Short version:
- 48 years old.
- Debt free
- Using Mint to determine my budget and what leftover income I have each month.
- Not sure what to do next
Right now, Mint is showing me that I have about $3-4K in leftover income each month. Over time I will probably get this up to a consistent $4K. I only have about 10K in my emergency fund, with a target of $25K. I also need to save about $50K over 8 years for my daughter's college. I have a 6% match on my 401K, with an additional 4% from my employer.
I am struggling to figure out what to do next, nothing I can come up with really seems to make a great deal of financial difference, and I am not really able to let go of the day job. It's not totally soul-destroying, but it's corporate (finance) and not exactly making me happy.
I traveled when I was younger, not really interested in doing that at the moment.
I have run some numbers on getting a HELOC and buying a rental property, and looking at other investment vehicles, but nothing really seems to be able to lift me out of the situation I am currently in.
I would like to do more meaningful work - woodworking, electronics*, and not worry too much about a drop in income.
I think my current expenses are around 2-2.5K.
I am looking for suggestions on what to explore next.
Thanks.
*yeah, I know that sounds weird, but I few years ago I quite successful in designing some electronic devices, which I sold.