Hi There - Lauren aka "Ligreclm" here. I am a CPA (audit, not tax unfortunately), mama of a 3 y/o, wife to an electrical engineer. I just left the rigors of public accounting life and took a part time job with a nonprofit client for WAY less money (and less stress and less hours) so I can spend more time with my little lady and more time working out because I am very overweight (getting healthy is a priority). I am FREAKING OUT because I make about 30-35k less a year, which I am learning is actually a lot of money and was much of our disposable income and savings.
I am trying to take control of the situation and am looking closely at our finances, retirement, spending, and overall lifestyle so that we don't fall anymore behind than we are and maybe even get ahead.
My husband and I have always put about 5% into our 401k so we have about 200k in retirement, amassed a decent savings account (or what we thought was one) of about 40k. We have a mortgage on our house of about 175k, we have used cars, no student loans left and no credit card debt.
Our goals are as follows:
1) Learn how to spend LESS and where we can cut current expenses
2) Get money out of savings and put into income earning accounts
3) Figure out how to get house projects done without spending an absolute shitload of money. We have a house from the 1940's that needs new windows, insulation, kitchen relocation, shed, patio and landscaping, etc.
4) Increase annual retirement contributions
5) We REALLY want to have another child and will likely have to spend 20k on IVF or other treatments to have this child. We need to save for that.
6) Once we are in better shape financially, I would like to possibly invest in real estate or something similar. I love the idea of owning a few rental properties near me and Airbnb-ing them or having long term rentals. There are only 2 Airbnb's in my town and they are 75% booked for the YEAR so I am waiting for a relative to die and leave us some money or something to buy a little rental. Ha. I'm awful. Oh well.
7) Getting our family healthier by less technology, more exercise, more biking (hoping to commute to work in the spring!), and more TVless quality time.
8) I would like to learn how to earn money on the side. I am a quickbooks pro advisor so I thought about helping people that way, but I do accounting all day so I can't imagine doing it at night or on weekends too, its so boring. I am also an avid quilter, knitter, crocheter and am considering opening an etsy shop for my goods. In my next life, I would like to arrange national and international artisan tours of handcrafted studios and arrange classes. Wouldn't that be a dream.
I have been analyzing income and expenses and will probably be posting into Ask a Mustachian. I opened up a vanguard account and transferred some savings into there but can't seem to even pick an index fund to buy and am questioning whether now is a good time to buy, because isn't the market high? Bah I don't get investing. I am overwhelmed a bit and may need hand holding. It's pathetic but its true.
Thanks Everyone and I hope to get to know you!