How are we doing?

[sj16]

Hi everyone!
I wanted to get some feedback on how we were doing financially at our age and where/how we can do better...
Husband is 37 and I'm 32 and we have a six-months old.

Combined annual income ~$150K and we live in a very high COL city.

Assets
House - worth about $550K
IRA/401K/Investments : $160K
Savings/Emergency Fund : $15K

Debt
Mortgage : $190

Net Worth ~$530K

We currently save about $2000/month in savings (retirement & investments).

Please share your thoughts on our financials and if we are on track and/or need to work on a particular area.
Thank you, we really apprecitate it!

[DollarsAndDissonance]

Hard to say without knowing your goals.  Do you have a savings target?  Or a retirement timeline?

Without knowing your exact expense breakdown, it would seem to me that your savings rate is relatively low by MMM standards.  Assuming you take home $100k of that $150k gross, you're saving around 24%.  Using the 4% safe withdrawal rule, you would need $1.9M in savings to support your $76k/year spending.

Up to you whether that's "on track" or not.

[Emilyngh]

Hi everyone!
I wanted to get some feedback on how we were doing financially at our age and where/how we can do better...
Husband is 37 and I'm 32 and we have a six-months old.

Combined annual income ~$150K and we live in a very high COL city.

Assets
House - worth about $550K
IRA/401K/Investments : $160K
Savings/Emergency Fund : $15K

Debt
Mortgage : $190

Net Worth ~$530K

We currently save about $2000/month in savings (retirement & investments).

Please share your thoughts on our financials and if we are on track and/or need to work on a particular area.
Thank you, we really apprecitate it!

What are your goals?   How much do you imagine do you'll need in retirement (eg., do you plan on staying in an expensive house, if so your home equity doesn't really count towards your retirement stache).

How you're doing depends entirely on what you want?

[Beric01]

I would recommend posting a case study in the Ask a Mustachian subforum. This should help you get the best response. Note that there's no listed expenses in your post, so it's rather hard to evaluate your situation.

[MDM]

sj16, welcome.  As others have noted the post is somewhat lacking in details, but at a quick glance it appears you are doing well.  See How to Write a Case Study if you are willing to share more (as Beric01 has also just suggested).

Do you contribute $35K/yr (or $17.5K/yr if only one of you is currently employed) to your 401k plans?  $11K/yr to Roth IRAs?  Take advantage of any company stock discounts?  Etc....

[sj16]

thank you for all your responses, will post a case study with more details. We have never thought of early retirement until I found this blog a month ago so don't have a solid time horizon of ER yet but want to see how feasible it might be for us.

[domustachesgrowinhouston]

thank you for all your responses, will post a case study with more details. We have never thought of early retirement until I found this blog a month ago so don't have a solid time horizon of ER yet but want to see how feasible it might be for us.

Probably very feasible. Once i started looking at things a bit differently, debts began to melt and then investments began to snowball. Im sure youll see the same things. And you seem to have a great start too!  Good luck!