Tweet
I'm starting a new thread since we've made some major decisions in the 10 days since my last thread.
Our cc debt has now been halved. We sold all non-retirement stocks/funds and closed one card. The other is at 0% for a period of one year. We anticipate this debt will be paid off in 8 months or so. Since we took advantage of a low-cost, zero percent transfer, we bought ourselves a bit more time and do not have to halt our 401(k) contributions.
We've established a spending budget and are tracking it on mint. We're sticking to it. I've also cut $105 from our monthly recurring bills, and that's only after reviewing 2 of the 8 or so I have to handle.
I have a 401(k) question. I work for a traditional employer who doesn't match (bummer), so my max contribution is $17,500. Since I received a raise this month, we're going to keep maxing this out and it will be like I didn't get a raise at all.
My husband is self-employed. He has a solo 401(k) and his max is just north of $50K once you give yourself "employer match". This is a longer term question (as we won't be able to increase his dramatically until after the cc debt is paid), but are we best to put as much as we can into his 401(k) (meaning all of our 20% pre-tax income budgeted for savings), or should we diversify with a non-retirement investment account?
I'm thinking we should put *most* of it in a 401(k), say 85% of what we're saving, then the additional 15% in a non-retirement investment account. But I'd love thoughts. Thanks.
Our cc debt has now been halved. We sold all non-retirement stocks/funds and closed one card. The other is at 0% for a period of one year. We anticipate this debt will be paid off in 8 months or so. Since we took advantage of a low-cost, zero percent transfer, we bought ourselves a bit more time and do not have to halt our 401(k) contributions.
We've established a spending budget and are tracking it on mint. We're sticking to it. I've also cut $105 from our monthly recurring bills, and that's only after reviewing 2 of the 8 or so I have to handle.
I have a 401(k) question. I work for a traditional employer who doesn't match (bummer), so my max contribution is $17,500. Since I received a raise this month, we're going to keep maxing this out and it will be like I didn't get a raise at all.
My husband is self-employed. He has a solo 401(k) and his max is just north of $50K once you give yourself "employer match". This is a longer term question (as we won't be able to increase his dramatically until after the cc debt is paid), but are we best to put as much as we can into his 401(k) (meaning all of our 20% pre-tax income budgeted for savings), or should we diversify with a non-retirement investment account?
I'm thinking we should put *most* of it in a 401(k), say 85% of what we're saving, then the additional 15% in a non-retirement investment account. But I'd love thoughts. Thanks.
Comment