10years away
Confused about dryer sheets
- Joined
- Dec 27, 2011
- Messages
- 8
Hi,
I'm happy to join the group and get your opinions on financial matters. I'd like to walk away from my high stress (high pay) job in 10 years and do something more fulfilling. I daydream about leaving corporate america non stop and have done so at a very young age. I'm sure people at my company would be very surprised. Am I on track and should I allocate my savings differently? Annually I have $75,000 to save or pay down my mortgage. Here's where I currently stand: $625,000 in savings (15% cash, 20% bonds, 65% stocks / index funds). About half of the money is in IRA's / 401(k)'s, but much of the new savings is going into non taxable accounts due to maxing out my 401 (k). I recently refi'd to a 15 yr (3.5%) and owe $346,000 on my mortgage. There is no other debt.
Of the $75,000 annual saving surplus I'm allocating $15,000 to overpay my mortgage. It should be paid off in 8 years. The difference in surplus ($60,000) goes to 15% cash, 20% bonds, 65% multiple index funds.
In 10 years I'm expecting my family's monthly expenses to be $5,500. My family is very happy where we live and I don't plan on moving. Our primary expenses will be property tax, all things children (tuition, activities), and somewhat maintaining my wife & kids' lifestyle which is still relatively frugal.
Any advice on where to put my additional money or thoughts on if the timeline is feasible are greatly welcome.
I'm happy to join the group and get your opinions on financial matters. I'd like to walk away from my high stress (high pay) job in 10 years and do something more fulfilling. I daydream about leaving corporate america non stop and have done so at a very young age. I'm sure people at my company would be very surprised. Am I on track and should I allocate my savings differently? Annually I have $75,000 to save or pay down my mortgage. Here's where I currently stand: $625,000 in savings (15% cash, 20% bonds, 65% stocks / index funds). About half of the money is in IRA's / 401(k)'s, but much of the new savings is going into non taxable accounts due to maxing out my 401 (k). I recently refi'd to a 15 yr (3.5%) and owe $346,000 on my mortgage. There is no other debt.
Of the $75,000 annual saving surplus I'm allocating $15,000 to overpay my mortgage. It should be paid off in 8 years. The difference in surplus ($60,000) goes to 15% cash, 20% bonds, 65% multiple index funds.
In 10 years I'm expecting my family's monthly expenses to be $5,500. My family is very happy where we live and I don't plan on moving. Our primary expenses will be property tax, all things children (tuition, activities), and somewhat maintaining my wife & kids' lifestyle which is still relatively frugal.
Any advice on where to put my additional money or thoughts on if the timeline is feasible are greatly welcome.