Hello Fellow Mustachians,
I've been following this forum for many years now and want to start off my thanking everyone for their contributions to this board. Your advice, tips, and strategies have helped me immensely since I started reading this forum.
I am turning 30 this year, and am a Canadian living in Central Florida since last year. I had moved down for work, and also for my wife (we got married towards the end of last year). I work in IT as a Consultant and travel to a project location every week for months at a time. My wife and I have no kids yet, but are intending to start in the upcoming year. We both grew up in blue-collared families and luckily for me, she understands how to budget and save money.
We have worked hard to build up our cash savings and are very fortunate to be in a position to get ahead in our lives. However, I'd like to get the opinion of the Mustachian community on what the best course of action is for us. With our cash savings, we are looking at the following opportunities:
- Pay off our remaining mortgage, and contribute more to TD Ameritrade account with savings
- Purchase a rental/investment property (and use rental income to contribute more to TD Ameritrade account
- Contribute more into our TD Ameritrade account and add to our dividend portfolio
Current Situation:My income: $105K (90K base, 15K bonus, with opportunity for an additional $8K each year based on performance of company's shareprice)
Wife's Income: $87K
Assets/LiabilitiesOriginal Home Purchase Value: $250K (current home value likely around $225K)
Mortgage Remaining: $167K
CAD Cash - $130K (from my house sale before I move down, but due to the weak CAD dollar I opted to leave this cash in Canada until the CAD dollar rebounds)
USD Cash - $104K
US CD (due 12/2016) - $21,056
TD Ameritrade (joint) - $74,589 (roughly 12 dividend aristocrat stocks, continuing to contribute roughly $3-4K each month)
My 401K - $16,345.27 (aiming to max out each year)
Wife's 401K - $130K (aiming to max out each year)
My Roth IRA - $11,883 (just started last year)
Wife's Roth IRA - $11,995 (just started last year)
Company shares - ~$18,000
Pension from CAD company - $23,130
Total Assets: ~ $765K
Total Liabilities: ~$167K (we have no other debts beside the mortgage)
Net Worth: ~$598KGoals: - FI by 45
- Start saving for family
- Continue to travel each year (roughly 1-2 large trips each year)
Look forward to hearing your advice/input/feedback. Thank you fellow Mustachians!