I am a 33 year old professional with a husband and two small children. I will pay my car off in the next few months but am not sure where I should be investing my money once that loan is paid off. Here is my current situation :
First I know this heavily frowned upon but my husband and I have completely separate money. What I mean is his money is his and mine is mine. We equally split all housing and child rearing costs 50/50. I am a huge saver while he thoroughly enjoys spending it.
We currently owe $160,000 on our mortgage at 3.25%
I have $88,000 in various retirement accounts (401K, 403 B and a pension through the school district where I teach)
$16,000 in an emergency account
Kids college accounts are set up and am contributing to them a few times a year
As well as a few other small counts with less than $1,000 in peer to peer lending, checking accounts, and in stocks that I personally play with.
Originally I wanted to put all my extra money on my mortgage to get it paid off, however my husband does not make any extra payments and our interest rate is low.
I thought about adding more to the peer-to-peer lending since the stock market might be taking a slight dip in the future.
Another idea is to put money into mutual funds and save up to purchase a rental house or two when the price is right (this is something I would like to get into before I enter I retire at the age of 54).
Any advice is greatly appreciated, or if I am completely missing something please point it out.
In addition: I am looking to get around $100,000 in inheritance and would like to have a plan on what to do with that money before it comes.
Thanks guys!