Reply to What do we do now that our debt is paid off?

Forum Index » Money and Finances

Reply to "What do we do now that our debt is paid off?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We finally have our finances in order, but don't know what do next.  DH and I are both 45.  HHI is about $275k.  Only debt is $300 a month student loan payment with low interest rate.  We contribute the max to 401(k)s.  We have 9 months of living expenses saved.  We contribute to 529 plans for 2 kids monthly and are in good shape there.  We own a home and pay our mortgage payments.

We will continue to save but don't know where to invest the money.  Should we just look at some good mutual funds?   [/quote]

Um, if you still have student loans and a mortgage, you debt isn't paid off. :)  However,  I would add to your retirement savings, maxing out 401ks in your HHI isn't enough.  I would put in more to your kids 429 plans - so if you have a rough road down the line, there is enough money for them to go to college.  (That is what we did, we made sure that there is enough for four years of state college tuition, fees & R&B. and then we have a separate savings account for extra retirement/education).  I would also start prepaying the mortgage- especially if you have less than 20% equity - to get rid of the PMI.  You can plan for a nice vacation too.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics