New status

[sortof]

New to the board. Just wanted to give an update of where I am at and any suggestions from ya all.

Age 40/married. Kids 6 and 8
Combined income 210,000 annual
Stocks, mutual funds, 401k, IRA: 730,000
Rental property: 450,000 (mortgage: 250,000 and cash flow of about 150 per month).
Primary residence: 750,000 (mortgage 470,000)

Expenses monthly (mortgages,property taxes,insurance,private school,529 plan,etc): about 11,000

We both max our 401k yearly, max out ESPP, and max out HSA.

 

[DayDreaming]

Hello sortof! It sounds like you're doing pretty good at age 40. Do you have any goals (hopes, dreams) about when you and your spouse would like to retire?

 

[sortof]

Forgot to add would like to retire at 55 if possible

 

[Bestwifeever]

Looks good to me--your expenses will drop in 15 years once the young ones are off the "payroll" (younger will be 21, probably last year of college?). Have you run your numbers through FireCalc and other calculators to see where you'll be at 55 financially and older?

 

[Milton]

your expenses will drop in 15 years once the young ones are off the "payroll"

Don't forget to tell them that ... preferably sooner rather than later!