Im new to this

[Phan84]

Hi everyone! I'm 28 and my wife is also 28. I wanted to see how financially dependent we are from others. My wife and I make about 140k annually and I max out my 401k while also contributing to a Roth IRA for her and myself. Together we have about 20k in liquid cash/mm. 11k in Roth IRAs and my 401k is about 30k. Living in ca I have a 260k mortgage at 3.25%. Are we doing okay so far? We plan on buying another house in 3-5 years when our son starts school so all of our money is going into a mm account. Should it be invested elsewhere? Should we be okay to retire at 55-60ish? I think if we retired at 45 we would be bored lol.

 

[cinman2000]

28 seems like a long time ago I think you are on track, but sooooo much depends on your expenses. Just one child? Plan for more kids? We had a lot of success with company stock plans over the years. If you have access to a ESPP, max that out for sure, but make sure you sell before it becomes too much of your net worth. The thing we could have done a better job at is tracking expenses. Just knowing where your money goes makes you think more about your financial priorities. The MM question really depends on your appetite for risk. We have been pretty aggressive over the years. Would have loved to ER at 45. Looks like worst case right now it will be Jan 2015 (54 1/2 for me). You found this forum early so you should be in good shape!

 

[Phan84]

28 seems like a long time ago I think you are on track, but sooooo much depends on your expenses. Just one child? Plan for more kids? We had a lot of success with company stock plans over the years. If you have access to a ESPP, max that out for sure, but make sure you sell before it becomes too much of your net worth. The thing we could have done a better job at is tracking expenses. Just knowing where your money goes makes you think more about your financial priorities. The MM question really depends on your appetite for risk. We have been pretty aggressive over the years. Would have loved to ER at 45. Looks like worst case right now it will be Jan 2015 (54 1/2 for me). You found this forum early so you should be in good shape!

I do have access to ESPP but bank stocks are horrible investments. I do try to track my expenses as much as possible and we are huge coupon clippers. I just want to make sure that my wife and I have enough to retire when we are 55-60. I really don't like taking risks and we want to buy a second property in a few years. This is my reasoning for keeping the money liquid. Should it be invested to make more money in the next few years? We plan on having two kids only and my wife's schedule is pretty accommodating.

 

[heeyy_joe]

Continue to save and enjoy life too. You are doing well. Stay healthy.

 

[obgyn65]

To answer your question, you are doing ok. Keep healthy, and make sure you enjoy life. Welcome to the forum.

Hi everyone! I'm 28 and my wife is also 28. I wanted to see how financially dependent we are from others. My wife and I make about 140k annually and I max out my 401k while also contributing to a Roth IRA for her and myself. Together we have about 20k in liquid cash/mm. 11k in Roth IRAs and my 401k is about 30k. Living in ca I have a 260k mortgage at 3.25%. Are we doing okay so far? We plan on buying another house in 3-5 years when our son starts school so all of our money is going into a mm account. Should it be invested elsewhere? Should we be okay to retire at 55-60ish? I think if we retired at 45 we would be bored lol.