now? as a beginner? educate yourself. you can manage on your own until you feel you have too much on your plate or if you fail in your decision making skills.
whatever the frick you do DO NOT GO TO EDWARD JONES!
rentals
flips
lend to HML's.
that way you get stocks and RE. plus cash flow now.
Do you know how to trade futures??
No? then learn. read sticky thread.
quote:
Finding a good FA to manage my investments?
is your empire built already? in multiple sectors? You really need help? now? as a beginner? educate yourself. you can manage on your own until you feel you have too much on your plate or if you fail in your decision making skills.
whatever the frick you do DO NOT GO TO EDWARD JONES!
Posted on 12/22/21 at 9:45 am to Hunter6868
(no message)
This post was edited on 1/1/22 at 12:13 pm
Posted on 12/22/21 at 10:17 am to Hunter6868
quote:
Trying to keep this short and simple. I just turned 29, married with two kids. Luckily I am in a position with my career where my wife doesn't have to work. Currently I max out my 401k: 4% traditional 16% Roth. I also max out mine and my wife's Roth IRA's. $250/each a month goes into my kids custodial accounts with the hope this will cover college, weddings and possibly a home that can be used as rental income once they have graduated.
Damn, having two kids and being able to invest that much but still being at an income level that allows you to contribute to the Roth's (all the other stuff) is pretty impressive.
This post was edited on 12/22/21 at 10:18 am
Posted on 12/22/21 at 10:39 am to Chucktown_Badger
Follow Money Guys financial order of operations(FOO). Or take the course that talks about insurance, hyper accumulation, etc.
They have free deliverables and a really good podcast.
They have free deliverables and a really good podcast.
Posted on 12/22/21 at 11:38 am to Chucktown_Badger
It's a sacrifice that both my wife and I agreed to when she quit working. I watch every dollar that comes in and goes out.
Posted on 12/22/21 at 11:53 am to Hunter6868
When the kids are old enough perhaps middle school aged put your wife back to work and have her max out a 401k and put the rest of her salary towards a brokerage account and savings.
Posted on 12/22/21 at 12:22 pm to Fat Bastard
quote:
whatever the frick you do DO NOT GO TO EDWARD JONES!
I appreciate your dedication.
Posted on 12/22/21 at 3:59 pm to Hunter6868
Buy some Apple stock and rejoice in 30 years.
Posted on 12/22/21 at 6:18 pm to Hunter6868
I know you said custodial: 529 plan wuld be a presumption that specific kids would go to college but it seems like a logical tax shelter place to put money in your situation.
Posted on 12/22/21 at 8:31 pm to Hunter6868
Can you contribute to HSA?
Posted on 12/22/21 at 8:43 pm to slackster
Posted on 12/22/21 at 9:04 pm to Fat Bastard
FB might hate EJ more than he likes RE
Posted on 12/23/21 at 9:10 am to Hunter6868
quote:
I max out my 401k: 4% traditional
You make $500k at 29? What do you do?
Posted on 12/23/21 at 9:15 am to reds on reds on reds
quote:
quote:
I max out my 401k: 4% traditional
You make $500k at 29? What do you do?
His 401k is 4% traditional and 16% roth off his gross pay. Assuming that he doesnt put in more than the max, he makes about $97500.
Posted on 12/23/21 at 9:20 am to meansonny
quote:
His 401k is 4% traditional and 16% roth off his gross pay. Assuming that he doesnt put in more than the max, he makes about $97500.
He said he's maxing 401k, 2 roths, and putting $250 in each kids account. There's no way hes only making $100k. That's just over $8k/month before any taxes, mortgage, electricity, groceries, etc, etc and he's saving over $3k/month if my math is correct.
If he's saving ~40% of his GROSS income with 2 kids on $100k then good on em, but u find the math almost impossible to reconcile.
This post was edited on 12/23/21 at 9:23 am
Posted on 12/23/21 at 9:34 am to Big Ole Baw
quote:
If he's saving ~40% of his GROSS income with 2 kids on $100k then good on em, but u find the math almost impossible to reconcile
I have 4 kids. Over 30% of my income goes to retirement (it would be significantly higher percentage but my wife just went full time this spring).
The key is to lock in your spending. Our house payment is the same amount that my wife and i could afford fresh out of college as 2 waiters working full time. No car payments. No credit card obigations or student loans.
Pretty much every dollar that has been earned above our levels at 25 years of age is discretionary.
This post was edited on 12/23/21 at 9:36 am
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