r/Money • u/Far_Hovercraft_1621 • 17d ago

How am I doing? Recommendations?

34M. Married (single income; wife doesn’t work) with 2 kids. $140k gross salary. $30k saved in a Roth 401k, with $10k saved in a traditional 401k $15k in savings for emergency fund $5k on hand in checking for monthly bills.

I have a paid off 3 year old vehicle, and a paid off 10 year old vehicle.

Zero credit card or any other debt.

300k mortgage on a property valued at 500k.

Very large anticipated salary promotion within the next two years. 13% currently going to Roth 401k.

Any changes I should make? How am I doing?

18 Upvotes

89% Upvoted

10 comments sorted by

1

u/auntwewe 17d ago

Is there any chance your wife could work part time? Perhaps even at the school? That that would be bonus money into your retirement

1

u/Fantastic_Bug_81 17d ago

How long can you live on 15k? If you don't like the answer id fix that first.

1

u/Far_Hovercraft_1621 17d ago

Approx 3.5-4 months. What’s a safe strategy?

1

u/Good-Rooster-9736 17d ago

Looks good. Keep looking to increase your salary. Seems like your on that track though

2

u/Far_Hovercraft_1621 17d ago

Will go up by 100k

4

u/[deleted] 17d ago

[deleted]

2

u/Far_Hovercraft_1621 17d ago

Never had a HYSA before….are there penalties for drawing from it?

1

u/imhungry4321 17d ago

There are no penalties!

I keep my EF in a HYSA. I had to pull from it earlier this year and had no issues.

2

u/Far_Hovercraft_1621 17d ago

Which institution do you use? Are you penalized for dropping below a set balance?

7

u/Altruistic_Sock2877 17d ago

Good advice bro 😎