Good job, we’ve been debt free for a few years now besides the house and just knocked the mortgage down by $450/month after re-fi.
Nice job.
We're currently on baby steps 4/5/6.
Just re-fied our house down to a 2.25% 15 year fixed (hope to be paid off in 10), 15% going into retirement and a healthy 6 month emergency fund. We're about $50K from being EDM's.
Life is good...
Every Day Millionaires I believe. Wife and I have a ways to go for that but aside from our mortgage and my Raptor we are debt free. Deciding on how fast I want to pay both off but possible private school for the kiddo keeps throwing me off, just need to sit down and do the math alreadyWhat is an EDM?
Every Day Millionaires I believe. Wife and I have a ways to go for that but aside from our mortgage and my Raptor we are debt free. Deciding on how fast I want to pay both off but possible private school for the kiddo keeps throwing me off, just need to sit down and do the math already
cars are a killer man. and really, NO ONE needs a brand new car. Honestly the older shit is more reliable anyway. my buddy bought a brand new jeep, $60k after all said and done. Payment about $700 a month. When people do this shit I think why in gods name did you do that? Most cars depreciate FAST in value. If you "need" a newer car, but something 5 or 6 years old. that way you aren't taking the depreciation. $700 on a car loan is pretty crazy considering most mortgages are 1200 to 2000.
That being said my adivse to YOU op.....open open a roth IRA or stock account, if you have not already. Use that extra money and dump it in those accounts. for roth the max is 6000 per year. Stock account or 401 there is no limit. Stick with large cap stocks AKA apple, microsoft, amazon, google, walmart, google...the companies making billions. Also stick with s&p500 companies and index.
I need someone with a real investment background to smack some sense into my wife.
For years now I’ve tried telling her, “Everyone, everywhere, says to max a roth every year. I don’t know why, but 10/10 can’t be wrong.”
and she just won’t listen.
partially my fault because im afraid to bite the bullet and do my own investing.
I need someone with a real investment background to smack some sense into my wife.
For years now I’ve tried telling her, “Everyone, everywhere, says to max a roth every year. I don’t know why, but 10/10 can’t be wrong.”
and she just won’t listen.
partially my fault because im afraid to bite the bullet and do my own investing.
I need someone with a real investment background to smack some sense into my wife.
For years now I’ve tried telling her, “Everyone, everywhere, says to max a roth every year. I don’t know why, but 10/10 can’t be wrong.”
and she just won’t listen.
partially my fault because im afraid to bite the bullet and do my own investing.
If you're already putting money in a 401(k), here's the logic:
You invest $500/month for 30 years in a 401(k). Your 30 year total investment will be $180k out of pocket, and you'll have a total of roughly $1.1mil after 30 years at 10%. With a 401(k) you don't pay taxes on the $180k when it's originally invested, but you'll pay taxes on all $1.1 million as you take disbursements.
You invest the same in a Roth each month for 30 years. You don't get the initial tax break on the $180k, but all $1.1 million (principle AND interest) is tax-free when taking disbursements.
Sorry about that! I should've known better.I should have clarified that I understand the actual structural differences between roth accounts and pre-tax saving.
It’s the actual investing part I’m clueless about.
As someone said, I need to tell her we’re hiring an advisor and just start chucking money into a roth account and forget about it.