TiredinTX
Dryer sheet wannabe
- Joined
- Jan 28, 2008
- Messages
- 17
Hi All,
This board was suggested by a member of another board.
I am hoping to find others with more knowledge and understanding to help my husband and I turn around our financial life. Many mistakes have been made mainly do to lack of interest. I however am very interested in learning because I know we still have the chance to do good.
My husband is 60
I am 40
We have two college attending children and a 6yr old. Mine & Ours College Kids do have part time jobs and pay for some things with that. Trying to wean them off more and more.
We have been together nearly 10yrs now.
My husband and his ex wife never saved until a few yrs prior to their marriage ending. It ended up all in her pocket anyway so probably just as well. Plus my husband voluntarily gave her a few other assets.
We rebuilt our life literally from scratch. Go stand in the street with nothing but the shirt on your back and picture starting over. We are not complaining and we would do it again! Although my husbands income is high we had to rebuild an entire household, large legal fees, car payments plus alimony of 2K monthly. It has been a long road to say the least.
The last several yrs we have rebuilt ourselves into a normal existence thanks to generous bonuses plus the usual wage increases yearly.
3 of 4 cars are pd. We don't ever carry any CC balances. We have a modest home pd 179,000, owe 168,000. Prior to our home purchase 5yrs ago we had not been in a position to save for a down pymnt for above stated reasons but we really needed a more space with the children. So we are paying PMI on the mortgage. Interest is 6.5%
Pension has about 48K in it
401K has about 128K 30% company stock (I Know I'm going to here about that!) Balance in Bonds. Why? Well the company stock is the only thing that ever seemed to make gains. All the other choices we always putting me in the red.
We have 62K in a savings account. My husband should get another nice bonus this yr. so that number may be closer to 100K soon.
Husbands Gross salary is 171,500 After deductions it works out to about 9K mnth It wasn't nearly his high 10 yrs ago BTW.
Alimony is out biggest debt for 3yrs 10mnths and counting, 2K mnth
Mortgage is 1,800
We supplement college tuition since unsubsidized loans don't cover all. Runs us between 3-4K per semester.
Car pymnt is made by son mostly 293.
Personal Term Life 300K 263. mnth Husband has mild diabetes so policies are extremely difficult to get and cost allot.
Typical utility expenses
Plenty of extra $$ to continue to save at least 1500 every mnth most mnths.
I really want to start investing. We are so behind.
I know some cash should be kept for an emergency fund Yet I really feel I need to become very proactive in making the money we are able to save grow faster.
I love the mommymillionare site and all her posts. I have followed countless links from everywhere. Following a questionnaire Fidelity was "matched to me" based on how I wanted to invest. I feel silly but I think what I feel like I'm really missing is things that I'm afraid people aren't really addressing. I don't like surprises.
For instance say I start by putting 1K into Fidelity to get my feet wet. Do I buy one fund or a couple. How am I charged? If I decide I don't like the fund am I charged again to sell it or can I roll the money into another one? I guess the day to day inner workings and management of investing si what I'm scared will cause surprises.
Once it was really clear to me on what to do and how to do it I would be so motivated to put every extra penny I could find into growing more money. I can live very very simply if given the right motivation. I've learned seeing the money in the bank is more exciting to me than any "thing" you could ever buy with the money.
Thanks for your time!
This board was suggested by a member of another board.
I am hoping to find others with more knowledge and understanding to help my husband and I turn around our financial life. Many mistakes have been made mainly do to lack of interest. I however am very interested in learning because I know we still have the chance to do good.
My husband is 60
I am 40
We have two college attending children and a 6yr old. Mine & Ours College Kids do have part time jobs and pay for some things with that. Trying to wean them off more and more.
We have been together nearly 10yrs now.
My husband and his ex wife never saved until a few yrs prior to their marriage ending. It ended up all in her pocket anyway so probably just as well. Plus my husband voluntarily gave her a few other assets.
We rebuilt our life literally from scratch. Go stand in the street with nothing but the shirt on your back and picture starting over. We are not complaining and we would do it again! Although my husbands income is high we had to rebuild an entire household, large legal fees, car payments plus alimony of 2K monthly. It has been a long road to say the least.
The last several yrs we have rebuilt ourselves into a normal existence thanks to generous bonuses plus the usual wage increases yearly.
3 of 4 cars are pd. We don't ever carry any CC balances. We have a modest home pd 179,000, owe 168,000. Prior to our home purchase 5yrs ago we had not been in a position to save for a down pymnt for above stated reasons but we really needed a more space with the children. So we are paying PMI on the mortgage. Interest is 6.5%
Pension has about 48K in it
401K has about 128K 30% company stock (I Know I'm going to here about that!) Balance in Bonds. Why? Well the company stock is the only thing that ever seemed to make gains. All the other choices we always putting me in the red.
We have 62K in a savings account. My husband should get another nice bonus this yr. so that number may be closer to 100K soon.
Husbands Gross salary is 171,500 After deductions it works out to about 9K mnth It wasn't nearly his high 10 yrs ago BTW.
Alimony is out biggest debt for 3yrs 10mnths and counting, 2K mnth
Mortgage is 1,800
We supplement college tuition since unsubsidized loans don't cover all. Runs us between 3-4K per semester.
Car pymnt is made by son mostly 293.
Personal Term Life 300K 263. mnth Husband has mild diabetes so policies are extremely difficult to get and cost allot.
Typical utility expenses
Plenty of extra $$ to continue to save at least 1500 every mnth most mnths.
I really want to start investing. We are so behind.
I know some cash should be kept for an emergency fund Yet I really feel I need to become very proactive in making the money we are able to save grow faster.
I love the mommymillionare site and all her posts. I have followed countless links from everywhere. Following a questionnaire Fidelity was "matched to me" based on how I wanted to invest. I feel silly but I think what I feel like I'm really missing is things that I'm afraid people aren't really addressing. I don't like surprises.
For instance say I start by putting 1K into Fidelity to get my feet wet. Do I buy one fund or a couple. How am I charged? If I decide I don't like the fund am I charged again to sell it or can I roll the money into another one? I guess the day to day inner workings and management of investing si what I'm scared will cause surprises.
Once it was really clear to me on what to do and how to do it I would be so motivated to put every extra penny I could find into growing more money. I can live very very simply if given the right motivation. I've learned seeing the money in the bank is more exciting to me than any "thing" you could ever buy with the money.
Thanks for your time!
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