marykate1019
New member
31 M making $140k/ year with approx 25-40k / year in bonuses. 5% of income goes to 401 k and employer matches 4%
Wife 30 F works part time to stay with our kid (2y) and cover car insurance + day care + other minor expenses
-Mortgage 221 k left @ 2.87% (1430/ month)
-Student loans 125 k left @ 5.9% avg (1400/ month)
-No car debt because both of us are driving older vehicles but wife wants nice things and might need to buy a car this year/ next
-Looking into possibly buying a home closer to family+ daycare and would likely rent out current home at around 2200-2500/ month
-wife MIGHT start additional schooling which will be 40k and take around 3 years. After finishing salary will be around 100-150 k for 3 days of work.
-Probably another kid or two next few years
-70 k saved plus wife has about 30 k saved
GOAL: Get around 6-8 k in passive income and retire early (with part time work)
I am not good in stock trading nor do I have the desire/time to learn between work, husbanding, and parenting. I have been paying down my student debts very generously since graduating. To give perspective student loans were 230k in 2019. Been paying the minimum on mortgage because of the interest rate. My question, is should I buckle down and keep paying down the student debt or should I pay the minimum and invest the rest? And if I do invest, what to invest in anyway?
Any and every tip will be appreciated, thanks in advance
Wife 30 F works part time to stay with our kid (2y) and cover car insurance + day care + other minor expenses
-Mortgage 221 k left @ 2.87% (1430/ month)
-Student loans 125 k left @ 5.9% avg (1400/ month)
-No car debt because both of us are driving older vehicles but wife wants nice things and might need to buy a car this year/ next
-Looking into possibly buying a home closer to family+ daycare and would likely rent out current home at around 2200-2500/ month
-wife MIGHT start additional schooling which will be 40k and take around 3 years. After finishing salary will be around 100-150 k for 3 days of work.
-Probably another kid or two next few years
-70 k saved plus wife has about 30 k saved
GOAL: Get around 6-8 k in passive income and retire early (with part time work)
I am not good in stock trading nor do I have the desire/time to learn between work, husbanding, and parenting. I have been paying down my student debts very generously since graduating. To give perspective student loans were 230k in 2019. Been paying the minimum on mortgage because of the interest rate. My question, is should I buckle down and keep paying down the student debt or should I pay the minimum and invest the rest? And if I do invest, what to invest in anyway?
Any and every tip will be appreciated, thanks in advance