- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Concerns and Planning for the Future
Good morning, first time poster long time reader. Been reading about retirement and age stuff saying at xx age you should have xxx% in retirement and I am starting to worry about my financial health.
About me:
32 y/o 2 children and a wife working as an FSE in a HCOLA W2 96k Other income 30k non taxed Non-retirement brokerage just under 9k Retirement(401k) 21k CD’S @ 4.45-4.88%- 45k Wife makes less than 30k w2.
### Current Financial Situation
Expenses monthly Mortgage 2k Utilities- roughly 600 -800 for electric and gas Phone- 200 Daughter tuition(ends in march wont be going private next year) 715 Car insurance- 120 Trash pick up- 85 Streaming services- 200 Any other expenses are covered by my wife I.e groceries cat food etc.
Basically save every penny I can after monthly expenses. Roughly 2800 a month.
My W2 is set to minimum contributions to get employer match.
### Concerns and Questions
I’ve never been good with money, come from generational(not poverty poverty but like declared my one parent declared bankruptcy and we were constantly in collections while the other was non-existent) not smart with money-ness/poorness. We had water and food. But never had anyone teach me about financial health or anything outside the military, and let’s be real little e3 me was spending money like there was no tomorrow haha.
I’m not sure what I should be focusing on, I’m also not sure if I’m financially okay. According to the internet I’m fucked.
I wanted to save money, stay as liquid as possible in case the real estate market pulls back. Should I be focusing on my retirement? Am I saving too little? Too much? Is real estate realistic given my income? Am I financially healthy? WWYD in my situation?
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****** just grabbed a
I’ve read that you want to have a 3-6 month liquid emergency fund. If you don’t have that start with that. Then move to upping your retirement.
In certain circumstances that would be getting the match on 401k (which you do) then moving to IRA and when you max that go back to 401k. Others max 401k then move to IRA. I do not know the difference or benefits of either strategy. So that’s something to ask someone.
I understand the stress and confusion of coming from a generationally poor environment. A couple of years ago when we started making more money I had to google “what to do with extra money”. Which is a situation I never thought I’d find myself in.
I’ve heard that like 1/3 of millionaires are people with “normal” paying jobs. So I think you can set yourself up for retirement and be financially okay. I don’t think 32 is too late. 🤷🏻♀️
Firstly, thank you for your military service.
Highly recommend you get a copy of JL Collins “Simple Path to Wealth”.
Imo, your first priority should be an emergency fund parked in a High Yield Savings Account to take advantage of the current interest rates. I have 2. One with Ally and the other at Discover. Take advantage of promo codes if you go with Ally. You need 6 months of living expenses.