Hello all! Looking forward to joining the community and any advice for my particular situation.
Ages: Under 28 for myself and my wife
Income: We currently make ninety k before anything gets taken out. 1/5 of our income goes to 401k.
Fixed expenses:
Round to around $600 fixed costs per month for the year. (internet, electric, heat, phone, insurance)
Expected expenses: Van (when children) (8-10k, cash only), some small home projects (5k) These would fall into our 1-5 year plan
Assets:
No debt. Two vehicles and a small fishing boat paid for. Home is paid for - value around $140k.
Background:
Realistically, when is too early to start thinking about indulging in a childhood dream? Specifically, a lakeside cabin? I would initially be looking for something under 100k-120k and to finance. This would be our first major debt, so we are very cautious about this line of thinking. However, I am leery of the stock market. I see this cabin as another avenue to save for retirement via real estate, while enjoying the place in the process. I know we could add more to our 401k, or start a Roth, but I have issues with too much being in the stock market, and nothing to show for it if (when) she goes down again.
Would appreciate any thoughts or comments!
Thanks for reading,
Aaron