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We begin with a little financial talk on what the Island Boys should be doing with their new-found fame money before the flame runs out. We then get into your questions and comments!
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Baby Step 2 here and just getting started with budgeting. I want to get a lot more serious and strict about where my Money goes, so I plan to use cash envelopes for things like groceries, household items, etc. I’m wondering though, If you end up with money leftover in any of the envelopes at the end of the month, what do you do with it? Add to the debt snowball and adjust the following months envelopes accordingly?
Pensions, still we do 15% into retirement? My husband is union and has a pension, he does just the company match on his 401k it’s a low percentage like 3% I work flex time as a nurse so my income isn’t our main source but I do 15% between my 401k and roth ira. Should I be factoring in his pension or ignoring it? We want to increase his 401k but are kind of clueless on how much to do. My husband makes 115,000/year and I make 33,000 if that matters
I have a question about a vehicle finance. I am bs7 and enough cash to pay for a truck. All retirement accounts are maxed and i already did my backdoor roth for the year. But with 0% financing it seams to make sense to me to let gm carry the debt instead of me pulling money from my after tax investment account. If I needed to I can pay it off at any time. I have two other vehicles, I plan to sell private party to maximize their value and I would roll that money on the debt once they are sold. One is a 2017 Traverse, the other 2016 Cadillac CTS so that will cover 2/3 of the new truck once they are sold. Thoughts?
When it comes to investing 15%, does that mean to invest 15% for my 401k and another 15% for my wife’s? We are currently investing in our kids college funds and already paying double our mortgage payment each month which has us paying it off in two years. Thank you in advance!
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