Finally Started my Journey to FIRE 28 yr old

[Davaldez21]

Hello,

I finally started my journey to FIRE! I started my Roth IRA this past year for 2015. However my job does not offer 401k, so wanted a few inputs on how to invest additional monies.

Background:
28 yrs old, Married
Income 145000
Free Medical Insurance via Job (No need for HSA)
No self employment income (Although maybe I could look for a side job in the future for a possible self employment IRA)

Debt:
Paid off school loans
120K Mortgage left @ 3.5%
20k Car debt left @ 1.9%

My wife was suppose to star working as a teacher this past year, but we decided that she was going back to school for a nursing career, so hopefully if all goes great she should start working in 24 months from May and we can her salary to my current income.

So what would be the best way to invest more income after Roth IRA?
I was thinking:
After Tax Brokerage Account
Im only paying 3.5% on Mortgage so I would think paying off the mortgage early would not be the best option

Thanks for any input!

[DrRoy]

You are starting off well. If you have no 401K and are maxing out your Roth IRA, then I would agree that brokerage account is a good way to go. On top of what ever equity allocation you go with, I would suggest TX municiple bonds, hopefully paying more then your mortgage rate.

[NgineER]

It would be good to find an option to reduce taxes, but since you have no 401k option, your only option is a traditional IRA for both you AND your wife.
Since you'll be in an even higher tax bracket once your wife starts working, you might want to do the Roth IRA for both you AND your wife while you are eligible.

[Vagabond2020]

HSA can be VERY valuable regardless of whether or not you "need" it now.

It offers $6700 in tax deferred space AND HSA contributions are the only type of income NOT subject to FICA taxes.

That money can be invested within an HSA just like any other retirement accounts. Those funds could be used for health care/dental costs 10, 20, or 50 years from now. Once you get to 65 they can be used for anything else like IRA funds.

If you have the option of a HDHP & HSA it might make sense to go that route despite a free PPO option.

Aside from that, congratulations!! loos like you are doing very well at your age.