Hello Mustachians,
I'm a long time voyeur on this board but have never made a post. So here goes...
My wife and I live in Brooklyn, NY. I am 38 and she is 32, I am a small business owner
and she is in the education field. We dream of leaving the city behind and heading to
the country to live a more peaceful and self sustainable lifestyle but for now we make
decent money in the city. However, we do not necessarily know what to do with our
money in order move toward FI.
At the moment we have zero debt, we have one vehicle fully paid and a combined income
of 170k after taxes per year. We both just got out of student loan debt, so this is the first
year we have had the opportunity to use what we make to our advantage. We have around
$70k in our bank account and this year we will have about $8k per month leftover after our
monthly expenses. We currently have no investments, that includes no retirement investments.
What would you do with this $8k per month? I'm fairly certain we make to much to have IRA
accounts. And i've read tons of opinions on Index Funds on this board and it def. seems to
be a positive way to go. Aside from that if we did find a house now to purchase we have the
down payment just sitting in our savings to do so but this would mean we would have to
commute weekends (which we don't mind because leaving this city for some peace is fine
with us) but we do realize a house means added expenses: taxes, upkeep, gas to and from
city.
We would love to hear some veteran Mustachians chime in here, we know we won't always
have this type of income and want to make sure we invest accordingly.
Godspeed!
Don