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Started By
Message
re: Rate the state of my financial situation. Advice welcomed.
Posted on 3/10/26 at 5:44 pm to Double Oh
Posted on 3/10/26 at 5:44 pm to Double Oh
It really varies by month. Some months it’s 300 some it’s 1500. Typically we save around 600 or so a month. The credit card and entertainment expenses drive a lot of it. We try to save as much of the bonuses that we can. Usually 8-9k or so.
I have 80k in my 401k. I didn’t start working until 23 because of school. Wife has the pension through the state retirement. But we are about to set up a Roth in addition.
I have 80k in my 401k. I didn’t start working until 23 because of school. Wife has the pension through the state retirement. But we are about to set up a Roth in addition.
1
Posted on 3/10/26 at 5:56 pm to JoeySaltwater
You are doing fine. Keep going!
Do I have this right?
$170k Income
- $15k Investment/Savings (9% of gross)
-$100k Expenses (including student loan)
- $55k Taxes (seems high so presume other expenses are in here)
Context of my response: I just retired. Early. Cannot begin to tell you how great it is to have financial freedom. Incredible feeling!
To say, am here because at 30yo was doing what you are doing. Compounding interest is 8th wonder of world.
I CANNOT OVER-STATE: take advantage of it!!!
It’s so important. Challenge yourself to get to invest / save 15% of gross. The payoff to your future selves (my age) is optionality to work or to not work - as you have financial freedom. Truly amazing feeling. If I can do it, you can do it, too!
Some tips:
Have a rainy day fund. 1-2 months of expenses worth. In addition to preventing from tapping savings for life’s surprises (new appliance, home repair, etc), is there also so no expensive extended warranties (new vehicle) needed. Never buy extended warranties. Keep Rainy day in money market account - liquid / available. Today’s rate is 4% ish return.
Set up your bonuses to auto contribute 15% (or more) to 401k or Roth if available in your plan. Pay your future selves first.
After you payoff the student loan and vehicle, keep paying the notes - to yourselves! Reward yourself with 25% but auto-invest the other 75%. Vanguard mentioned above (VOO) is great example. If you can afford the notes, you can afford to pay yourselves the notes.
Make the investments automatic and pump the Roth IRA and 401k. This is where the magic happens. Do not trade a purchase today (that will rust / be forgotten in no time) for the power you are giving your future selves.
On the flip side, enjoy yourselves with big purchase or experience from time to time. You and wife work hard. Build in something(s) to really appreciate and enjoy.
It is here where too many people take for granted / become numb / don’t really appreciate their “keep up with the Joneses” purchases. Trust me, many of the people who appear to be “successful” are living above their means and, in so doing, are destroying million(s) dollars of value to their future selves.
Fat is always in there. We usually find it in dining out and Amazon purchases. Take some of that back for savings.
Afford does not mean spend. Your future selves will thank you more than you know!
(1+k)^n
Time! You have plenty of it. A little more will have huge impact. Do it.
At 30yo, I sense your future self is smiling at your post. Good luck!
Do I have this right?
$170k Income
- $15k Investment/Savings (9% of gross)
-$100k Expenses (including student loan)
- $55k Taxes (seems high so presume other expenses are in here)
Context of my response: I just retired. Early. Cannot begin to tell you how great it is to have financial freedom. Incredible feeling!
To say, am here because at 30yo was doing what you are doing. Compounding interest is 8th wonder of world.
I CANNOT OVER-STATE: take advantage of it!!!
It’s so important. Challenge yourself to get to invest / save 15% of gross. The payoff to your future selves (my age) is optionality to work or to not work - as you have financial freedom. Truly amazing feeling. If I can do it, you can do it, too!
Some tips:
Have a rainy day fund. 1-2 months of expenses worth. In addition to preventing from tapping savings for life’s surprises (new appliance, home repair, etc), is there also so no expensive extended warranties (new vehicle) needed. Never buy extended warranties. Keep Rainy day in money market account - liquid / available. Today’s rate is 4% ish return.
Set up your bonuses to auto contribute 15% (or more) to 401k or Roth if available in your plan. Pay your future selves first.
After you payoff the student loan and vehicle, keep paying the notes - to yourselves! Reward yourself with 25% but auto-invest the other 75%. Vanguard mentioned above (VOO) is great example. If you can afford the notes, you can afford to pay yourselves the notes.
Make the investments automatic and pump the Roth IRA and 401k. This is where the magic happens. Do not trade a purchase today (that will rust / be forgotten in no time) for the power you are giving your future selves.
On the flip side, enjoy yourselves with big purchase or experience from time to time. You and wife work hard. Build in something(s) to really appreciate and enjoy.
