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Okay I admit I am not as in touch with my finances as I should be anymore because kids make it difficult enough to follow along with our "budget". Of which we rely more heavily than every on saving first and spending the rest. We just don't have time to track every dollar anymore.
But I was motivated to see our stats and we accomplished some large milestones
Mortgage under $400k, $200k paid off. Retirement savings over $400k total (401k @ $231k, rest in IRAs). Taxable accounts $195k - hope to hit $200k by the end of the year.
For people who are curious we started saving in 2006 with $2k in retirement and not much else. We got married in 2005 and until then my DH had no retirement savings at 28 being foreign and in grad school. I had an IRA that had lost money and no 401k because I had only worked 2000-2003. So we continued living like grad students and just saved the maximum in 401k, Roth IRA. In 2010 we lost my income (staying at home with 1st baby) but my DH got a promotion raise and he made up my income. We've continued living in the same house and same savings and just living the same lifestyle we had since 2005. We are now 34 and 35 turning 36 end of the year.
Goals now are to have in our taxable accounts by age 40 enough to pay our mortgage 100% outright, but we don't plan too. We are just paying it down as a hedge against inflation and trying to build a firm foundation. And perhaps we are considering moving and having a 3rd child, I think if I wait we can afford it comfortably.
But I was motivated to see our stats and we accomplished some large milestones
Mortgage under $400k, $200k paid off. Retirement savings over $400k total (401k @ $231k, rest in IRAs). Taxable accounts $195k - hope to hit $200k by the end of the year.
For people who are curious we started saving in 2006 with $2k in retirement and not much else. We got married in 2005 and until then my DH had no retirement savings at 28 being foreign and in grad school. I had an IRA that had lost money and no 401k because I had only worked 2000-2003. So we continued living like grad students and just saved the maximum in 401k, Roth IRA. In 2010 we lost my income (staying at home with 1st baby) but my DH got a promotion raise and he made up my income. We've continued living in the same house and same savings and just living the same lifestyle we had since 2005. We are now 34 and 35 turning 36 end of the year.
Goals now are to have in our taxable accounts by age 40 enough to pay our mortgage 100% outright, but we don't plan too. We are just paying it down as a hedge against inflation and trying to build a firm foundation. And perhaps we are considering moving and having a 3rd child, I think if I wait we can afford it comfortably.
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