Salary: $8,000/month (combined)
Ricky’s main concerns, in his own words:
My wife (48) and I (43) are about to finish off 1.5 year process of paying off our debts that totaled just over $42,000. That was a car loan, truck loan and a credit card bill. Now we are looking to shift focus towards retirement/saving and not sure how to do it properly since we’ve been focusing on getting out of debt. We currently have just over $141,000 in retirement accounts and $5500 in saving that I would like to see at $25,000 for 6 months living expenses. We have 3 horses and they like to eat. I plan to up my 401k contribution from 11% to 18% to compliment my companies 4% monthly matching and 6.5% profit sharing done on a yearly basis. How do we change our mind set to this new mode and also look to pay off the last big debt, our house that has $202,300 left on the mortgage at a 3.75% interest rate.