It is here where too many people take for granted / become numb / don’t really appreciate their “keep up with the Joneses” purchases. Trust me, many of the people who appear to be “successful” are living above their means and, in so doing, are destroying million(s) dollars of value to their future selves.
Fat is always in there. We usually find it in dining out and Amazon purchases. Take some of that back for savings.
Afford does not mean spend. Your future selves will thank you more than you know!
(1+k)^n
Time! You have plenty of it. A little more will have huge impact. Do it.
At 30yo, I sense your future self is smiling at your post. Good luck!
This post was edited on 3/10/26 at 6:24 pm
Posted on 3/10/26 at 7:06 pm to JoeySaltwater
Why are yall paying so much for health insurance? You should both have good employer coverage. $300/month is way too much unless yall have significant health issues and need an expensive plan
It might cost that much once you add a child though
It might cost that much once you add a child though
Posted on 3/10/26 at 7:28 pm to JoeySaltwater
Quit comparing to the Joneses.
You be amazing how many “affluent” people are mortgaged to the hilt, have no savings, and literally live paycheck to paycheck just to keep up appearances.
Real freedom comes with low debt and not having to worry about every little financial hiccup in life.
Read “The Millionaire Next Door.”
You be amazing how many “affluent” people are mortgaged to the hilt, have no savings, and literally live paycheck to paycheck just to keep up appearances.
Real freedom comes with low debt and not having to worry about every little financial hiccup in life.
Read “The Millionaire Next Door.”
Posted on 3/10/26 at 7:43 pm to JoeySaltwater
quote:
Oh not to mention, my wife is also pregnant and due with our first child in October.
Just my $0.02, my wife had a six figure career in the medical field and 2 months before baby #1 was due had a breakdown and said she couldn't put her in daycare.
She quit 3 weeks later.
I'm not saying prepare for that as a possibility, but prepare for that as a possibility.
Posted on 3/10/26 at 8:35 pm to thegreatboudini
quote:
Just my $0.02, my wife had a six figure career in the medical field and 2 months before baby #1 was due had a breakdown and said she couldn't put her in daycare. She quit 3 weeks later. I'm not saying prepare for that as a possibility, but prepare for that as a possibility.
Kudos to your wife.
You married well.
Posted on 3/10/26 at 9:02 pm to thegreatboudini
quote:
Just my $0.02, my wife had a six figure career in the medical field and 2 months before baby #1 was due had a breakdown and said she couldn't put her in daycare.
Similar. It was plan all along.
The ROI on that decision was huge!
Posted on 3/11/26 at 7:16 am to JoeySaltwater
It takes delayed gratification to build up wealth. Every little bit helps.
And be 100% in the S&P500.
And be 100% in the S&P500.
Posted on 3/11/26 at 7:16 am to JoeySaltwater
The suggestion for a rainy day fund is critical. Your first order of business should be to make sure that you have an emergency fund of 6-12 months of expenses, especially if a child is on the way. As mentioned, take a hard look at the credit card spending. For baby clothes, check out Walmart. Their baby and toddler clothes are dirt cheap, and should be “cute” enough to make your wife happy. The baby will outgrow them before they ever wear out.
If you don’t have it already, look into term life insurance policies for you and the wife. At your age 30 year policies should be dirt cheap for you and your wife. Not important when you don’t have kids, but something you should definitely have now that a baby is on the way.
If you don’t have it already, look into term life insurance policies for you and the wife. At your age 30 year policies should be dirt cheap for you and your wife. Not important when you don’t have kids, but something you should definitely have now that a baby is on the way.
Posted on 3/11/26 at 7:25 am to UptownJoeBrown
quote:
It takes delayed gratification to build up wealth. Every little bit helps.
And be 100% in the S&P500.
While I personally agree with the 100% S&P 500 at 30, make sure you assess your risk tolerance. If you and the wife freak out any time the market drops and want to run to cash, you may want to allocate some to bonds. Financial firms have tools to help assess personal risk levels.
Posted on 3/11/26 at 8:08 am to Free888
Disagree. Learn to manage your emotions rather than creating an emotionally driven strategy that is suboptimal.
Posted on 3/11/26 at 8:12 am to Free888
+1. Strong post. I just assume we are hitting our healthcare out of pocket max every year now.
Emergency fund has even more importance when you are worried about your family rather than just yourself.
Insurance. Term life is affordable…get it not just for yourself but also your wife. Either one of you passes, this gives you some flexibility to mourn, hire outside help to assist. If you both pass, then make sure it is enough for your next of kin to be setup to take care of the child.
Emergency fund has even more importance when you are worried about your family rather than just yourself.
