Meet Ricky
Age: 43
Salary: $8,000/month (combined)
Employment: IT
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.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.