[coreys]

Originally Posted by jIM_Ohio

Is the high income likely to continue for forseeable future?

yes

I did not see you add the expenses in your response to Steve- what are the budgeted monthly expenses?

see post 14

Pay off SL before Home equity- at this income you want every deduction possible.

No deduction for SL interest at out income bracket--actually they cap it at an income of like 130k


Max the 401k

We are doing that

Make sure you SAVE 20-30 percent of your new income. If you save 30 percent (83k per year), it would be OK to spend 20k or so (10 percent) on vacations or other short term wants

20-30 % seems high? Or am I just being a wimp??

Once you are saving the 30 percent... then pay down debts. You probably want to find someone to do your taxes and give you specific tax advice- keeping the mortgage will lower your tax bill.

Yes, I need to find a good cpa.

It might cost you 400k in interest, but it could save you 600k in taxes. Have an accountant or tax professional run the numbers for you.

Thanks for the info Jim. Anything else you money mavericks would suggest??.