My wife and I lead a very financially comfortable life and I would like to get a few ideas on where I should be investing my extra income. We are raising two children and have a combined income of over $100,000. I completely realize we are living in a very comfortable fiscal zone right now but I worry that the money may not always be there (possible injury, major catastrophe, etc.) what is a good shelter for use to start two throw some relatively serious money at ($1,000-5,000/year)?
"what is a good shelter for use to start two throw some relatively serious money"
I'm thinking English classes?
First, an emergency fund of approaching $100k in case you lose your jobs.
Second, do you have a 401K? Have you maxed it out?
Another thing to consider if you are adequately insured. Investing more money or more aggressively will do little to protect your family from a major catastrophe next month.
Do you have:
-life insurance - This should compensate for lost income, cover the mortgage for the spouse, and expected future college tuition
-Disability Insurance - Most employer disability insurance leaves you under-insured. Make sure you have an additional policy that will actually protect your family
-Adequate liability coverage - You need enough coverage on your home and vehicle to protect you from lawsuits. If you t-bone a person in a ferrari in your civic, do you have enough coverage to protect yourself? Also, get an umbrella policy to act as a backup to your auto and homeowners.
-Finally, while you are at it make sure your wills and beneficiary setup is complete and done correctly.
Once the above is checked off, then you can focus on your investing. If you don't plan on hiring a professional money manager, then read up. In general, consistent investing in a broad basket of products is best for your longterm financial health
max out 401k, max out IRA, build up Emergency fund, build up college fund for your kids, vacation fund. Take your pick
If you have 100k sitting in cash you're a retard.
lkjdsg345 wrote:
"what is a good shelter for use to start two throw some relatively serious money"
I'm thinking English classes?
First, an emergency fund of approaching $100k in case you lose your jobs.
Second, do you have a 401K? Have you maxed it out?
Invest in bridges.
You make your money back quickly with the tolls.
I have a bridge I want to sell you.
FP: Here is my brilliant and very original 4 point plan
1) blah, blah, blah
2) blah, blah, blah
3) blah, blah, blah
4) blah, blah, blah
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Caller Outer: FP, can you stop starting these threads? Please?
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FP: I am NOT the OP. Wejo, do an IP check and IF I AM THE OP BAN ME FOR LIFE!!!!!!!!!
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Seriously, can we just cut to the chase on this thread and avoid any more like it in the future?
If "serious money" to you is $1,000...put it in normal savings account. For someone with your limited means, it's not worth risking anywhere else.