Reply to What a self made multiple millionaire would do in your shoes to increase your net worth.

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[quote=Anonymous]OP, thank you for doing this.

Age: 
--30 and mid-30s.  Would like no more than 2 kids, two probably ideal - recently started trying.

Current income: 
--One spouse FT salaried employee, $100k.  
--One spouse owns a business that has never been in the negative, but doesn't bring in much (we budget off the salaried income only), even though its been promising.  Both spouses agree it is time to apply for salaried jobs.  Spouse with business formerly made more than other spouse but in an industry hit hard by the recession.

Assets:
--Home worth about $500k, owe $253k.  (recently refinanced to 15 year at 2.875%)
--Only other debt: $16k federal student loan (5.3%, interest tax deductible in current income range)
--Own two older cars, neither of us drive much however.
--$296k in 401(k), IRA, SEP-IRA
--$8k in ROTH IRA
--$2k in another investment account
--$16,500 in 529 college savings for future child(ren) 
--$57k in cash
--Some other assets that could be sold if we had to
--Business and its assets including its cash

From sitting down and doing this rundown, I know I need to (and I WILL):
--Purchase index funds with some cash we have sitting in IRAs.
--Not have so much personal cash earning low, low interest.  
--Contribute to ROTH IRA for 2012 (will be eligible), in addition to 529 contribution.

What would you recommend?  We live frugally and are happy.  Other factors include that salaried employer recently started offering ROTH 401(k) option.  We know kids are expensive but thankfully family has offered childcare at no cost to us.

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