Hey everyone. I'm trying to plan for the future and was never taught anything from my parents on how to handle money. (They always scraped by).
My wife and I make around $160,000 a year combined. We are 34 and 38 respectively and have a 5 year old child. I work in commission sales (sporadic income) and my wife has a state level government job. We both max out our Roth IRA (have been for 5 years or so now) and she has a pension from work after 30 years of service (has 8 years in now) and will be able to retire around 62 with 70% of her pay. (Should be around $80,000 or so we're guessing).
Our mortgage is reasonable but property taxes are going up every year and are expensive here in the Northeast. Mortgage is around $2100 a month with taxes. House worth $475,000 or so, owe $290,000.
We have two cars, mine is paid off (worth around $40,000) and hers has a loan of around $27,000 left (worth $50,000).
As I am self employed with sales and have VERY varied income monthly (some months it can be $15,000 - $20,000 some months NO money). I am always scared to not have a large savings account in case of emergencies. I have around $50,000 sitting in savings right now. I'm trying to figure out the best use of that... self employment 401K after roth is maxed? Bonds? Seems silly to keep this kind of savings but if I were to go on a cold streak with work my wife can't support our bills alone on her salary.
We don't have a FIRE date, but plan to work until at least 60 (god willing). Anything I'm missing here? I don't want to miss out on compounding interest at our ages if I can.
