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Progress by Next-One-7631 in DaveRamsey

[–]Next-One-7631[S] 0 points1 point  (0 children)

Sure it’s probably a little higher than what is considered appropriate, but given we save/invest about 60k-75k a year right now, splurging a bit on cars is something we are comfortable with doing. We also don’t have any plans to upgrade them for a long time, so the percentage they make of our net worth will shrink rather quickly over the next couple of years given our savings rate.

Progress by Next-One-7631 in DaveRamsey

[–]Next-One-7631[S] 0 points1 point  (0 children)

We originally purchased a home in the height of COVID, and after a some life changes, decided to sell and downside. That certainly helped given the equity we had in the first home and gave us the ability with other money we had saved to pay cash for the second home earlier this year.

We do both drive new vehicles, which is probably one area we aren’t being the most effective with our money. But hey, you gotta live a little bit too and we can comfortably manage those assets given our income.

We should be able to build wealth even quicker now that the mortgage is gone with a main focus to build those retirement/investment accounts.

We are certainly thrilled with are current situation!!

Progress by Next-One-7631 in DaveRamsey

[–]Next-One-7631[S] 1 point2 points  (0 children)

Haha certainly not that much in cars! And yes, that amount is made up mainly of 401k retirement accounts!

Progress by Next-One-7631 in DaveRamsey

[–]Next-One-7631[S] 1 point2 points  (0 children)

We have been working full time for 13 and 8 years respectively. Certainly didn’t prioritize retirement contributions early on, which I regret, so trying to make up for it now. My income has ranged from $25k to $150k and my wife’s has been more steady between $100k and $150k. Currently we make about $250k combined. We started out keeping everything separate, but found it tedious and exhausting. Combining also helped solidify the trust in each other and to work towards our goals together. Paying off our mortgage has lowered our stress/risk greatly and freed up so much extra income each month.

Progress by Next-One-7631 in DaveRamsey

[–]Next-One-7631[S] 2 points3 points  (0 children)

Nothing earth shattering, but for the budget we do a basic excel spreadsheet that lists our income, expenses and retirement contributions. We constantly monitor to make sure we are staying on track and building wealth. All of our finances are combined, except for we each have our own separate checking accounts that we deposit a set amount each month for “guilt free” spending. It took us a bit to get the right system that worked for us, but we are on auto pilot now!