Hey guys I have a question for you financially minded folks and I would like a financial wellness checkup. Would be curious how you all would change our plan, or any suggestions to improve our current plan. We are not Mustachians yet but we are working towards it.
DH 39, Me 32, step daughter is 13 – we pay 950/mo in child support for her, and two sons under 3.
Retirement Savings (118k in IRA, and 14k in 401k, 4k in an index fund) We are now putting (with company contributions) 21% towards our retirement starting next month.
We have no debt other than our home (bought for 296k in Jan 2013 and currently owe 232k...with the current plan it will be paid off in 19 years)
Each month we have $700 dollars left over in our budget and I am uncertain of if we should be throwing that money at our home because its debt or if it would be much better utilized by putting it in an index fund or some sort of retirement fund.
I feel like dh has a great paying job, and a secure position. And I think we are short on retirement savings and should build that up as quickly as possible. In 6 years child support will stop and we can throw that $945/mo at our mortgage and kill it off in a few years. DH has no plans to retire until he hits 58. He actually really enjoys his job and we live in the perfect area for us (the North West) so we spend all our down time enjoying the natural beauty of the area. I currently stay at home with the kids and we are generally very happy. But I hate debt, I hate it like it’s a cancer so I am torn …where should we be throwing our money?