I posted my case study last February here -
http://forum.mrmoneymustache.com/ask-a-mustachian/case-study-help-me-tackle-debt-and-build-plan-for-future/msg232331/#msg232331Made some solid progress, got a promotion, but some things remain the same. Here's my current situation
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Income (After taxes, insurance, 401k, HSA, ESPP, etc) - $11k/mo
I max out 401k and HSA, get 3% employer 401k match.
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Expenses -
Mortgage $1798
Heat, Electric, water, trash $250
TV, Cell, Internet $175
Car payment $500
Student loan $100
Car insurance $40
Term life $40
Parking $25
Kids school $600
Gasoline $150
Groceries $750
Other $700 (dining, shopping, kids activities)
$5,128 per month spending
$5,872 per month net savings
~$1,300 of monthly spend goes toward debt paydown (mortgage/car/stln)
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Assets -
401k $180,000
Savings $40,000 @ 3.0%
I Savings bonds $16,000 @ CPI
CD $5,000 @ 2.5%
IRA's $12,500
College savings $15,000 (3 young kids)
Fidelity ETF (investments) $12,500
property value $215,000
Company RSU's $50,000 (After tax; vesting in next 1- 6 months, included in total)
2009 Honda Fit $8,000
2012 VW $17,000
Total $572,000
Other items -
Company RSU's $225,000(After Tax; vesting 2016 - 2020; not included in total above)
Discretionary bonus each year, up to $40k after tax
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Debt -
Mortgage $169,900 @ 3.375% (15 year fixed - new refi)
student loan $19,100 @ 2.25% fixed
Car $18,000 @ 0% interest (value $17,000)
Total $207,000
NW - $365,000
Over the last year+, assets up by $129k, liabilities down by $80k.
My job is hectic, I don't want to be doing this long term, would like to get out within 5 years, want to do something less stressful. My wife stays at home but youngest will start preschool a year from now, so she may go back to work in education. Kids will go to private school so need to consider that is going to be an expense for the long haul, probably $600-1k per month for the next 5-10 years at least.
Another frustration is taxes. I make a lot, so I am at the point where I get nailed on income tax, and I am just above the level where it hurts the most.
My plan is to roll all savings into investments - low cost fidelity ETF's and once NW gets over $1M, start to plan for a career switch....
What else do I need to consider?