30 , married with two children in South Louisiana

[lucky_reaper]

Yes plant worker

[Milton]

Quote:

Originally Posted by lucky_reaper Debts … 33k @ 2.99% - car…. I currently have a "beater" work truck I bought new in 2003 and a 2006 truck also purchased new I use as a second family vehicle.

You owe - or, now that you have just paid it off, recently owed - $33,000 on an eight-year-old truck?

[lucky_reaper]

Unmmmn ...... No. Lol. I have 3 vehicles the 33k was for a car I bought for the wife. Beater truck I take to work, I have another truck I use as another family vehicle and the wife's car. All paid off .

[kgtest]

Pay off student debt as soon as possible...it's been what 10 years since college? Never let any debt get that old.

LBYM, you and the mrs. make enough to have fun inexpensively.

Track your progress monthly. If things arent improving, adjust.

Be patient...investing takes time.

[Milton]

Quote:

Originally Posted by lucky_reaper I have 3 vehicles the 33k was for a car I bought for the wife. Beater truck I take to work, I have another truck I use as another family vehicle and the wife's car. All paid off.

Three vehicles is at least one too many for a two-adult family hoping to build wealth and RE. Sell one and put the cash raised towards investments, or apply it towards your debt.

[bad_LNIP]

Quote:

We are new to the investment / 401k / financial independence / early retirement scene and would love to hear everyone's advise on how to invest, finances and life.

I didn't see anything about a taxable or IRA account. You NEED investments, badly. This is the time to grow your portfolio and be as aggressive as you can be in that endeavor. It depends on your risk tolerance, but just to ballpark it, you should be at least 50-60% stocks.

Quote:

Cash on hand is low due to all of this {sad face}, but we are currently saving 5000 cash every month. We are currently looking into investment accounts to put some of the excess cash, any recommendations?

Target retirement fund if you are less interested in managing money. If you want to get froggy with it, buy the SP500 index and throw out covered calls 2% OTM. If you don't know what that is, you have some reading to do.

Quote:

You may find good muni bond funds attractive for some of your taxable savings.

Dear. god. no. When rates rise, you are going to get slaughtered.

[lucky_reaper]

1 year update

401k #1 44000
401k #2 26600
Roth #1 11600
Roth #2 11100

Cash 15000

Debt
Home 161200

So far not to bad for one year. Several unexpected cost arose as well as a couple of surgeries.
Also took a beating in energy both in investments and at work. [ lesson learned ]

Income is down a bit at 176000.

Goals:
Set up eTrade account
40000 total savings





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[escapee2020]

Awesome great job


Esc

[daylatedollarshort]

Great job on the income front. My advice is to try live off no more than the lower income and save the other. Then you will never get into what Elizabeth Warren calls the two income trap.

[lucky_reaper]

2.25 year update 😬

401k 1 76000

401k 2 55000

Roth 1 19000

Roth 2 16000

Debits

Home 149000

Income is at 180000


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[Cassius King]

Update on the cash position? What's it currently at? You've got everything covered, and are doing great.

[lucky_reaper]

Cash is at 41000


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[kgtest]

Well you passed me and my wife up. We are 35. congrats. I have a High COL here up north in MN...and it looks like yall earn a bit more we will clear 152k this year.


Nice work.

[lucky_reaper]

wow thread revival incoming!!

401k 1 157000
401k 2 152000
R-IRA 1 23000
R-IRA 2 24000
Brokerage 15000

Mortgage 122000

income is at 200000

Cash on hand is 40000

I'm thinking of burning down the mortgage. Throwing everything at it in 2019!

[thumbs]

Wow...way to go! It's amazing what you can accomplish over time. And now that it's a habit, I bet its not that hard either. Keep us updated... I love these multi year threads

[Hermit]

Quote:

Originally Posted by lucky_reaper wow thread revival incoming!! 401k 1 157000 401k 2 152000 R-IRA 1 23000 R-IRA 2 24000 Brokerage 15000 Mortgage 122000 income is at 200000 Cash on hand is 40000 I'm thinking of burning down the mortgage. Throwing everything at it in 2019!

You might consider keeping the Brokerage account a little more balanced with the tax deferred accounts. I did not do this and now that I am over 65 I will have to pay additional "premiums" to Medicare if I want to do something wild and crazy like withdraw some cash to buy a new truck. That hit quickly adds up to thousands of dollars going to the Government. This is in addition to higher income taxes. If some of the IRA and 401k are in Roth accounts, that works too.

[lucky_reaper]

Update:
401K-1 229000
401K-2 215000
R-IRA-1 38000
R-IRA-2 41000
Brokerage 56000
Cash 25000

Debts
Home 105000

Income:
255K

Been an awesome ride!
Focusing on home pay off.
shooting for July of 2021!
See you then!

[retiringby50]

I think you're a great example of someone/both of you of having goals and working towards them. So many others would have thought they won the lottery with the jobs and spent so much keeping up with the Jones' (do we still say that?) and be nowhere near you.