You have not been poor. You have been broke.
401k only up to the max, the rest into investment account and learn to manage it on your own.
Learn to invest. Don't fall for all the accounts offered by work/government. They are traps. Figure out Roth for you situation while they still allow it for people making as much as you do.

Anonymous wrote:Why is your child in private school, what does it cost, and do you have a 529 college fund for him/her? How old is the child? Do you have a spouse and do they work?

My spouse works part-time as a nurse practitioner. The decision to send my oldest son to private school was a challenging one following an evaluation of the school system in Baltimore County. Thus far, we are very pleased with the private school. My wife's part-time job covers the tuition. We may reconsider, but for now, my spouse is resolute in her decision to send him there. One gotta make the old lady happy 😂

Congrats!! Good for you!!!

Congratulations on paying off the loans! You have a great foundation. Keep saving and investing. It takes time but you sound determined and will get there. After about 20 years of socking it away and investing you can have millions. It takes sacrifice, such as buying used cars and keeping them until they can’t be run anymore, taking inexpensive short vacations, ditch the private schools, etc.

Why is your child in private school, what does it cost, and do you have a 529 college fund for him/her? How old is the child? Do you have a spouse and do they work?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account.

If I were in that situation my primary focus would be getting the mortgage paid off. I’d max out a Roth and then everything else extra goes to the mortgage. 529 is good but secondary IMO, your retirement is more important than their ability to pay for college. There’s always community college. You can’t retire or feel financially “free” until that mortgage is gone.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

Anonymous wrote:Op that’s a great income for a dentist. Are you a specialist? Or go?

I am not a specialist. I have been fortunate enough to work in a highly productive office environment. I maintain a diligent work schedule of 4.5 days a week for 8 hours. My goal is to cultivate the discipline necessary to save more and achieve financial comfort. I just don’t know where to start. I have started listening to podcasts. I envy all the people in this forum. I just want to get there one day!

Op that’s a great income for a dentist. Are you a specialist? Or go?

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Need way more info- do you own a home? Mortgage? Expense breakdown? Savings? Etc

Upon learning that interest would begin accruing on August 1, 2025, I opted to settle my outstanding student loan balance. Initially, I borrowed $300,000 to finance my dental school education. Over time, I have paid approximately $350,000, with an interest rate of 6.7%. Notably, I achieved this feat on an associate's salary, while also traveling extensively, owning a home, and funding my child's private school education. Moving forward, my objective is to concentrate on retirement planning over the next decade. I have been maximizing my 401K every year the last seven years. I must admit that I empathize with recent graduates who are shouldering substantial debt burdens. Even a decade ago, my own student loan amounts seemed exorbitant. It is concerning to see institutions like UPENN and NYU charging students nearly $800,000.

I am planning on opening a brokerage account. I come from a refugee background. I have been poor all my life l. I want to be successful and save my money. Where to start? Please be kind and advise me. I make a decent salary of 400,000 a year. We are very comfortable. My spouse is a Part-time Nurse practioner!

PS: To the pedantics in the group please excuse my grammar. English is my third language!