Hi from the Rio Grand Valley (South Texas)

[blueyota]

Hi everyone;

Still new to "forums" so I will try my best here.

I am a 28 year old male, married with one child, planning on one more, have a full time "job" and I am going to night school for my business degree. My current employer reimburses me for my tuition costs so that's all good but after 6 years as a project manager and barely breaking 40k, I am starting feel like i am in the "rut". My wife, 27, has her masters in business and runs a home health facility so naturally she is the bread winner.

We recently refinanced our home of 4 years to 15yrs rather than the 30yr plan we were on. We didn't get any money back, our plan was to reduce our rate and years in hope of being mortgage free by the time we are 40. We actually ended up saving money on our monthly bill so by sending extra, we hope to shave an extra 2-3yrs. Currently we have about 45k in 401K's and IRA's but we know we need to make better choices in life to enjoy retirement and our family when older. I am not trying to leave a huge estate for my kids, I have a life policy to leave them "some" money, I am looking to put away money to live a comfortable life when I retire. I LOVE to fish, in fact I go out almost every weekend if the weather permits, and we like to travel and see new places too. I figure if I do things right, I can be mortgage free, enjoy the summers with the kids traveling around the US or other countries and fishing. Quality time....besides, I wont take my money to the grave and once the kids spend what I leave them, what memories will they have of me if all I did was work and stash my money away.

With all that said, I hope that everyone who has retired can pass along some advice or pointers in securing my own retirement. Even if your not retired, any advice is welcomed.

Thank you in advance,
Blueyota

 

[Rustic23]

Welcome, spending less than you make. i.e. regular savings. That seems to be the key, and it sounds like you all are on your way. For us it was saving the pay raises rather than increasing the spending.

 

[blueyota]

Thanks, I agree with that! When I "was" getting pay raises I would increase my 401K contribution so that the income never hit my take home pay. In the past 6 years i have managed to keep the same net income by doing this. Its easier when you never see it in the bank account.

 

[aaronc879]

I am a 28 year old male, married with one child, planning on one more, have a full time "job" and I am going to night school for my business degree. My current employer reimburses me for my tuition costs so that's all good but after 6 years as a project manager and barely breaking 40k, I am starting feel like i am in the "rut".

I don't think there's any reason to feel in a rut. $40K isn't bad money for a 20-something year old in south Texas. You seem to be off to a good start. Also, your employer paying for your college costs is not a small perk and should not be taken for granted. I'd say continue on the course you're on, get your business degree, then look for a better job. When you get that better job, don't increase your expenses. At least not much

Welcome and good luck.

 

[Rustic23]

After you get your degree, start looking for a masters, especially if your employer will still foot the bill. And remember, it is not just the things they teach you but the people you meet that will advance your career. Learn to network, if you don't already.

 

[obgyn65]

Welcome to the board Blueyota.