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Need advice on a General Plan of Attack
Old 03-22-2006, 02:46 PM   #1
Confused about dryer sheets
 
Join Date: Mar 2006
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Need advice on a General Plan of Attack

Hello everyone,

I would like some input on what may be the best way to manage my assets for retirement around age 50. My relevant facts are as follows:

Age: 32
Wife: 32
Kids: (hope to have 1 or 2 shortly)
Income: combined around $150,000 per year
House: $160,000 (paid off)
Invested: $90,000
IRA: $140,000

My wife and I live below our means. However, we may be moving into a new house in the near future. The house may cost more than our present home, but should be at most $200,000. My questions are as follows:

(1) Would you recommend rolling all of the equity of my present house into my new house, or would you recommend rolling some or none of the equity of my present house into my new house and instead putting it into my investments?

(2) Any other advice as far as my situation dictates (I know pretty general question).

Any help would be MUCH appreciated. Thank you!
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Re: Need advice on a General Plan of Attack
Old 03-22-2006, 04:09 PM   #2
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 21
Re: Need advice on a General Plan of Attack

Looks like you are on your way!
My opinion would be to roll your equity into your new house. Most of the threads I've read here seem to agree with that approach.
Other than that, keep maxing out the IRA's and/or 401ks, don't let your expenses get ahead of you, no credit card debt, invest in index funds and bonds, and be sure to budget for some fun things.
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