[USER]

My husband and I have never had any financial guidance during our upbringings. We would love to know how we are doing and what we can do better.

About us: Married couple 30 years old with 2 kids making $320k annually.

We currently have $30k- $40k liquid at all times, $150k in retirement, and $20k in other investments.

We’ve moved 4x across the country and our biggest payments were from down payments on our current home (purchased for $510k and now worth $680k), and moving expenses.

Lastly, we are entrepreneurs and have $70k personal loan for our local business operating expenses. From the start, it has been breaking even – bringing in around $3k a month which may he’s operating costs. We do expect to produce net revenue shortly.

Other debts include 2 car payments ($50k) and our morgtage ($430k).

We use HYSA getting around 5% on idle cash and current biggest expenses that are limiting us from growing our savings is private child education ($4k a month).

[Nelson]

Don’t get divorced..find a church/services/synagogue or mosque that shares your same values…As a matter of fact, find people from different faiths that share your same values. It will pay off in dividends…How?

You might 🤔 hear something from a different perspective and it will “click” inside you…

[Jaime]

Send your kid to public school – instant savings. Success comes from growing up in a stable and loving home and being raised by nurturing, involved and motivated parents – bonus if they are educated and financially well off.

Private school doesn’t usually contribute to a person’s success later in life when all socioeconomic factors are removed.

Ninety percent of Americans go to public school.

Use that tuition money to either buy a piece of real estate that will appreciate in value or put it into the stock market or other investments.

Also, check out: How to minimize taxes on business sale at retirement?

[Amber]

You say your car payments are $50k. I’m assuming that is what you still owe. What is your monthly payment because you will end up paying far much more than that $50k left owing by the time the cars are paid ofd due to so much of it going to the interest.

Good thing to keep in mind.

[Tom]

With your income and savings, car payments are a reflection of lifestyle creep. I would advise against taking loans out against depreciating assets in the future and start a “car fund”.

My approach was to buy 2-3 year old quality cars and drove them until the maintenance and repairs justified a new (to me) vehicle – about 13+ years.

Don’t miss: VTI vs. VTSAX: Which is better for a brokerage account vs. a retirement account?

[Sandra]

I’m similar to you, in our 30’s with 2.5 kids. Very similar assets. I’d pay down your car loans as fast as you can but other than that looks pretty good.

Then put those car payments into maxing out your tax advantaged retirement funds if you can.

[Author]

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