[USER]

Hello everyone, I am 26 yrs old and my husband is 27 and we both work in corporate. I earn 82k and he earns 77k per yr. We have 40k in savings and 7k invested in stocks.

We rent an apartment and pay 1600$ in rent.

We also have 18k left to pay on one of our 2 cars. After paying all our monthly expenses, we manage to save 2400$ per month that we invest/ save.

We hope to buy a house within the next 2 yrs and one of our cars is starting to give up so we may need another car in about a year.

I want to ask how are we doing so far and if we could get any suggestions on how could we improve our financial decision making to hopefully retire by 50.

I also have 7k in my 401k and recently opened and invested 3k in my Roth Ira.

[Michele]

I think your savings amount is on the low side I’m 28 with over 300k in various accounts.

I make 120k not married & no kids. However I’ve only been making that much in the last 2 or so years.

I recommend buckling down and saving more. Do you guys have student loans or kids?

[Jeremy]

When you start talking about saving BEFORE you pay taxes and then blah blah blah…

[Jay]

Retire at 50 and that’s all your saving with those incomes? How much do you imagin healthcare alone will cost in 24 years?

[Zachery]

Doing well.. you might save money by fixing the car vs buying another new car. Pay off the cars asap and use that freed up money to saving/invest more.

Goal should be maxing out your 401k which is $23,500 per year.

[Con]

Your number one goal is not saving but climb up in the corporate ladder as much as possible. Both my wife and I start with $50k respectively back then and now with over $1M income, also work in corporate.

The higher you climb the faster you can generate saving.

When we look back, the saving in the first 10 years after college means nothing.

Of course, I’m not asking you to spend all of them but still be disciplined on saving and invest all of them.

Usually, I will ignore those feedback such as how many you have already save by 30 … it depends on each situation.

Yes, my conclusion for you is expanding your income that allow you to retire at your desired age.

You are still very young with potential.

[Jennifer]

You’re doing very well so far. A few things to consider:
– Buy the cheapest cars that get the job done.

My husband and I aim for 2-to-4-year-old Hondas or Toyotas when we need a “new” car. Pay cash if you can. Cars eat wealth.

– Are you maxing out your tax-advantaged savings? Getting any match you’re entitled to through your jobs?

Since you are hoping to retire early, HSAs and 457(b)s (if you qualify) are good options, since you can access both prior to 59.5.

I would also consider Roth IRAs, since you can withdraw the contributions at any time without penalty.

Max them out every year, let them grow, and pull the contributions back out if you need to.

– Read The Simple Path to Wealth by JL Collins.

[Author]

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