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Started By
Message
What would you do?
Posted on 7/6/09 at 12:03 pm
Posted on 7/6/09 at 12:03 pm
Thanks for your help
This post was edited on 7/6/09 at 6:34 pm
7
Posted on 7/6/09 at 12:15 pm to Tigerz
Nope, sounds like you are in great shape to me.
Posted on 7/6/09 at 12:17 pm to Tigerz
braggart. 
This post was edited on 7/6/09 at 12:18 pm
Posted on 7/6/09 at 12:23 pm to Tigerz
Looks good to me.
For myself, that emergency fund seems kind of like a high number.
Might want to open a college savings plan of some kind for jr.
If I was in your shape, I would put a few hundred a month into one or two mutual funds just to have something else outside of your 401-k to allow to grow for use on big ticket items 10 to 20 years down the road.
For myself, that emergency fund seems kind of like a high number.
Might want to open a college savings plan of some kind for jr.
If I was in your shape, I would put a few hundred a month into one or two mutual funds just to have something else outside of your 401-k to allow to grow for use on big ticket items 10 to 20 years down the road.
Posted on 7/6/09 at 12:24 pm to Cold Cous Cous
Pay off the student loans and car. Keep up with the prepayment of the home mortgage. Everything else is icing on the cake.
Posted on 7/6/09 at 12:52 pm to lsufan77379
quote:
Pay off the student loans and car. Keep up with the prepayment of the home mortgage.
pretty much, make sure that vehicle is paid before interest-free period ends.
Posted on 7/6/09 at 12:56 pm to Tigerz
things to add:
Savings for the kid's college (start a 529 for tax savings)
Roth IRA (or traditional IRA if your gross income is too high, to roll into a roth (I believe in 2010) when they do away with income limits.
Savings for the kid's college (start a 529 for tax savings)
Roth IRA (or traditional IRA if your gross income is too high, to roll into a roth (I believe in 2010) when they do away with income limits.
Posted on 7/6/09 at 1:07 pm to Ric Flair
quote:
Roth IRA
+1
Max it out, especially since the mortgage is only 4.8%. $115k/year for a couple is well below the maximum limit for a Roth.
Posted on 7/6/09 at 1:08 pm to Tigerz
Tigerz, check out the following - Crown Financial. LINK
You are already at like Pathway 6 or something - but it can give you an option for where your future investments and resources can be put to use.
Just an option.
And kudos on your success and diligence to date!
You are already at like Pathway 6 or something - but it can give you an option for where your future investments and resources can be put to use.
Just an option.
And kudos on your success and diligence to date!
This post was edited on 7/6/09 at 1:09 pm
Posted on 7/6/09 at 1:14 pm to Tigris
quote:
$115k/year for a couple is well below the maximum limit for a Roth.
Their take home is $115k/year, so I'm guessing gross is around 170-180K/year (if they live in LA).
Posted on 7/6/09 at 1:28 pm to Ric Flair
Thanks for your help. I really didnt want to come across like I was bragging to my friends that is why I did it here "anomously". There are actually some good ideas on here sometimes. I just wanted to make sure that I wasnt missing anything. I will definitely look into the IRAs. We have already started a insurance policy/savings that will pay a large majority of the college. Thanks again and any other suggestions are welcome.
This post was edited on 7/6/09 at 1:29 pm
Posted on 7/6/09 at 1:30 pm to Tigerz
50K seems high to me too but that is the level that my wife feels comfortable. lol
Posted on 7/6/09 at 1:31 pm to Tigerz
Make sure you have at least a million dollars of term life insurance for the next 20 years (should be real cheap). After that, you will probably have enough saved up where you won't need it.
Posted on 7/6/09 at 1:37 pm to Ric Flair
Yeah I was thinking about uping that too. We are at about $750K each in Term.
Posted on 7/6/09 at 1:43 pm to Ric Flair
quote:
Their take home is $115k/year, so I'm guessing gross is around 170-180K/year
Ah, I had assumed they cheat on their taxes like I do.
(This is of course a joke).
Posted on 7/6/09 at 1:43 pm to Tigris
quote:
Max it out, especially since the mortgage is only 4.8%. $115k/year for a couple is well below the maximum limit for a Roth.
Just asking, but why is this a good idea when their marginal rate is so high?
Posted on 7/6/09 at 3:20 pm to Tigerz
I'm answering your question in the OP and not trying to be anything but honest...I'd take that extra cash and put it towards having less income by letting your wife stay home and raise your kid(s)...thats me though...congrats on your financial success !
Posted on 7/6/09 at 3:30 pm to Zilla
quote:Shouldn't that be "send the wife to work and you stay home"
I'd take that extra cash and put it towards having less income by letting your wife stay home and raise your kid(s)...thats me though...congrats on your financial success !
Posted on 7/6/09 at 3:34 pm to Tigerz
i would buy a boatload of Nigaz.
Posted on 7/6/09 at 3:49 pm to Cold Cous Cous
quote:
Shouldn't that be "send the wife to work and you stay home"
This is the financial plan that I am trying to sell to Mrs. TigerDeacon. So far, she is not buying it.
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