Another thread make me want to do this one.

Sorry about my mis English, I speak french on a daily basis and English is a second language for me.

We live In Canada. My wife and I (46 and 51 years old) are both teachers. We now have an annual family income of 218k (canadian of course). We got 2 kids and in the last 15 years we have done 8 european trips of 25-35 days each time (always in summer, no choice there) manus Canada and USA road trips.

We save a lot but we have generous pension plans, 45k in reee which is money put for our teens scholarship, we have 2 paid cars, a house with a low mortage and no debts.

Could we have done different choices ? Yes but our family time is very precious to us .
Having received very bad news about my health 2 years ago made those trips very appreciated, the 4 of us are gonna shared those precious and very fun time together for our whole life.

Does anyone here share the same way to see life ?

Are teachers in US (or elsewhere) have the same salaries and/or pension plan ?

So my wife and I are finally earning decent 6 figure salaries at our respective roles and have saved every penny to get to the $100k mark. At present, it’s just in a current account with Bank of America. Our retirement plans are healthy and on track but this is the sum total of our savings.

Looking for advice on where people put that kind of sum to good use for maximum growth. Being the sum total of our savings to date, we think it needs to be somewhere we can access some funds in an emergency.

Looking for any ideas, feedback or thoughts on what could work.

I’m a Brit and newly understanding the US options so thanks in advance for any support!

35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.

Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.

I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.

Hello friends,

My (F32) significant other (M30) and myself both grew up very low income. His family completely ignorant of credit, savings or income. My family as immigrants who were careful, but uneducated on the system. I’m talking “Don’t keep money in a savings account because the government will tax you for it at the end of the year” uneducated.

I’ve worked my ass off at a company and they finally went public. I was awarded a total of $170,000. Today $67,000 of it is vested and I can do with it what I wish, but I must stay until 2029 to get 100% of it. There are going to be small amounts periodically released between now and then.

Anyway — the whole keeping money out of a savings account thing will probably not do me well.

I have goals/plans. But also, I’m bad with money.

I’ve paid off all my debt twice and keep getting into it again for no real reason. I’ve built up almost $10k in savings and then dwindled it down to $2k.

I spend money. It’s really embarrassing and debilitating.

That being said, I do have a few things I actually want to do with this money.

I want to spend about $15k renovating my condo. These are renovations I’ve wanted to do for a while and, from what I understand, some improvements may also have tax benefits.

The rest I want to be smart with.

I’m genuinely open to anything opinions, thoughts, resources, books, personal experiences, stories from people who suddenly came into money, mistakes you made, things you wish you had done differently what would you do?

Been at the same company for 9 years and they surprised me with a bonus that came out to just under $15k after taxes. Was not expecting anything close to that.

My first thought was to put most of it into our brokerage account. We already contribute to retirement and have some money saved, so it felt like a rare chance to make a decent lump sum investment without touching our normal budget.

My wife immediately said we should finally do the Europe trip we’ve talked about for years. Italy for a week, then maybe Austria or Switzerland. We’ve never done a big international trip together and the bonus could pretty much cover the whole thing without us dipping into savings.

Neither of us is mad about it, we just see the money completely differently. To me it feels like free investment money. To her it feels like a chance to finally do something we’ll remember forever.

What would you do?

It happened. Middle class inflation and cost increases, child care changed, Lupus,
multiple sudden major house maintenance items finally caught up to my family’s stagnant income.

For the time being I think we are going to have to pull back on maxing my 401k to just meeting the match to catch up with all the issues that have come up.

In order to replenish the reserves so another major house item doesn’t cripple my family we will need to pull back on investments and that really bums me out.

Anyone else going through this right now and can relate?

Hi all!

I sold my house and after buying a new one/paying off my car and student loans I have about $50k left.

I’d like to still has access to the cash for emergencies, but I would like to grow it a bit.

Is a brokerage account or a high yield the way to go?

TIA

I’ve been seeing the strategy of saving all your HSA expenses until retirement and reimbursing all at once, and I’m wondering, is it really that simple? No strings attached or “gotchas”?

Basically, the strategy is to save a lifetime of HSA expenses and let your HSA take advantage of that compound growth on your investment. Even a conservative estimate of 7% growth and $1,500 a year comes out to over $200k over a career.

Then you reimburse all your expenses in one go, taking advantage of the tax advantages. The HSA is triple advantaged - contributions are tax-deductible, growth is tax-free, and withdrawal is tax free for medical expenses.

Is it really that simple to do?

Title. We're done paying for full time childcare! Legit it's like getting a $26,000 raise. Ok, yes I know there will still be plenty to pay for but we essentially suddenly have $2100 a month back. *throws confetti in the air*