Hello MMMers,
I am 25, married, and looking for financial advice from strangers.
Income:
Me - 43k
DW - 42k
$5,300/mo after tax, health insurance, retirement contributions
Current expenses:
Mortgage - 1,050
Utilities - 200
Internet - 50
Cell Phones - 53
Gas + Insurance - 270
Groceries - 250
Dining/Bars/Going out/Coffee Shops/Eating out at work - 175
Home furnishings/improvements/misc supplies - 100
Shopping/clothes - 150
Charity - 50
Misc other - 100
Total - $2,448/mo
Assets:
Cash - 36k
Vanguard - 12k
DW IRA - 5.5k
Me IRA - 4k
DW 401k - 3.5k
Me Pension Fund - 2k
Me Simple IRA - 2k (old work account, will move in Nov)
House - $172k (purcahse price in 2012)
Liabilities:
Mortgage - 146k
CC Debt - 1.8k (current balance, paid off every month)
Net Worth: 89k
Specific Question(s):
1) WHAT CAN WE DO BETTER?
2) On paper, our savings rate is above 50%, and while we hit this most months, our overall savings rate over the past couple years is closer to 40% due to some larger expenses (old cars, old house, medical bills, vacations). Do people account for this when calculating their savings rate? Is my savings rate a nice, stubbly 50%? Or a weak, paltry 40%?
3) I see people all the time who are my age or younger with much higher salaries than mine. I chose marketing as my degree because it is somewhat interesting to me and was usually listed as a 'degree that will get you a job'. Now I feel like I done goofed. I like my job alright, but I feel like I'm missing out on a lot of income potential by not being in a more lucrative field. I also feel like it's kind of foolish to go back for a 2nd undergrad (CS probably) when I'm less than 3 years out of school and just paid of my student loans. I've also thought about an MBA, but that would be more expensive, and there seem to be a lot of mid-20 year olds with MBAs and not a lot of experience. I don't know how "in demand' I'd be.
Thanks in advance, this is a great community.