Hello ! My name is Mudd (long story on that one) and I've been lurking here for about a year after finding you guys while on the Simple Living website. My wife and I are 33. We live in a less expensive area of the country with our 2 children. I am a district attorney. The second half of the TV show law and order is what I do for a living. Although at times stressful -homicide/rape trials and boring(paperwork days), I mostly enjoy my w*rk. Still other than being married I can't see doing anything for another 20 or so years. This is our financial situation:
Mortgage-160,000 (worth about 220k)
SL 16000
That's it for debt.
Assets
28k in our Roths
21k in my 457
17k in Mrs. Mudd's 401
13k in a rollover Roth
79 total for retirement
25k in various Cash, ING, MM, Checking
7k in ESA/529's
2 paid for cars and a houseload of other junk.
Considering starting at ag 27 spent a lot on fertility and adoption fees, we always made saving a priority.
My goal is financial independence. I can't believe the feeling I now have with the extra cash in ING. I see the light and w*rk has been more enjoyable with the cushion. I think I'll always dabble in law to keep busy. Some people I work with do 1 week on/ 1 week off. To me that sounds perfect when the kids are older, but at 55-I'm gone.
We are currently putting away (with Mrs.'s match) 18k a year for Retirement.
13k a year in savings (mostly ING-due to election cycles I want a big cushion).
4k a year into college.
and lastly an extra $100 a month towards mortgage.
Also if I work until 55 I would get medical for life and a 60k a year non-Cola'd pension.
My questions (sorry for going on so long)
1. Are we doing o.k.? My goal is to be able to easily walk at 55, but if the city gets rid of medical benefits, then 50 (I would then get my pension at 60). By 50 house should be paid off or at worst a mortgage less than 50k
2. Once I get 25k in the ING alone (17k now) I was thinking of investing in Vanguard Index funds. Would this be prudent?
3. I am planning on never receiving SS, my pension, or inheritances(probably get at least 250k total inheritances, but not relying on it). But with my county pension am I saving too much? or not enough? Combined my wife and I make 120k, but I just received my last raise ever except for Cost of living (which in the last 4 years we got one at 1.8%). Maybe when I get closer to 50 I'll start counting more on the pension. Wise or foolish?
4. My philosophies with money come from LBYM, Dave Ramsey, and the wealthy barber book. I've purchased and read ESRBob's book and loved it. When is Nords coming out with a book? (seriously I'd buy it)
5. My philosphy on life is that my Dad died last year at 61 after battling cancer for 8 years. Up until the last few months of his life he lived a great life. My goals personally are to be prepared for the future, yet live in the now-that's why I try to smile while I'm paying up the wazoo for a Disney trip for the fam this year.
Thanks for all the great ideas I've gained from this forum. My short term goal is to be 35 w/ no debt except the mortgage/ 100k in retirement/ and 25k in ING. Your responses would be greatly appreciated.
Mudd
Mortgage-160,000 (worth about 220k)
SL 16000
That's it for debt.
Assets
28k in our Roths
21k in my 457
17k in Mrs. Mudd's 401
13k in a rollover Roth
79 total for retirement
25k in various Cash, ING, MM, Checking
7k in ESA/529's
2 paid for cars and a houseload of other junk.
Considering starting at ag 27 spent a lot on fertility and adoption fees, we always made saving a priority.
My goal is financial independence. I can't believe the feeling I now have with the extra cash in ING. I see the light and w*rk has been more enjoyable with the cushion. I think I'll always dabble in law to keep busy. Some people I work with do 1 week on/ 1 week off. To me that sounds perfect when the kids are older, but at 55-I'm gone.
We are currently putting away (with Mrs.'s match) 18k a year for Retirement.
13k a year in savings (mostly ING-due to election cycles I want a big cushion).
4k a year into college.
and lastly an extra $100 a month towards mortgage.
Also if I work until 55 I would get medical for life and a 60k a year non-Cola'd pension.
My questions (sorry for going on so long)
1. Are we doing o.k.? My goal is to be able to easily walk at 55, but if the city gets rid of medical benefits, then 50 (I would then get my pension at 60). By 50 house should be paid off or at worst a mortgage less than 50k
2. Once I get 25k in the ING alone (17k now) I was thinking of investing in Vanguard Index funds. Would this be prudent?
3. I am planning on never receiving SS, my pension, or inheritances(probably get at least 250k total inheritances, but not relying on it). But with my county pension am I saving too much? or not enough? Combined my wife and I make 120k, but I just received my last raise ever except for Cost of living (which in the last 4 years we got one at 1.8%). Maybe when I get closer to 50 I'll start counting more on the pension. Wise or foolish?
4. My philosophies with money come from LBYM, Dave Ramsey, and the wealthy barber book. I've purchased and read ESRBob's book and loved it. When is Nords coming out with a book? (seriously I'd buy it)
5. My philosphy on life is that my Dad died last year at 61 after battling cancer for 8 years. Up until the last few months of his life he lived a great life. My goals personally are to be prepared for the future, yet live in the now-that's why I try to smile while I'm paying up the wazoo for a Disney trip for the fam this year.
Thanks for all the great ideas I've gained from this forum. My short term goal is to be 35 w/ no debt except the mortgage/ 100k in retirement/ and 25k in ING. Your responses would be greatly appreciated.
Mudd