I'm 28 years old. I've been active duty in the USAF for 8 years. I'm married with one 22 month old daughter.
My wife is one year older than me and we want to retire in our early 50's. To accomplish this, my plan is to retire from the USAF at the 20 year point. At that point my daughter will have 3 years until she graduates from highschool and goes to college. Her education is already covered thanks to wonderful, thoughtful, generous grandparents -- but we're still placing money into this account as well to finance through a Medical or Law degree (a parent can hope).
We live in the Metro/DC area and have yet to invest in real estate due to the extremely high prices, and the fact that I'm getting short and will more than likely get orders soon. My does invest in her 401K and has done so since she graduated from college in 99 and started in her profession. She has already accumulated a tidy sum (thankfully) and I can only imagine how much that may be in 25 years or so.
Both my wife and I aren't big spenders, although we did finally buy our first new car and are suffering through the car payments. We've previously always had paid off vehicles, but one kept giving us so many problems we finally just traded it in on a brand new Toyota 4Runner Limited, that we love. I must say that I love the "new car" driving experience a bit more than I should. That is our ownly debt though. We both hate debt..so making that payment each month kind of racks me with guilt, although it seems the norm for most. We could pay the vehicle off early, but I'd rather make the minimum payment, and keep my money in savings/investments.
I have invested in my military TSP since they offered it and max that out. We plan on buying our first home whenever I get to my next stateside base. We plan on keeping the property and renting it out once we PCS again. The plan after I retire from the USAF is for me to get into some sort of corporate or perhaps Civil Service job and simply live off of the spouse's income who makes "less" plus whatever income we might make from a few investment properties. We will save/invest the rest of the income for a period of 10 years. After that...we will be in our early 50's and I'm sure ready to retire.
I don't really know what to write. I guess this pretty much covers it. So far, our plan is on schedule. Nothing really complicated or too savey. This is a great forum and I've enjoyed lurking the past month and reading through the great posts. There is a generous amount of knowledge on here, and I look forward to learning more.
Thanks!
My wife is one year older than me and we want to retire in our early 50's. To accomplish this, my plan is to retire from the USAF at the 20 year point. At that point my daughter will have 3 years until she graduates from highschool and goes to college. Her education is already covered thanks to wonderful, thoughtful, generous grandparents -- but we're still placing money into this account as well to finance through a Medical or Law degree (a parent can hope).
We live in the Metro/DC area and have yet to invest in real estate due to the extremely high prices, and the fact that I'm getting short and will more than likely get orders soon. My does invest in her 401K and has done so since she graduated from college in 99 and started in her profession. She has already accumulated a tidy sum (thankfully) and I can only imagine how much that may be in 25 years or so.
Both my wife and I aren't big spenders, although we did finally buy our first new car and are suffering through the car payments. We've previously always had paid off vehicles, but one kept giving us so many problems we finally just traded it in on a brand new Toyota 4Runner Limited, that we love. I must say that I love the "new car" driving experience a bit more than I should. That is our ownly debt though. We both hate debt..so making that payment each month kind of racks me with guilt, although it seems the norm for most. We could pay the vehicle off early, but I'd rather make the minimum payment, and keep my money in savings/investments.
I have invested in my military TSP since they offered it and max that out. We plan on buying our first home whenever I get to my next stateside base. We plan on keeping the property and renting it out once we PCS again. The plan after I retire from the USAF is for me to get into some sort of corporate or perhaps Civil Service job and simply live off of the spouse's income who makes "less" plus whatever income we might make from a few investment properties. We will save/invest the rest of the income for a period of 10 years. After that...we will be in our early 50's and I'm sure ready to retire.
I don't really know what to write. I guess this pretty much covers it. So far, our plan is on schedule. Nothing really complicated or too savey. This is a great forum and I've enjoyed lurking the past month and reading through the great posts. There is a generous amount of knowledge on here, and I look forward to learning more.
Thanks!