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Started By
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Posted on 10/22/23 at 8:14 am
Posted on 10/22/23 at 8:14 am
(no message)
This post was edited on 11/17/23 at 9:47 am
24
Posted on 10/22/23 at 8:18 am to Redstickbaw
1) load up on cash at these rates - keep that mortgage for now - short term treasuries
2) don’t purchase a beach property - simply rent when you want to go.
2) don’t purchase a beach property - simply rent when you want to go.
Posted on 10/22/23 at 8:43 am to Redstickbaw
Man you really stretch that 150k. Surprised there is any extra..
Posted on 10/22/23 at 8:45 am to Redstickbaw
You're doing great. At current rates/prices you definitely cannot afford a beach rental/vacation home. Keep saving...
Posted on 10/22/23 at 9:28 am to Redstickbaw
You have accumulated nearly $1M net worth in your mid-30's with multiple kids and a stay at home Mom on $150k. You are crushing life. I have no advice.
Posted on 10/22/23 at 9:41 am to Redstickbaw
Excellent work!
Are you HSA eligible?
Not many companies offer this (Exxon does), but you may want to ask if your 401K offers after tax contributions and in service withdrawals. If they do, you have the opportunity for a Mega Backdoor Roth.
If not eligible for either, keep plugging away at the taxable account. You'll need it for your early retirement.
Are you HSA eligible?
Not many companies offer this (Exxon does), but you may want to ask if your 401K offers after tax contributions and in service withdrawals. If they do, you have the opportunity for a Mega Backdoor Roth.
If not eligible for either, keep plugging away at the taxable account. You'll need it for your early retirement.
Posted on 10/22/23 at 10:38 am to Redstickbaw
Did your wife work prior to staying home at kids? I’m impressed by the figures regardless but it would make more sense of how you got here today.
HSA is would be the primary tax advantaged approach if you have a HDHP. It’s the most tax effective savings vehicle in the entire code.
I wouldn’t buy the beach condo…at least at this stage. You’ll just create unnecessary stress in the short term.
$15K in cash is light for emergency fund…but you could also house that cash in money market funds in a taxable brokerage earning 5% on the short end of the curve.
5.5% on the house is a solid risk free return. I’d likely build a bit of cash in taxable brokerage is a money market and then put some extra towards the mortgage. 5.5% risk free paying down the house is good enough for me in the short-term with a lot of economic uncertainty. The primary drawback is you lose access to that cash which is why I recommend boosting the cash savings first. You could also split your available cash flow and fund half to brokerage and the other half towards the house. Kind of a bond like asset in terms of managing your market risk if you have any concerns there.
HSA is would be the primary tax advantaged approach if you have a HDHP. It’s the most tax effective savings vehicle in the entire code.
I wouldn’t buy the beach condo…at least at this stage. You’ll just create unnecessary stress in the short term.
$15K in cash is light for emergency fund…but you could also house that cash in money market funds in a taxable brokerage earning 5% on the short end of the curve.
5.5% on the house is a solid risk free return. I’d likely build a bit of cash in taxable brokerage is a money market and then put some extra towards the mortgage. 5.5% risk free paying down the house is good enough for me in the short-term with a lot of economic uncertainty. The primary drawback is you lose access to that cash which is why I recommend boosting the cash savings first. You could also split your available cash flow and fund half to brokerage and the other half towards the house. Kind of a bond like asset in terms of managing your market risk if you have any concerns there.
This post was edited on 10/22/23 at 10:41 am
Posted on 10/22/23 at 10:39 am to Redstickbaw
Stay away from the beach condo route. You can always rent for the vacations and try new places. With young kids your expenses are about to increase and your leisure time is about to decrease....not ideal for locking in a sole vacation spot.
Posted on 10/22/23 at 10:46 am to lynxcat
(no message)
This post was edited on 11/17/23 at 9:49 am
Posted on 10/22/23 at 10:52 am to PhiTiger1764
quote:
You have accumulated nearly $1M net worth in your mid-30's with multiple kids and a stay at home Mom on $150k. You are crushing life. I have no advice.
This. Pretty badass on 150k
Posted on 10/22/23 at 11:05 am to Redstickbaw
I have no advice but your budgeting/portfolio is goals.
This post was edited on 10/22/23 at 11:06 am
Posted on 10/22/23 at 11:48 am to AkronTiger
WTF do you live man? The middle of the woods? That’s damn impressive. No clue how you pull that off.
Posted on 10/22/23 at 1:39 pm to PhiTiger1764
quote:
You have accumulated nearly $1M net worth in your mid-30's with multiple kids and a stay at home Mom on $150k. You are crushing life. I have no advice.
This. Incredible.
Posted on 10/22/23 at 2:57 pm to I Love Bama
Yep. Fantastic. Almost impossible to emulate...wish I could..
Posted on 10/22/23 at 3:10 pm to Redstickbaw
quote:
beach condo
You’ve got a place to live.
Rent something at the beach.
I use to think I wanted a beach house, but I’d feel pressured to use it and not go anywhere else.
You are doing fine.
Posted on 10/22/23 at 3:14 pm to whatshisface
quote:
Man you really stretch that 150k. Surprised there is any extra..
Was my first thought as well, take home from that around $80k maybe after his retirement/taxes/529? How the hell does he have so much margin?
This post was edited on 10/22/23 at 3:15 pm
Posted on 10/22/23 at 3:27 pm to Redstickbaw
Fund a spouse Roth IRA before taxable brokerage.
Max your HSA but pay medical expenses out of pocket. Keep HSA invested to gro tax free. It is best account going w triple tax advantage (no tax contributions, tax free growth, and tax free withdrawals). Save medical receipts and take tax/penalty free withdrawals in future.
Max your HSA but pay medical expenses out of pocket. Keep HSA invested to gro tax free. It is best account going w triple tax advantage (no tax contributions, tax free growth, and tax free withdrawals). Save medical receipts and take tax/penalty free withdrawals in future.
Posted on 10/22/23 at 3:27 pm to Redstickbaw
Fund a spouse Roth IRA before taxable brokerage.
Max your HSA but pay medical expenses out of pocket. Keep HSA invested to gro tax free. It is best account going w triple tax advantage (no tax contributions, tax free growth, and tax free withdrawals). Save medical receipts and take tax/penalty free withdrawals in future.
Max your HSA but pay medical expenses out of pocket. Keep HSA invested to gro tax free. It is best account going w triple tax advantage (no tax contributions, tax free growth, and tax free withdrawals). Save medical receipts and take tax/penalty free withdrawals in future.
Posted on 10/22/23 at 4:08 pm to Redstickbaw
To gross $200k on a beach condo, expect to pay at least $1.5M...come over to OB and let's go shopping.
Posted on 10/22/23 at 6:35 pm to SalE
(no message)
This post was edited on 11/17/23 at 9:49 am
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