33 yo
$220k in Roth accounts
$180k in the bank, most of which is in a HYSA at 5% (higher liquidity than would usually need but have some likely big expenses soon)
$65k mutual funds
$30k crypto
$30k I-bonds (getting rid of these soon)
$20k 401k (not vested)
$10k stocks
$10k gold and silver
$300k equity in an $825k house
$750k income currently, expect to increase to higher 6 fig/just over 7 fig in the coming years (but never taking anything for granted)
Parents’ net worth about $25 mil, reasonable chance that goes up 3-4x in the next 5 years (and if so, this would be due to sale of a company I would make about $3 mil post CG from)
In-laws net worth probably about $5 mil
Spouse and I each have one sibling
We have a 4 year old, only have saved about $10k for college in 529 thus far.
Only liabilities are $500k remaining on mortgage, likely a new car for the wife soon, and probably $10k expenses within the next year-ish for a second (and final) kid
Current expenses about $5k a month mortgage and $2k month everything else.
My plan:
1. Aggressively pay off mortgage. I have 6% rate so no benefit from letting it linger. I have a 7+1 ARM but don’t want to roll the dice on waiting to see if rates go down significantly.
2. In the meantime, maximize 401k and backdoor Roth.
3. Need to start maximizing 529. I’ll be pissed at my kids if they don’t earn scholarships, but I’ve been out of college for a minute and I guess maybe merit-based scholarships are fading away. Used to be fairly easy.
4. Index investing. VOO baby
Goal is to retire at 55-60 with $10-15 mil, never have to touch my Roth accounts, and pass on an enormous chunk to my kids and grandkids