Insurance. Term life is affordable…get it not just for yourself but also your wife. Either one of you passes, this gives you some flexibility to mourn, hire outside help to assist. If you both pass, then make sure it is enough for your next of kin to be setup to take care of the child.
Posted on 3/11/26 at 8:12 am to lynxcat
100% SP500 is definitely suboptimal. Should definitely be a 100% stock portfolio though nonetheless.
Posted on 3/11/26 at 8:22 am to cgrand
quote:
You’re doing fine. Don’t stress about it.
Your earning years are a decade away
Yea, this.
Im a few years a ahead of OP. Kids, stay at home wife. If you had told me 15 years ago id be making what I make now and scrapping to find money to save id have said you are retarded. Its amazing how much kids cost.
That said it is totally, absolutely, 100% worth it. Once the car notes and school loans start falling off it helps. Main advice i can give is dont fall into "needing" a new car, especially an expensive white girl mommy Yukon or expedition. You dont need that, and its financially far more trouble than its worth. Dont do it. Make what you've got work. I did it, and in hindsight its probably by far the worst financial mistake ive ever made. That down payment and note tied up a lot of cash for a lot of years and made a lot of months far more stressful than they should have been.
Let your wife indulge on the kids some. They wont be young for long, and in the grand scheme of things it wont amount to much one way or another, but she's going to need the small things to stay sane and happy, and her being sane and happy is whats going to keep everyone sane and happy.
Posted on 3/11/26 at 8:38 am to Free888
quote:
Your first order of business should be to make sure that you have an emergency fund of 6-12 months of expenses, especially if a child is on the way. A
At 30yo, build up to 6 months over time. This fund is critical if find yourself between jobs (RIF), peace of mind and greater control in situation is yours.
IMO, however, the trade off can be big so investing in S&P in parallel as you build up to 6-months to enjoy compounding is important. The benefit of rainy day is big, but do not let opportunity cost exceed it.
That said, with a child on the way, would aim for 3-month asap.
For example, have had 6-month rainy day fund for decades. Did not go all in for rainy day in early years and trade off time value. Rather, we started with 1-2 months. Invested in market at same time. Then we grew rainy day over a few years.
The early years are so important. I’m typing from porch drinking coffee in early retirement bliss.
Why?
Worked 30yrs for company. 65% of today’s retirement nest egg came from investing 15% (or less) in first 15-years of work (incl thru bad times of 2008-10) versus 35% produced from the last 15-years when I was earning in top % in company and investing 2+ times %.
Time value! Do it.
This post was edited on 3/11/26 at 8:52 am
Posted on 3/11/26 at 8:54 am to JoeySaltwater
Cold turkey the credit cards for one month.
Pay off debts and student loans.
Track your spending for one month, really every month.
Max 401k, open roth ira and max out
You are doing some good things and could be in a much better place if you control spending for next 12bmonths and then reevaluate
Pay off debts and student loans.
Track your spending for one month, really every month.
Max 401k, open roth ira and max out
You are doing some good things and could be in a much better place if you control spending for next 12bmonths and then reevaluate
Posted on 3/11/26 at 8:56 am to 756
quote:
Cold turkey the credit cards for one month.
Wha does that even mean? You can’t just not spend any money for a month. As long as the credit card is paid off each month then there is zero issue with using it while the OP is adjusting spending habits.
Posted on 3/11/26 at 9:35 am to JoeySaltwater
quote:
Credit Card/Spending: 2700 (need to lower this - we pay it off every month)
That's roughly $100/day every month on top of groceries, utilities, daycare, and gas.
What are y'all spending this much money on?
Seems like y'all are on a good trajectory, but that CC spending could definitely be cut down.
Posted on 3/11/26 at 10:15 am to JoeySaltwater
quote:
The wife is currently only putting into the state teacher retirement
This program is actually pretty good, my mother taught for 35 years and lived well off her State retirement program in Louisiana after.
She had some extra part "A drop program" or something.
When she passed my sister and I got the balance of her account.
Posted on 3/11/26 at 10:37 am to basiletiger
Toyotas or Hondas is actually great advice. The reason is they generally last, which is in synch with the "drive it 'til the wheels fall off" advice. I have a 10 year old Ridgeline. I've had 2 different 17 year old Camry's. That type of advice helped me avoid spending big chunks that weren't needed and get to retirement. The alternative is to buy something cool, spend $ on an unnecessary warranty, and get rid of it in a few years when problems arise.
A better way of stating this is to look at consumer reports for the top quality vehicles for the last ten years. Over time there may be a move away from Honda and Toyota, but that's what is at the top right now.
A better way of stating this is to look at consumer reports for the top quality vehicles for the last ten years. Over time there may be a move away from Honda and Toyota, but that's what is at the top right now.
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