Quote:
Originally Posted by Thrif-t
Gross 70k/yr
House loan $59,709.35 @ 6.8% fixed left will paid off Jan 2017 = 765/mo + extra $50 applied to principal
HEL 10k @ 4% fixed for 5 yrs =188/mo pay off 2013
27k in Mutual Fund
116k in retirement funds
19k emergency fund
Then kids 529's
kid 1 who has 6 years till college $4,500..$121 mo contribution
kid 2 who has 8 years till college $4,500..$108 mo contribution
kid 3 who has 11 years till college $4,100..$96 mo contribution
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With $30,000 I would max out both of your Roth's for 2008. I would really put your retirements as more of a priority than funding your children's 529 plans. There are other options to pay for school (loans, grants, scholorships, PT work). Maybe you could shoot for 25% funding instead? Just a thought anyways.
Then I would put $20,000 towards your house loan. The 6.8% is pretty high, and like you said yourself, it's stupid not too.
Try not to worry about the economy so much., you seem to be doing well. I would even consider trying to refinance that mortgage. How many months worth of an emergency fund is $19,000 for your family?? Out of curiousity, do both of you work?