Reply to Family of 5, appx $300K HHI - would you do anything different?

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[quote=Anonymous][quote=Anonymous]Thanks again!!!  I am working on all of the stuff people are mentioning - I will work on accounts and I will check on divorce / retirement savings name and how that matters just for my own protection.

This YNAB is great and I've only just started.  I probably feel like I am hemorrhaging cash because we are probably spending more than we are putting into that account each month - but I had a cushion in the account (that is dwindling).  So I have to look into that and figure out what to do.

BUT I was just spinning my wheels before this post.  Now I am actually looking at numbers in and out and trying to start doing something.

To anyone else flailing right now:
Start where you are. Use what you have. Do what you can.
A year from now, you will wish you had started today.
To try to be better is to be better.

XOXO :)[/quote]

Here's something you haven't specified but needs an answer:

Does your company offer a 401k and if so, are you maxing out your contribution?

If they offer one and you are not maxing it out, you need to get on the [b]YESTERDAY[/b]

If that means you then need to cut back on the $1600 extra on the mortgage, then you need to do that and your husband needs to support that -- if he doesn't, he's not being fair and not thinking clearly.  He also should be maxing out his 401k if he has one or contributing to a SEP or similar through this side hustle if there's enough coming in there.

It's also not clear(or I missed it) if you have 529s set up for the kids and how much these each have in them and if you are systematically contributing to these.  Maybe they all won't go to college but it they do, it's expensive and not getting cheaper.

An additional thing you need to figure out, and sooner is better than later is your net worth.

Based on your ages and your income you should be at $2.5 million net worth to be on target for comfortable retirement.

And if you are anything below $1.3 million, you need to really re-calibrate w/ your investments and retirement savings.

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