Long time(>4years) lurker , first time post.
I work in a small startup tech company and total compensation is 170k(will lose my job anytime), partner also has a 65k job. I feel if I lose my current job, I won’t be able to get another similar pay job in the future, ending up with moving to non-IT job (or min wage ) based on current circumstances. Below is our finance state and plan. Please advise.
I am 38, partner 42.
NW: 666K (350K retirement; 276K cash in Money Market or CD; 5k taxable account; 35k 529) ; some company stock options, they are papers if it won’t be able to go public. By end of year, it will hit 700K since I have not contribute HSA, IRAs.
home equity: 360K(10 years mortgage left, 942 monthly payment)
Debt: payoff CC monthly; 635 car loan with 5.6%(26K left)
I know I hold a lot of cash, I have been aggressively saving these years since I know I will lose my job anytime and can’t get back to similar position in future and meanwhile the stock market is all time high and afraid put them into the market.
One 9 yr old kid, planed to pay for college tuition.
Now we trying to save as much as we can. Cut off vacations and all big expenses just live below mean. If I can survive two more years in my current job by 2026, Our NW hopefully hit 1 million excluding home equity. That is my current goal. Starting next year, I plan put all leftover paycheck to taxable accounts and put them in market.
My big concern is health insurance if I lose my current job, health insurance could be a headache for us. Also partner’s paycheck could not cover all expenses and his job is also not stable. Without sustaining income or passive income, We probably would live on the savings for a long time.
Please evaluate our finance state and advise, I can foreseen our NW will not grow much in next 10-15 years(low income+ paying college) How can I improve and build passive income.
Thanks in advance!
I work in a small startup tech company and total compensation is 170k(will lose my job anytime), partner also has a 65k job. I feel if I lose my current job, I won’t be able to get another similar pay job in the future, ending up with moving to non-IT job (or min wage ) based on current circumstances. Below is our finance state and plan. Please advise.
I am 38, partner 42.
NW: 666K (350K retirement; 276K cash in Money Market or CD; 5k taxable account; 35k 529) ; some company stock options, they are papers if it won’t be able to go public. By end of year, it will hit 700K since I have not contribute HSA, IRAs.
home equity: 360K(10 years mortgage left, 942 monthly payment)
Debt: payoff CC monthly; 635 car loan with 5.6%(26K left)
I know I hold a lot of cash, I have been aggressively saving these years since I know I will lose my job anytime and can’t get back to similar position in future and meanwhile the stock market is all time high and afraid put them into the market.
One 9 yr old kid, planed to pay for college tuition.
Now we trying to save as much as we can. Cut off vacations and all big expenses just live below mean. If I can survive two more years in my current job by 2026, Our NW hopefully hit 1 million excluding home equity. That is my current goal. Starting next year, I plan put all leftover paycheck to taxable accounts and put them in market.
My big concern is health insurance if I lose my current job, health insurance could be a headache for us. Also partner’s paycheck could not cover all expenses and his job is also not stable. Without sustaining income or passive income, We probably would live on the savings for a long time.
Please evaluate our finance state and advise, I can foreseen our NW will not grow much in next 10-15 years(low income+ paying college) How can I improve and build passive income.
Thanks in advance!
Statistics: Posted by livypool — Sun Sep 01, 2024 11:01 am — Replies 2 — Views 74