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re: Financial advice
Posted on 5/15/25 at 8:53 pm to SidewalkTiger
Posted on 5/15/25 at 8:53 pm to SidewalkTiger
Read a book called simple path to wealth. It helped us understand our goals and feel confident investing in ourselves. Our goal was to pay our house off by 40 which I know people advise against, but there is nothing like the feeling of a paid off house, especially when COVID hit. Now we can be super focused on investing and even have real estate investments. We have fidelity accounts set up to max out Roth IRAs and also max 401ks through work for tax savings. Also we contribute to my husbands HSA and keep that in an investment account that we don’t touch and grows tax-free. We contribute to low cost index funds, a set it and forget it approach.
This post was edited on 5/15/25 at 8:58 pm
1
Posted on 5/15/25 at 9:34 pm to Lsukinesalum2001
I’m a big fan of the personal finance order of operations. MoneyguyFOO
Posted on 5/15/25 at 10:12 pm to SidewalkTiger
I personally use capital one but any as long as they are fdic insured
Posted on 5/16/25 at 6:58 am to SidewalkTiger
Copied this from the Experian site. I know this is not your forever home, but this is great advice I wish I would have taken.
Biweekly Mortgage Payments Example
Let's say you have a 30-year mortgage of $400,000 with a fixed interest rate of 6.5%. Your monthly payment is $2,528.27, but you decide to make biweekly payments of $1,264.14 every two weeks. By doing so, you could trim five years and 11 months' worth of payments off your mortgage loan and save $119,128.82 in total interest on the loan—all without refinancing your mortgage.
Biweekly Mortgage Payments Example
Let's say you have a 30-year mortgage of $400,000 with a fixed interest rate of 6.5%. Your monthly payment is $2,528.27, but you decide to make biweekly payments of $1,264.14 every two weeks. By doing so, you could trim five years and 11 months' worth of payments off your mortgage loan and save $119,128.82 in total interest on the loan—all without refinancing your mortgage.
Posted on 5/16/25 at 4:58 pm to TorchtheFlyingTiger
This is good info. Roll your IRAs into current 401k. Because if/when you’re above the Roth income limit you can then do the back door Roth. If you have pre-tax IRAs you won’t want to do a back door Roth.
Posted on 5/16/25 at 5:03 pm to SidewalkTiger
Assuming you have no consumer debt (includes a car note):
Invest 15% of your income for retirement.
Save 6 months of expenses (sounds like you probably have that in savings already)
After that, start paying off your mortgage while keeping as tight of a budget as you can stand.
Invest 15% of your income for retirement.
Save 6 months of expenses (sounds like you probably have that in savings already)
After that, start paying off your mortgage while keeping as tight of a budget as you can stand.
Posted on 5/16/25 at 5:27 pm to theballguy
Nope, don't pay off a 2.9% mortgage. Even if you want peace of mind, stashing excess in HYSA would not only earn more but give you much needed access to $ in a financial pinch. That's real peace of mind. Once you have enough to pay it off in full you could do so (I wouldnt) Until then, paying extra just locks up capital in home equity and if you loss job or otherwise have a financial crisis you still owe a monthly mortgage payment. Personally, I'd invest excess in an index fund but that is more risk. This is coming from a guy that paid off my first home early (5.5% rate) and now regret over a decade of missed stock market gains.
This post was edited on 5/16/25 at 5:34 pm
Posted on 5/18/25 at 9:51 am to TorchtheFlyingTiger
Agree. Would not pay ahead on a 2.9% mortgage.
You have some decent advice from others.
Start a Roth, build up a hefty hysa. Your emergency fund seems adequate to me.
Time in market is often more important than trying to be an expert stock picker. I have kept more money in cheap index funds than individual stocks or high fee mutuals. Anytime you are not sure what to do with discretionary funds, then add to a cheap s&p500 etc and repeat.
I diversified into real estate 25 years ago and put money into both real estate and stock market for years. No regrets on this path. Rentals, new construction (spec houses) and commercial leases are all good real estate options.
You have some decent advice from others.
Start a Roth, build up a hefty hysa. Your emergency fund seems adequate to me.
Time in market is often more important than trying to be an expert stock picker. I have kept more money in cheap index funds than individual stocks or high fee mutuals. Anytime you are not sure what to do with discretionary funds, then add to a cheap s&p500 etc and repeat.
I diversified into real estate 25 years ago and put money into both real estate and stock market for years. No regrets on this path. Rentals, new construction (spec houses) and commercial leases are all good real estate options.
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