Hey There!
We are very new to the way of MMM, but are ready and excited to catch up. We are so new, in fact, that it feels a bit overwhelming. Below is our situation, in a nut shell:
Family:
35, 38 married couple
1 2 year old kiddo
House:
Recently purchased a house (6 months ago) with 20% down for 468,000.00. Apparently, according to Refin, the house "value" has increased to 531, 614. (I have no clue if this is significant in any way).
Monthly Expenses
Mortgage is $2,300.00
Food/Fun: $600
All other bills: $200
Debt:
8K between three credit cards. Thess will be paid off in full by December 1st
Retirement
We only have 1 retirement account, under my name. Husband is in restaurant industry with no offered retirement plans or benefits. Total amt: 70K.
Stocks:
14K in stocks
Car:
Owe 16K for our car at 2.8 interest rate.
HSA:
6K saved, contributing 6K a year (this includes company match)
Monthly Income after 401K & HSA withdrawls : 7,000 give or take, depending on restaurant tips
Main questions for the group:
1. How do we get my husband set up for retirement, without a work place plan?
2. Do we focus on paying off our mortgage faster?
3. Should we set up a 529 for our kiddo?
4. What would you start with?
Thanks much for any and all ideas.....your experience and expertise is totally appreciated.