onmywayback
Registered User
- Messages
- 12
Hi all,
I'm 31 years old and trying to decide what I should aim for financially. I have recently paid off my house and have a young and growing family. I have good qualifications and a promising career ahead of me with room for good wage growth in the coming years (hopefully over 100k in a few years). My wife and I are very frugal and save most of our money (up until now almost everything has gone into overpaying the house loan).
I'd like for my wife to give up work in a few years to stay at home full time and look after the kids.
Ideally I would like to scale back work as I get older and retire while living of investments.
What age would retirement be feasible for me given my current financial position? Is 40 a realistic goal? What about 50?
My current situation is
Salary: 85k
Wife Salary: 56k
Child allowance: 3.3k
Pension me: DC 14k atm
Pension Wife: not sure, public service but she has only been working in it since 2015 but I don't know the details further.
Kids: 2 ages 6 months and 2 years. (We hope to have a few more)
Assets:
House worth ~ 400k (Just paid back the last of a personal loan I took out to buy the house).
Land: 1.5 million (Only recently got this - no loans)
Other machinery + misc agri gear ~ 150k
Cash ~ 5k
Everything else about ~ 20k
Expenses:
Not sure, wife's parents look after the kids so no childcare, apart from that our main expense is commuting which costs us about ~650 per month.
Luckily when the kids go to university they will be able to live at home so that should keep costs down.
Just to add selling the land is a no go for various reasons but renting it is possible.
Thanks for taking the time to read and any advice/comments you might have,
Owen
I'm 31 years old and trying to decide what I should aim for financially. I have recently paid off my house and have a young and growing family. I have good qualifications and a promising career ahead of me with room for good wage growth in the coming years (hopefully over 100k in a few years). My wife and I are very frugal and save most of our money (up until now almost everything has gone into overpaying the house loan).
I'd like for my wife to give up work in a few years to stay at home full time and look after the kids.
Ideally I would like to scale back work as I get older and retire while living of investments.
What age would retirement be feasible for me given my current financial position? Is 40 a realistic goal? What about 50?
My current situation is
Salary: 85k
Wife Salary: 56k
Child allowance: 3.3k
Pension me: DC 14k atm
Pension Wife: not sure, public service but she has only been working in it since 2015 but I don't know the details further.
Kids: 2 ages 6 months and 2 years. (We hope to have a few more)
Assets:
House worth ~ 400k (Just paid back the last of a personal loan I took out to buy the house).
Land: 1.5 million (Only recently got this - no loans)
Other machinery + misc agri gear ~ 150k
Cash ~ 5k
Everything else about ~ 20k
Expenses:
Not sure, wife's parents look after the kids so no childcare, apart from that our main expense is commuting which costs us about ~650 per month.
Luckily when the kids go to university they will be able to live at home so that should keep costs down.
Just to add selling the land is a no go for various reasons but renting it is possible.
Thanks for taking the time to read and any advice/comments you might have,
Owen