Couldn't figure out how to edit but wanted to update from original
Original Post 9/2017
Hey everyone. Stumbled across the site as my quest for early retirement continues. I know there are a lot of different strategies and I am excited to get some valuable insight from everyone here!
We are 42 years old. My wife and I are 4 months away from being completely debt free including the house. We have been following the Ramsey plan because it is simple stupid and his podcasts have kept us motivated.
Our current status is House is worth 400k and have about 300k total in retirement 401k's and mutual funds.
We are getting ready to come up with a master plan as we will not have any debt by the first of the year. We make a good living combined but not sure how long that will last as I am in sales and it is a roller coaster ride.
My initial thought is to continue maxing out 401k, come up with a flat amount to contribute to mutual funds and the rest save for a few cash purchased rental homes once the market cools down?
My job is very stressful and I do not feel I will be able to keep this up for more than another 10 years. Excited to be a part of this forum and eventually unscript!
Update: 43 years old now.
Have learned a lot from this site. The two biggest things we accomplished financially were paying off our house and opening HSA's! We are debt free now! It's a great feeling. This hasn't slowed my desire to FIRE. It may have accelerated it. I know the biggest focus now is to continue to fully fund tax deferred accounts, HSA's and really focus on my after tax savings which has been light.
One thing to mention is I did finalize a buyout of the family business with my father and his partner. It is mainly done with Net Profit of the company over a period of time. I did not personal guarantee or take out any personal loans to accomplish this. I have been running the company for some time now with one of the other principles daughters.
It took us two years two get everything right but we finally structured it where everyone was happy including their beneficiaries. When you are dealing with non-related 2nd wives it is not an easy road at times.
This does not change my goal of retiring at 55. I explained to previous principles my intentions and they were very supportive.
Now for the numbers:
House $435,000 Pd Off Not incl in Total
Tax Deferred $ 418,505.00
After Tax Savings $ 141,754.00
B of A Health Savings $ 7,176.00
Total: $ 567,435
Still a long way to go but headed in the right direction!
Original Post 9/2017
Hey everyone. Stumbled across the site as my quest for early retirement continues. I know there are a lot of different strategies and I am excited to get some valuable insight from everyone here!
We are 42 years old. My wife and I are 4 months away from being completely debt free including the house. We have been following the Ramsey plan because it is simple stupid and his podcasts have kept us motivated.
Our current status is House is worth 400k and have about 300k total in retirement 401k's and mutual funds.
We are getting ready to come up with a master plan as we will not have any debt by the first of the year. We make a good living combined but not sure how long that will last as I am in sales and it is a roller coaster ride.
My initial thought is to continue maxing out 401k, come up with a flat amount to contribute to mutual funds and the rest save for a few cash purchased rental homes once the market cools down?
My job is very stressful and I do not feel I will be able to keep this up for more than another 10 years. Excited to be a part of this forum and eventually unscript!
Update: 43 years old now.
Have learned a lot from this site. The two biggest things we accomplished financially were paying off our house and opening HSA's! We are debt free now! It's a great feeling. This hasn't slowed my desire to FIRE. It may have accelerated it. I know the biggest focus now is to continue to fully fund tax deferred accounts, HSA's and really focus on my after tax savings which has been light.
One thing to mention is I did finalize a buyout of the family business with my father and his partner. It is mainly done with Net Profit of the company over a period of time. I did not personal guarantee or take out any personal loans to accomplish this. I have been running the company for some time now with one of the other principles daughters.
It took us two years two get everything right but we finally structured it where everyone was happy including their beneficiaries. When you are dealing with non-related 2nd wives it is not an easy road at times.
This does not change my goal of retiring at 55. I explained to previous principles my intentions and they were very supportive.
Now for the numbers:
House $435,000 Pd Off Not incl in Total
Tax Deferred $ 418,505.00
After Tax Savings $ 141,754.00
B of A Health Savings $ 7,176.00
Total: $ 567,435
Still a long way to go but headed in the right direction!
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