Milestone Tracker - 34YO

[nerdyJON]

I have been tracking my progress for past 5 years every quarter or so in the "Hi I am..." now moving here. See last update below:

Nov 2021
Life updates
Busy past 1448 days according to the warning of an old thread
2 kids added to the mix (put a damper on savings due to childcare costs)
Multiple job movements
Continued goal and path to FI
Moved to a new house

Debt
No credit card debt or student loans
Main property, 15 year - $220K loan ($450K+ in equity)

Cash/Investments
$45K in cash (slight decrease due to other saving methods)
$231K in taxable investments
$10K in HSA investments
$131K in ROTH IRAs
$40K in Kids college 529s
$570 in 401ks (maxing out)

Total NW: ~$1.47M with personal property

 

[nerdyJON]

May 2022
Life updates
Moved to new job (paycut for more flexibility and align with goals)

Debt
No credit card debt or student loans
Main property, 15 year - $210K loan ($500K+ in equity)

Cash/Investments
$38K in cash (slight decrease due to other saving methods)
$251K in taxable investments
$14.5K in HSA investments
$140K in ROTH IRAs
$54K in Kids college 529s
$575K in 401ks (maxing out)

Total NW: ~$1.59M with personal property - pay cut on the job front has impacted bigger than I thought with 2 kids in daycare

 

[Love This Community]

Very impressive savings for your age. Keep up the good w*rk!

 

[SnowballCamper]

You're doing a great job saving. I suggest getting a bit more into the taxable savings category in order to be able to draw it down before you're 59.5 years old. Or you'll have to investigate the Roth IRA ladder and/or the SEPP withdraw to get the money out of the IRA when you're younger.

 

[cyber888]

Good savings for your age ... Don't forget to enjoy life and spend while you are young.

 

[pacergal]

OP--
looks like you are doing very well.
How old are your kids? When they are out of daycare, what are the plans for that money? Move it to savings, or ?

 

[nerdyJON]

Thank you for the advice. We started to dial back some of our deferred tax for HSA, ROTH, and taxable accounts.


Kids are 1 and 3.5 and start pre-K/Kindergarten at 6. That money will be going into the above accounts / looking for passive income. Our biggest challenge and goals will be trying to bridge gaps while enjoying life.

 

[target2019]

This is just us, of course, but there were no savings when kids entered pre-k and k. Since the day was shorter there was cost for after-school care. And of course in the summer was additional cost for various activities to keep children busy, and exploring other areas of development.

The days of 2 parents working and 2 children was a whirlwind of running around. But it was a lot of fun too.

 

[nerdyJON]

This is just us, of course, but there were no savings when kids entered pre-k and k. Since the day was shorter there was cost for after-school care. And of course in the summer was additional cost for various activities to keep children busy, and exploring other areas of development.

The days of 2 parents working and 2 children was a whirlwind of running around. But it was a lot of fun too.

This is helpful advice as we can plan. I didn't even think about the activity costs but I am sure its not college tuition level of daycare costs.

 

[street]

WOW! Great job on starting young with a plan for your future.

 

[target2019]

This is helpful advice as we can plan. I didn't even think about the activity costs but I am sure its not college tuition level of daycare costs.

My recollection is from 30 years ago! How time flies.

I checked the local cost of a 1-week soccer camp, 3 hours in the evening, and it was $135. I see others that are 2-3x's that cost. If your children are active and end up on a sports team of any variety, you may find requirements to attend camps, even 1-week sleep-away, and the cost will exceed your 1-week daycare bill I'm sure.

We did have local schools running a summer mornings camp for 8 weeks or more, and again, that cost is significant (not $25/kid). You just have to see what is going on in your area.

You will not believe what fun awaits you as you discover these things.

As a child I did nothing like this, just stayed away from home all day in the summer with my friends, and we created our activities.