My husband and I are in our early 30s and at a crossroads with what to do with our finances. I believe we need to hire a financial advisor and he believes we need to just keep doing what we’re doing (blind saving). We’re in good shape but we agree that we don’t know what we don’t know.
Below is a general summary of our finances. Does anyone have guidance or tips on how we can better steward our finances to prepare for the future? Or things you’d do (with your current knowledge) if you were in your early 30s with these finances?
Background: We have stable “essential” jobs (if you will), one child with hope of another, living in California with no intent to move.
Financial Summary
(average values, rounded for ease of discussion)
Monthly income: $9,000
Monthly expenses: $7,000 ($4000 in mortgage, remaining towards us, 1 child, 1 live-in grandparent)
Debts:
1) Mortgage with $500,000 remaining. 30y fixed at 3.75%. Paying additional $600 per month (26 years remaining).
2) Car with $5000 remaining. 5y, zero interest.
Retirement: Maxing out 401K contributions only.
Savings: $270,000 in a traditional savings earning 1%.
...That’s it!
Below is a general summary of our finances. Does anyone have guidance or tips on how we can better steward our finances to prepare for the future? Or things you’d do (with your current knowledge) if you were in your early 30s with these finances?
Background: We have stable “essential” jobs (if you will), one child with hope of another, living in California with no intent to move.
Financial Summary
(average values, rounded for ease of discussion)
Monthly income: $9,000
Monthly expenses: $7,000 ($4000 in mortgage, remaining towards us, 1 child, 1 live-in grandparent)
Debts:
1) Mortgage with $500,000 remaining. 30y fixed at 3.75%. Paying additional $600 per month (26 years remaining).
2) Car with $5000 remaining. 5y, zero interest.
Retirement: Maxing out 401K contributions only.
Savings: $270,000 in a traditional savings earning 1%.
...That’s it!