31 years old. My wife (32) has been unemployed for 3 months. Looking for input on our financial position.

[novaman]

@alicia0201 I’m confused about how your income is north of 200k but your monthly income is around 10,000?

 

[slicey]

@novaman The basic rule is monthly take home of $1k for every $20k in gross salary. This guy’s situation fits literally perfectly.

 

[heavenrose48]

@alicia0201 So why hasn’t she got a job? Lots of jobs out there

 

[biblejohnmark]

@heavenrose48 I’d wouldn’t rush to find a job if my partner makes 200k

 

[resjudicata]

@biblejohnmark If my husband made 200k and we had no kids, I would be the best stay at home wife this world as ever seen. I would get being a house spouse turn into an Olympic sport lol

 

[resjudicata]

@heavenrose48 Not sure why you are getting down votes for telling the truth…

 

[kyrani]

@alicia0201 Your total savings are 2.5x your base income, and 2.5x recommended for your age. Excellent work!

 

[selinakylecw]

@alicia0201 I like an automatic investment into a mutual fund or stock brokerage account. I actually do both. They both come out of our accounts automatically each month- $250 to mutual fund and $500 to brokerage that automatically gets invested the way the portfolio is set up. Plus you end up dollar cost averaging- when stocks are down you pay a lower price and when they’re up you pay a higher price so you never end up investing all your money at the peak

 

[genebgto]

@alicia0201 Between both of you, you need $4mn ( around 20x annual income) in term life insurance as soon as you have your first kid.

 

[hulk1234]

@alicia0201 For the 401ks, you can consolidate the old ones into your current company's 401k. In my case it was easy since both of my 401k accounts were at Fidelity. Ultimately you can just rollover all accounts into an IRA - this takes about a 10min phone call with your financial institution. 401ks have a few legal protections that an IRA doesn't have, but I don't think it's worth the mental hassle of tracking everything separately.

Anyway, your position looks great - congrats!