SmallCityDave
Recycles dryer sheets
- Joined
- Oct 23, 2018
- Messages
- 309
Great forum, I've been poking around for a bit and thought I would introduce myself. I turn 50 next year, my wife is a few years younger we have 2 awesome boys and in 8 years our youngest will be an "adult". We put God 1st in our lives, we try to live well beneath our means and we are fans of Dave Ramsey.
A bit about our finances:
We have a bit over $200k in a traditional IRA.
We earn a bit over $250k gross between myself, my wife and a few rentals. Our monthly budgeted outgo is right around $4500 but we can certainly cut back if needed.
No debt.
We are thinking about retiring in about 8 years or so.... we are both independent contractors (my wife works from home) we really like what we do and life couldn't be much better. Earlier this year we met with a financial advisor, that made my head spin. My thought process has been that rentals are a lot better ROI so we've been trying to buy a rental every year or two.
Our rental income after property taxes, insurance, some repairs etc is right around $40k per year (we bought 1 more last week so that will be increasing). I really like real estate but I know we need to diversify so we started a 401k that we'll be contributing $24k per year plus I'm looking at fully funding a Roth IRA.
I'd like to get some feedback on what we could be doing better.
A bit about our finances:
We have a bit over $200k in a traditional IRA.
We earn a bit over $250k gross between myself, my wife and a few rentals. Our monthly budgeted outgo is right around $4500 but we can certainly cut back if needed.
No debt.
We are thinking about retiring in about 8 years or so.... we are both independent contractors (my wife works from home) we really like what we do and life couldn't be much better. Earlier this year we met with a financial advisor, that made my head spin. My thought process has been that rentals are a lot better ROI so we've been trying to buy a rental every year or two.
Our rental income after property taxes, insurance, some repairs etc is right around $40k per year (we bought 1 more last week so that will be increasing). I really like real estate but I know we need to diversify so we started a 401k that we'll be contributing $24k per year plus I'm looking at fully funding a Roth IRA.
I'd like to get some feedback on what we could be doing better.