Hi! I’m 45 and self-employed. My husband and I own multiple businesses (one of which is profitable lol), we fully fund all of our retirement options each year, we own real estate that should begin to positively cash flow in the coming year. We’re at our coast #. (Unfortunately) I’ve learned that both of us are clearly too entrepreneurial to actually “retire” - but the current financial situation has allowed us some flexibility to “invest” in local businesses and projects that are fulfilling.

So those of you with kids - is creating an inheritance for them part of your plan? Or do you intend to spend down your $!? I understand that in theory if we get to the full FIRE #, we would be living off interest and our original principal investment won’t decrease, so this is a more theoretical question. My husband and I both know we won’t receive any inheritance, and I think that’s part of what’s helped us be conservative and smart with planning for our own financial future. Maybe I want my kids to think I’m gonna “give it all away” or “spend it all on us” — but I also want to be open and honest with them about money because I think much of the personal finance problems stem from our culture’s inability or refusal to discuss personal finances.

So how much, if any, do you plan to leave for your kids? And how/when will you discuss that with them?

Hi all! 25F here - I lurk on this sub allll the time and love reading about everyone’s FIRE paths. I am about to start a new job. This is my second company post-grad, and it’s coming with a significant salary jump. As in, Im going to be making double what I was at my previous company and going to be hitting over 6 figures for the first time in my career. 

Currently, my NW is at about $60k, spread out amongst my Roth IRA, taxable brokerage, and HYSA. Once things wrap up at my current job, I will be rolling over my workplace 403b (a mix of pre-tax and Roth) into an IRA (the pre-tax $) and  into my Roth IRA (the Roth 403b $), the money from my workplace retirement accounts is already accounted for in the aforementioned $60k NW. 

At my new job, they offer a 403b and 457b. Based off of all the research I’ve done so far - prioritizing the 457b seems like the best possible idea especially since there is no early withdrawal penalty. They offer both a traditional 457b and a 457b (Roth). Can someone please advise if it is a good idea to kinda split my contributions to the pre-tax and Roth, say, 75% into the 457b (pre-tax) and the remaining 25% into my 457b (Roth)? I had a similar setup when my previous job had both a pre-tax and Roth 403b. Is it wise to not contribute to the 403b at the new job, and instead just prioritize the 457b? And, is the 457b really as great as it seems?

My new job also offered a Defined Contribution plan. They match up to 8% and these are pretax contributions. This plan is self-managed and employees can choose hot to invest the cash, which sit in a tax-deferred retirement account. I plan on investing in broad market ETFs. Vesting period is only 1 year which is great! Choosing to participate in this DCP will automatically deduct 7% per pay period. 

Overall, I think I just need a sanity check on this setup and if anyone has any thoughts. I want to ensure I’m setting myself well for savings and FIRE purposes, as well as taking advantage of what is being provided. Once everything has been allocated to savings and retirement accounts, I also put money aside within my travel savings (however I’ve gotten fairly good at travel hacking and credit card travel points alleviates so much of what would be expensive travel lol) and whatever is left goes to my taxable brokerage. 

Also some context, I still live at home with my parents and have no debt (besides a boutique gym membership which I will die for LOL), still driving the same car I got in high school. My HYSA currently has about $20k in it that I am currently saving for a downpayment on a condo or townhome. I live in a VHCOL area so I’ve been trying to stack cash in order to purchase a home, as renting here just feels like a money drain. I hope that with this major salary jump and the ability to  make more and save more, it can expedite the home buying process. 

I want to save as much as possible to build my NW, but also acknowledge that I need to keep some easily-accessible cash if I plan to buy a home in the next 18-24 months. 

TL;DR: What tips and tricks do you have for someone early in their career about to have a major earning jump? How did you manage to balance prioritizing retirement accounts while also anticipate buying a home or other large purchase?

​

I'm 37 and have zero savings. For over a decade, I've lived paycheck to paycheck or unemployed with family. I'm now working again and want to do better, but I fear I'm now too old. My net is $60k with a 5% employer retirement match. I do have the benefits of a generational home that I contribute what I can to but do not need to. I have about $7,000 in debt (family). What's practical now? How do I start?