delsolkm14
Dryer sheet aficionado
Hello again,
Ventured to the site a few years ago when I was dreaming of F.I.R.E. and then came back with an update a few months ago. Now that I have a clearer picture of my future, looking for the advice again.
Here is my intro thread for history: Intro
Here is my current status:
Credit cards: $15,000
Other charge accounts: $6,700
Student loans: $23,000
Car loan: $23,000
Mortgage: $154,000
I am receiving $1600 a month in VA payments. I just finished the second semester of school and will be starting a contracting job in Jan, heading overseas in Feb/Mar. I will be making appx $25k a month, before taxes.
The first things I am planning on is paying all the debt down (Credit/Charge, Car loan and Student Loans). Then I am going to start paying down on the house.
What other things should I cover while doing this?
I know I want to start some 529 college accounts for my kids (14, 9, 4).
Max out 401k.
Don't think I will be able to contribute to IRA's due to income limits.
Start savings/mutual funds/money market accounts.
The company will be overseas as long as there is a US presence, and I can stay as long as I like, given I am doing a satisfactory job in the position. Plan is 2-3 years, then re-evaluate situation.
Our monthly utility bills (phone/internet/cable, cell, water, electric, propane) are about $700 a month. With the $1600 a month coming in, I can siphon off a few hundred a month off savings (should have $300-$400k) and live comfortably. I can pick up a full time job at $50k a year anytime if needed (friends business, not sure if i want to call that favor in though).
I know this is still planning out like I will be working for 2-3 years and that is not guaranteed, but planning like that since that is the plan.
What other things do I need to account for?
I am going to work with a USAA Financial consultant once I start making the money, just trying to get some other advice so I can know some stuff going into it.
Thanks all,
DTB
Ventured to the site a few years ago when I was dreaming of F.I.R.E. and then came back with an update a few months ago. Now that I have a clearer picture of my future, looking for the advice again.
Here is my intro thread for history: Intro
Here is my current status:
Credit cards: $15,000
Other charge accounts: $6,700
Student loans: $23,000
Car loan: $23,000
Mortgage: $154,000
I am receiving $1600 a month in VA payments. I just finished the second semester of school and will be starting a contracting job in Jan, heading overseas in Feb/Mar. I will be making appx $25k a month, before taxes.
The first things I am planning on is paying all the debt down (Credit/Charge, Car loan and Student Loans). Then I am going to start paying down on the house.
What other things should I cover while doing this?
I know I want to start some 529 college accounts for my kids (14, 9, 4).
Max out 401k.
Don't think I will be able to contribute to IRA's due to income limits.
Start savings/mutual funds/money market accounts.
The company will be overseas as long as there is a US presence, and I can stay as long as I like, given I am doing a satisfactory job in the position. Plan is 2-3 years, then re-evaluate situation.
Our monthly utility bills (phone/internet/cable, cell, water, electric, propane) are about $700 a month. With the $1600 a month coming in, I can siphon off a few hundred a month off savings (should have $300-$400k) and live comfortably. I can pick up a full time job at $50k a year anytime if needed (friends business, not sure if i want to call that favor in though).
I know this is still planning out like I will be working for 2-3 years and that is not guaranteed, but planning like that since that is the plan.
What other things do I need to account for?
I am going to work with a USAA Financial consultant once I start making the money, just trying to get some other advice so I can know some stuff going into it.
Thanks all,
DTB