Gumbo
Confused about dryer sheets
Hi all - Have always enjoyed reading about personal finance and FI and happy to come across this board. Would love some advice/thoughts on whether my goal of working part time by 45 would work.
Debt:
$132k - Mortgage (30 year fixed/3.625% - Payment with taxes/insurance is $912/month)
$7k - Car Payment (3 more years - 1.99% - Payment is $250/month)
Total Debt - $139k
I do not contribute any additional money towards the principle on either loan.
Assets:
401k - $324k
Roth IRAs - $122k (converted regular IRAs to roths a couple of years ago).
MegaCorp ESOP/Stock Plan - $73k
$102k - Money Market Account
$30k - Checking Accounts
$18k - DRIP accounts (Direct Stock Purchase Plans/Dividends Reinvest)
Total: $669k
In addition I have ~ $80k in equity in my home.
I have $15k in 529 plans for my 2 kids (ages 3 and 1). I would like to fund their education (bachelors level) in full.
I have been at my job now for 9 years and earn ~ $78k per year. I plan to stay in my job another 5-6 years and then I plan to quit and pursue a master's degree in Speech Pathology. My company has a pension and in 5 years, my yearly benefit at age 65 would be $11.5k per year.
My wife currently stays at home with the kids. We spend ~$50k per year.
As far as current saving, with my company match, I put $10k/year in my 401k.
I move $15k per year from our checking/money market to Roth ($10k) and to 529 plans ($5k).
My wife will be going back to school next year to start a 4 year program in Speech Pathology. Once she completes it and finds work, I would start the same program. Once I complete the program, we would both work as Speech Pathologists and would both like to work part time schedules (30 hours or so per week). I estimate we could make $90-100k per year combined. If we could make roughly what I make now after paying for health care (high deductible family plan), I think we'd be OK and could continue putting back $10-15k per year. Due to the recent changes in healthcare, my concern is I really don't know what kind of premium I'd pay on a policy in 10 years.
I'd like to reduce my schedule to 10-15 hours/week at 55 (I think my wife would continue 20-30 hours/week). My kids would both be in college at that point.
There is a ton of information online about dual income earners, but I could not find any information out there about dual part-time earners. Would love to hear from anyone that has gone this route. Would also love to hear any advice on what I could do in the next 10 years to improve my chances of making this work.
Debt:
$132k - Mortgage (30 year fixed/3.625% - Payment with taxes/insurance is $912/month)
$7k - Car Payment (3 more years - 1.99% - Payment is $250/month)
Total Debt - $139k
I do not contribute any additional money towards the principle on either loan.
Assets:
401k - $324k
Roth IRAs - $122k (converted regular IRAs to roths a couple of years ago).
MegaCorp ESOP/Stock Plan - $73k
$102k - Money Market Account
$30k - Checking Accounts
$18k - DRIP accounts (Direct Stock Purchase Plans/Dividends Reinvest)
Total: $669k
In addition I have ~ $80k in equity in my home.
I have $15k in 529 plans for my 2 kids (ages 3 and 1). I would like to fund their education (bachelors level) in full.
I have been at my job now for 9 years and earn ~ $78k per year. I plan to stay in my job another 5-6 years and then I plan to quit and pursue a master's degree in Speech Pathology. My company has a pension and in 5 years, my yearly benefit at age 65 would be $11.5k per year.
My wife currently stays at home with the kids. We spend ~$50k per year.
As far as current saving, with my company match, I put $10k/year in my 401k.
I move $15k per year from our checking/money market to Roth ($10k) and to 529 plans ($5k).
My wife will be going back to school next year to start a 4 year program in Speech Pathology. Once she completes it and finds work, I would start the same program. Once I complete the program, we would both work as Speech Pathologists and would both like to work part time schedules (30 hours or so per week). I estimate we could make $90-100k per year combined. If we could make roughly what I make now after paying for health care (high deductible family plan), I think we'd be OK and could continue putting back $10-15k per year. Due to the recent changes in healthcare, my concern is I really don't know what kind of premium I'd pay on a policy in 10 years.
I'd like to reduce my schedule to 10-15 hours/week at 55 (I think my wife would continue 20-30 hours/week). My kids would both be in college at that point.
There is a ton of information online about dual income earners, but I could not find any information out there about dual part-time earners. Would love to hear from anyone that has gone this route. Would also love to hear any advice on what I could do in the next 10 years to improve my chances of making this work.