Okay, so you have a net worth of 27K plus 86K in a retirement account . . . but 61K of debt and no real estate investment as of yet, your expenses are pretty high (though LOTS of fat you can cut), and your kids are reaching an expensive age.
I'm going to ask a tough question: In your first 41 years of life, you've accumulated roughly 52K. That's your assets minus your debt. And you're hoping to accumulate 999,948 in 9 more years. This is a steep challenge for anyone, and it will require a lot of change. How are you planning to make this happen?
Looking at your other thread, where you mention expenses, I suggest you start with these ideas:
- Look for a rental that's cheaper than 1600/month.
- Slash your grocery bill by half. It's possible.
- Your gas bill is high. I'm assuming that's gasoline for the car, not heating oil. What options do you have for transportation?
- Your car expenses confuse me: If you're paying 334/month for a car, it should be fairly new -- but you're paying 125 in maintenance each month? What's up with the car?
- You're bleeding money as high as 20% . . . but you're tucking away money into savings? While I'm strongly pro-saving, I'd vote for digging yourself out of debt as fast as possible. You can never get ahead while you're paying all this interest.
In the whole, entire world, only two ways exist to escape this situation: 1) Earn more money. 2) Spend less money.
You need to incorporate both methods.
- Are you receiving any child support? If not, is this a possibility? No matter how distasteful it might be, you should pursue it.
- What options do you have for bringing home more money? This is tough when you're the only parent at home, but think creatively -- what options do you have?
- Spending less may be easier for you than earning more. You can find loads of ways to cut your grocery bill, reduce gift-giving, reduce meals out, reduce luxuries of all types.