- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Long Term Financial Planning and Budgeting for the Future
Long time lurker here. After struggling for many years while my wife was a stay-at-home mom with young kids through the pandemic years I feel like we are suddenly really doing well. The pic is our proposed budget for the year which kind of blew my mind once we put it all down on paper. We both grew up poor so this doesn’t feel real to either of us.
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Don’t get me wrong, it feels pretty good but I feel like we might need a reality check. Wife (40) and I (45) both work and are 15-20 years to retirement. We have two young kids, 3 and 5 years old. No student loans or any other debt other than mortgages and a car payment. We are living in a nice house with a good school district so all set there.
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I think we should save a bit for our kids college but our income is due to spike towards the end of our careers due to working income overlapping with pension income (military pension starts at 57 no matter what) and also expected promotions. We don’t plan to quit working until our kids are out of college. Is this a good strategy?
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I am not used to having extra money so with my grinding away while I was the solo income earner and then my wife landing a great job and getting several rapid promotions… getting extremely lucky with real estate over the last 10 years… Not sure, I’m skeptical. Numbers all seem to check out, what am I missing? Are we actually good to YOLO a bit of money into nice vacations/dining out/increased discretionary spending?
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****** just grabbed a
That tax amount seems pretty low.
Save for your kids college. A 529 plan is well worth it even if you expect to be able to pay for it out of pocket and with that income there’s really no reason not to take advantage of it
[deleted]
Your rental mortgage is $2k/mo and revenue is $7k/mo? Wth?
Um… i make 1/5 of this and my total taxes are 2x the percentage and I don’t live in california.
Are you sure the taxes are right?
You pay 12.75% taxes over 28k of income? Care to explain how your not paying more? I’m assuming a state without income tax, but federal taxes should be around 20% for your household.
I would track the costs associated with your rental separate from your housing costs. Your housing costs are the costs to keep a roof over your head. Your rental costs are the costs associated with an income producing asset. The fact that they’re both buildings isn’t really relevant.
No Roth IRA?
Also, why does utilities come out pre-tax? Surely, you pay your utilities with post-tax income.
But yeah, y’all make a shitload of money go on vacation or whatever.
Can we talk about the buffer?
Hey, congrats on your achievements.
Where is your rental property that it’s generating almost 3X the input? Did you perhaps rent out rooms instead of whole units?
Have some fun. You deserve it.
For the kids set up a Roth right away. Far better to hide income for college and more flexible…..next it’s great your doing well now, and your story looks like mine did 10 years ago…..but you need to be ready for the big expenses for the kids….sports, prom, cell phones, cars, braces. The daily expenses for kids sort of level off, but the big ones hit hard and can be unexpected. Recommend a separate savings for big kid big ticket items….I wish I had one
What app is this? I want to use it
Hey, we really need to know the situation with your retirement accounts and assets you can draw from to answer the question about a retirement timeline.
If you are going to retire in 15-20 years then your required savings rate is going to be heavily determined by how much you already have saved. Basically whether you recently came into this budget or have been doing it for 10 years already. People are only talking about your high numbers (“6k/mo is a lot of money, 3x what we contribute!!”) and not thinking about what actually matters here. You are high income high expenses. This is just a scaled up version of a couple on a $80k income with $20k being saved asking the same questions. It’s all the same mathematical functions. If you only recently started at 40 then you really do need a much higher savings rate to comfortably retire on your current lifestyle.
With your expenses, I wouldn’t consider substantially slowing down on anything unless you have $1m in retirement funds. And I wouldn’t stop contributing unless you had several times that. Your expenses are high so these numbers are also going to be high. This is also planning for the real possibility that your returns over a 15-20 year period will not be 8-10%. You should go find a retirement calculator.
Well done, congratulations!