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re: Maxing Out Retirement Savings
Posted on 12/22/21 at 10:17 am to Hunter6868
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
2
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.
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