Starting Over

[djabloel]

Do not forget to make a will (especially if own some property). After the basic things like saving for a down payment for a house, life insurance, 401K matching, invest some of your "mad money" in stocks or mutual funds.

[timetosave]

If I remember correctly, you have at least one other child and a spouse to think of, but things may have changed since your previous posts here. Even your disabled son does have a future, and you might want to help provide for that. If part of what you list as income is from his disability payments, you need to remember to plan for future years as if that money were gone by the time he is an adult. You might not have mingled accounts once he is an adult and possibly living elsewhere. Likewise, your disabled husband may need extra provision as he grows older. His needs might become more intense and more basic. Also, if he were to die, would you need to replace that income?

I do not see house payments or utilities on your list, so I'm guessing that you still have separate finances and that your spouse pays for those things. If he dies, is there life insurance that will kick in, or do you need now to reassess what your possible future basic living needs would be? You might need to kick in more in the future than you do now.

I remember, too, that you had problems with car payments, so try to set aside money for car repairs and future car purchases.

Hello, the monies listed are not mingled with my ds monies. His money goes into a savings account and is only used for his needs. House payments and utilities are indeed paid for by dh, and we have a very generous (taking into account that we have a daughter who wants to attend college) life insurance policy on both of us. I no longer have a car, in the event of dh's death the life insurance policy will pay off his car (not much left on that) which will serve us well, I no longer pay a car payment, I take public transportation instead

[timetosave]

What are your financial goals? You have a high amount of disposable income, but did not list what you want out of money or out of life.

In general- save 20% of gross pay
put 15% of gross pay towards retirement (in 401ks and IRAs)
put 5% in a taxable account for mid term expenses (new car, new house, new horse).

Lol...new horse.

Honestly I don't have a financial goal...the more I think about it the less I realize I know..right now I'm either saving for retirement or college...nothing else, this is why I am having such a difficult time figuring out what to do with the rest of the money...I have no idea what I want.

[timetosave]

Do not forget to make a will (especially if own some property). After the basic things like saving for a down payment for a house, life insurance, 401K matching, invest some of your "mad money" in stocks or mutual funds.

I know I want to do this, (stocks/mutual funds) but there is so much informtion out there...I simply have no idea where to start, I'm reading everthing I can get my hands on...but it is very confusing for a new comer.

[jIM_Ohio]

Lol...new horse.

Honestly I don't have a financial goal...the more I think about it the less I realize I know..right now I'm either saving for retirement or college...nothing else, this is why I am having such a difficult time figuring out what to do with the rest of the money...I have no idea what I want.

I would follow my general guidelines posted earlier (save 20%, 15% to retirement and 5% to short and mid term savings) until you decide what you want. The good thing about general guidelines is sometimes they can provide direction when you do not know what you want or do not know what to do next.