theguyonthecouch
Confused about dryer sheets
- Joined
- Jan 24, 2007
- Messages
- 1
Hey all! My pop put me onto this site, and to be quite honest, I haven't browsed much yet. So, if me questions are easily answered by linking me to another thread, by all means, go for it. Let me give you my rundown.
Me - 27
Wife - 32
Monthly take home $4500
House payment $1225
Car payment $600 (financed a new used for 3 1/2 years)
No credit card debt
About $4000 in student loans
Only about 5% equity in house
401k started 7 months ago with a balance of $2500 and 10% of my income going in.
2 kids (and we're planning on no more)
Lately, my wife and I have been much more careful about our spending. From documenting where it goes, to eating leftovers instead of going out. Whaddaya know, we found an extra $1200 in our checking account after less than 3 months. We've always talked about early retirement, but this got us excited. It made us realize, that we don't have to give up much, to gain a whole lot. We are still relatively young, and I'm looking for my best course of action. Up until now, I've been claiming single and 0 on my paychecks, and have been receiving a handsome refund on the order of 3k to 3500 depending on if we are claiming my stepson that year or not. This year, that is going into savings, which is at zero right now. First off, should I change that to claiming married and one, and have that money automatically drafted into some form of investment, so that money is working for me, and not the government. My other question is, beyond a little cash on the side, what do I do with this newfound 3-400 dollars per month, that I've earned, solely by not spending money on crap! Would it best to slug most of it in a roth? How about a mutual fund? If so, which one's would be my best bet? I'm invested in mostly mutual funds, with a company stock match in my 401k, so I guess you'd say, I'm fairly risky on that end. I know, I'm not really on the road to early retirement by investing a grand total of 550-650 dollars a month, but I'd like to think it's a start. I also live in a relatively low cost of living area, and the house we are living in is one we will most likely stay in for at least 3-5 years. That is a bare minimum on that one. Any help would be greatly appreciated. Thanks!
Me - 27
Wife - 32
Monthly take home $4500
House payment $1225
Car payment $600 (financed a new used for 3 1/2 years)
No credit card debt
About $4000 in student loans
Only about 5% equity in house
401k started 7 months ago with a balance of $2500 and 10% of my income going in.
2 kids (and we're planning on no more)
Lately, my wife and I have been much more careful about our spending. From documenting where it goes, to eating leftovers instead of going out. Whaddaya know, we found an extra $1200 in our checking account after less than 3 months. We've always talked about early retirement, but this got us excited. It made us realize, that we don't have to give up much, to gain a whole lot. We are still relatively young, and I'm looking for my best course of action. Up until now, I've been claiming single and 0 on my paychecks, and have been receiving a handsome refund on the order of 3k to 3500 depending on if we are claiming my stepson that year or not. This year, that is going into savings, which is at zero right now. First off, should I change that to claiming married and one, and have that money automatically drafted into some form of investment, so that money is working for me, and not the government. My other question is, beyond a little cash on the side, what do I do with this newfound 3-400 dollars per month, that I've earned, solely by not spending money on crap! Would it best to slug most of it in a roth? How about a mutual fund? If so, which one's would be my best bet? I'm invested in mostly mutual funds, with a company stock match in my 401k, so I guess you'd say, I'm fairly risky on that end. I know, I'm not really on the road to early retirement by investing a grand total of 550-650 dollars a month, but I'd like to think it's a start. I also live in a relatively low cost of living area, and the house we are living in is one we will most likely stay in for at least 3-5 years. That is a bare minimum on that one. Any help would be greatly appreciated. Thanks!