Is our savings/investing leading to financial success or destruction?

Answers:2   |   LastUpdateAt:2012-10-23 11:28:02  

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Asked at 2012-09-22 01:55:03
My husband and I are in our 20s ( I have 26 and he is 25) , have two children and one on the way . We are a middle class family ($ 55,000 annually) . We got married three years ago and decided to start saving last year. We have two Roth IRAs , both with $ 500, a money market savings around $ 500, a traditional savings near $ 1,500 and two joint accounts verification ( in two different banks ) with a total of about $ constants 2000. Our plan is to have money market savings for our kids college fund , retirement IRAs , checking account dedicated for the holidays , and our savings for an emergency fund . We do not have any credit cards , we own our cars , and rented an apartment ( $ 1150/month ) . We want to buy a house next year , but all are in our credit student loans . Do you think the path that takes you to financial success or destruction ?
Answer1HosielAnswered at 2012-10-03 00:26:38
Why not put more money in the Roth IRA? Is not it the most as the 5000? Get your kids to ask Roth IRA also. Just put 5000 for each child and let it start as soon as made possible. The younger they are the easiest to get 7 figure that. You must provide your children ages too, so people can calculate how many years through college. Consider a 529 for children, I think we still have a long time to build that. Do not put too much money in the current account / savings. You're wasting your time if you think about the amount of% you will get. MedlinePlus Great idea not to get a credit card. If you're finished with your college loan then I would say you are not doing so badly. More information needed MedlinePlus Is $ 55,000 for one or for both? 55,000 joint statement? MedlinePlus If possible, make a diversified portfolio. Money market / checking / saving emergency must be because it is the easiest to get out. Diversified portfolio can include stocks, bonds, commodities, REITS
and ensure further diversify within:. U.S. as small, large U.S. equities MedlinePlus Actively managed funds or shares that spit dividends should go to retirement accounts to be tax efficient. MedlinePlus Passively managed funds, such as growth stocks should go coz taxable account are tax-efficient anyway. Remember to buy low and sell high. If it is high, then do not freaking sell. MedlinePlus You might want to consult some professionals. MedlinePlus MedlinePlus Because his eldest son is only 4. 529 Plan will definitely work but you have to choose the plan of care, as each state provide different plan. You do not have to choose their own state. MedlinePlus Saving Tip: Save first and spend later, or you'll end up with nothing to salvage. Save to book a party and then live with what remains is better to save.
Answer2labreaAnswered at 2012-10-23 11:27:19
Sounds like a good plan. But look at 529 plans for children's education . It grows tax free and have current tax benefits for you and your husband .
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