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Looking for some PostGoals advice

Hi, everyone. I have finally finished my list of financial goals i had set 5 years ago after having my first kid and realizing I spent way to much money on crap!

So I was hoping someone could give me advice on what i could make for new goals, or suggestions on where to go next.

I Am currently 35 and My wife is 32.

We make 115k/Yr and have paid off all bills except our mortgage which remains at 110,000 at a good interest rate.

I put in 8% into my 401k which is matched 60% by my employer. (100,000)

My wife has a 403b with no match and we started putting in 150/mo a few years ago just to get started. (6,000)

We put 6 grand in to a 529 plan for our 2 kids (3 grand per kid is the max for our states credit on 529 plans)

We both put in 4 grand per year into a Roth (new in 07)

We have 15 grand in a internet money market account.

We both have newer cars that we paid off, that we plan on using for the next 7+ years

Ok I have accomplished all my goals that I had set..... I am now wondering where do I go next??

  1. start working up the 401 and 403
  2. stocks, mutual funds, etc.... ( I have a scottrade account with a few individual stocks in it)
  3. lavish vacations to beaches, plasma tv's, etc.....

Hoping someone can give me some pointers on what to start researching, focusing on, making a new set of goals.

You all are great, and I appreciate any help!

Reply to
Tgotalk
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This is great, congratulations!

On your 401(k) - is 8% the most they'll match? If not, you should put in as much as gets matched.

I like that you are doing the Roth. Having both pre and post-tax money in retirement accounts is wise. Keep an eye on expenses. 403b accounts often have expenses that would keep me away if they provide no match. Having money invested in low cost index funds and paying tax on the dividends and cap gains along the way (at low rates) is good, and sometimes better than the retirement accounts, again, depending on fees. I'd suggest a spreadsheet such as this

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to help you track where you are vs where you want to be. You may find that you need to bump your savings up only a bit to reach your goals.Your number 3 needs to be considered. You've done a great job killing the debt, you should enjoy the money along the way, and as long as you are saving up for the vacations and toys, there's nothing wrong with a $1200 plasma. You may find the home theater saves you $50 every time you don't go to the regular movies.JOE

Reply to
joetaxpayer

To me, what you're asking is how to reach your goals. So, what are you trying to accomplish? Early retirement, bigger house, private schools for your children, ability to make a difference with a specific charity? Once you decide where you're going, it's easier to make some observations about how you might get there.

Elizabeth Richardson

Reply to
Elizabeth Richardson

You have just one annual income saved, which is decent for your age, but far from retirement needs of about 15 incomes saved. Keep on saving and investing.

Reply to
rick++

Thanks everyone for taking the time to response.

A couple things i forgot or will add

we both will be getting pensions, her's pretty darn good, mine ok.

The 403b is pretty good, she is a teacher, and it is low fee and has some good fund choices.

My 401k is maxed as much as my employer matches.

Goals, might not of been the best phrase to use here, as of right now, im interested on where to put my extra (if there even is any) I believe the college is taken care of as far as i want to go right now (state college), emergency fund is at or above what i want, roth fully funded, we dont plan on moving for 10 years (so that is a longer term goal i suppose) Early retirement is definatly in the mix.....but i dont imagine doing it too early.....

So my debate right now i believe lies in do i want to put anymore money into the 401\3B or go the stocks/mutualfund route, so im gonna bone up on stocks and mutual funds and see what i come up with. I agree with the index funds, so we will see....

Oh i also have 200k in whole life insurance and 2,500,000 in iraq dinar :)

Thanks again people, your advice is greatly appreciated. JoeTaxpayer, thanks for the spreadsheet...

Reply to
Tgotalk

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