M$D: On the path to his second million
Meet Jerry
Age: 48
Jerry’s main concerns, in his own words:
I have recently acquired a net worth of over $1 million after significant financial setbacks. This happened after realizing a $120k loss on a primary home sale in Phoenix in 2009 and an unexpected job loss in 2015. I know how this happened but didn’t really see it coming for 4-5 years. We have a solid 401k balance and three cash flowing rental properties. Both my wife and I have good jobs. However, I am not confident about our financial future and don’t feel like we are winning. What else can we be doing? When will I have $2 million? $3 million? At what age will I have financial freedom? I’m 48 / spouse 40. Kids age 11/9. $525k in retirement. $51k Non Retirement/Investment balance. $56k Cash/Emergency fund. $43k in college savings. $545k primary home. $578k value of rentals. ($320k) primary home mortgage, ($334k) rental home mortgages, ($23k) Heloc balance. 10% contribution to both 401ks (5% match on mine). Spouse has a public employee pension. What else can we be doing to get us closer to financial freedom? What does winning look/feel like?
What we cover in this episode:
- How to prepare for college expenses now
- Understanding that a high net worth doesn’t equal financial freedom
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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.