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Here is my financial plan, any advice would be great. I know very little about finance so all of this is just based on a hunch, probably not the best way :)

Me and my wife are both 24 years old, we have been married 3 years. My salary is 75,000 dollars per year. I clear about $4,400 per month(after 350 for health insurance) and I currently contribute nothing to 401K. My wife just graduated school and will start as an RN in 1 month. She will make 41,000 dollars per year. If I am doing my math right she will clear around $2,400 per month. She will receive a 1,000 dollar bonus every quarter for the first year as well.

Right now we are living on my income with about 500 dollars left over every month. This could be more if we really tried but we honestly dont, eat out alot, buy more things than we should, etc etc.

Once she starts working we want to each put 5% into 401K and start 2 ROTH IRA's and contribute 2,000 each year into each of those. So that would be $3,750 a year for me to my 401K or roughly $300 per month. That would be $2,000 a year for her to her 401K or roughly $175 per month. Thats $475 per month to 401K and $350 combined payment to our Roth IRA's. All together thats $825 a month we will be putting towards investments. Since we arent putting any up for retirement now that sounds like an enormous amount of money. We should be clearing around 7,000 dollars per month so we would be investing roughly 11-12% of our take home pay. We also want to save 800-1000 per month until we have 15,000 in savings. Once this is reached then I am not sure what we will do with that 800-1000, maybe just keep putting it into savings... With the savings and investment contributions we will almost put away her entire salary, should leave about 800 per month of her salary. Not sure what we will do with this, I am sure we will find something :)

Oh yeh, both of our employers will match 3% of our salary for 401K.

My problem is what will this plan give us in 10 years? 20 years? 30 years? If we wanted to retire in 20 years will this be a strong enough plan to make that happen? What about 30? Sure would be nice to retire in 20 years when our kids that we are going to have in 5 years will be starting High School.


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