Our family was presented with an opportunity of an extra job, outside of the typical 9-5 that will increase our family income by $50k per year. This income will be generated at least 2 years but it could become a decade long job or more. At this time the number of years is unclear.
My spouse and I, along with our young children, have a comfortable life and we make a good family income for our area.
We aren’t maxing our retirement account but, when including pensions, we are well on track to be set for retirement.
Therefore we decided this money should be used on the family later in life. Maybe to take trips or buy items for the family or expand/improve the home or save many years for weddings etc. So, there is nothing specific we are saving for but we want this money being used for the family in the future and not saved for the retirement of the parents.
So, what should we do?
Obviously this will be a taxable account, but what fund(s) should this money be invested in?
We have family accounts at both VG and Fidelity so we’re most comfortable using one of those two for this taxable account.
My spouse and I, along with our young children, have a comfortable life and we make a good family income for our area.
We aren’t maxing our retirement account but, when including pensions, we are well on track to be set for retirement.
Therefore we decided this money should be used on the family later in life. Maybe to take trips or buy items for the family or expand/improve the home or save many years for weddings etc. So, there is nothing specific we are saving for but we want this money being used for the family in the future and not saved for the retirement of the parents.
So, what should we do?
Obviously this will be a taxable account, but what fund(s) should this money be invested in?
We have family accounts at both VG and Fidelity so we’re most comfortable using one of those two for this taxable account.
Statistics: Posted by new2bogle2 — Mon Oct 21, 2024 9:38 pm — Replies 1 — Views 162