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« Your Career is Your Most Valuable Financial Asset | Main | How to Make More Money »

October 08, 2013

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It sounds like you and your wife are doing well and headed in the right direction. Good job. I especially liked and agree with the advice about not going through with marriage until you know and understand all aspects of each other's spending/saving/financial goals, etc.

Good job on your finances thus far. I'm curious, is your 2nd career in research IT-related, or are you going down a different path? What brought on the career change, given you had quite a bit of success in the IT realm?

Also, to add to your first paragraph of advice: self-control and motivation are definitely important, and I would also add patience to that list. It is especially key during times of frustration since big change does not happen immediately.

Thanks for sharing your story.

-Jon

I think you guys did a great job financially speaking. I hope you can keep it up, most people have trouble doing so. :)

Think bigger on savings. Every time you referenced savings it was about retirement using retirement accounts. There are many other ways to save and to grow your money - don't limit yourself to thinking that once you're beyond income limits for an IRA, you're stuck. There are millions of things to invest in, and most of them don't require you wait until you're old to access your return. For me it's rental real estate, but for you it may be stocks, bonds, index funds, or startup companies. But take that surplus and start investing beyond the standard retirement avenues.

I agree with Jonathan above.

You are doing great and it looks like it is time to diversify your investment outlook. Read a little, research a bit and make yourself comfortable with the process--its not that hard.

Start to dollar cost average into a taxable brokerage account. Look into Vanguard (which is owned by the account holders-- ) for their very low costs, great customer service and abundance of ETF's and index funds.

You can set up an allocation that meets your risk tolerance and start monthly investments.

The power of compounding is amazing (just ask Albert Einstein) and at your age-- you can use it to its full advantage.

Hello all! Thanks for reading and responding.

@Elizabeth - Yes, my wife and I were together for eight years before we were married. It gave us plenty of time to learn about each other's spending habits. Luckily I passed her frugal tests!

@Jav - Yes, indeed. I'm not going to pretend to be perfect; we have caught ourselves a few times this year being indulgent. This is a big part of why we shove so much money at our mortgage... we want to ensure that we have less income to "grow into" while paying off a big debt. We do a good job though of keeping the other in check, and in a nice way.

@Jon - My new career will not have anything to do with IT, although having an IT background has already helped me and will undoubtedly help in the future. Unlike many of my classmates I'm very comfortable with software and not afraid to find out how to take full advantage of it. I didn't include this in my original write-up because it was already so long, but to make a long story short- I did not choose to do IT. I "fell" into it, and it was good to me many times and provided for me, but I realized if I wanted to do anything else now was my last chance. I was starting to have a lot of success with it and make good money, so if I didn't quit now I probably never would. I didn't intend to pursue a research career when I started back at school, but I worked with researchers when I worked in IT, and there are technology aspects to it that I enjoy (statistical software + killer hardware). So in a way, it is not surprising to me that I've become so interested.

@Jonathan and JNEW - We are getting to the point where we want to do more (it's been on my to do list since summertime). I just need to set aside some time to do so. A lot of our free time is spent on work, but I'm sure in the next few months I'll be able to set something up. It would be nice to have some experience with investing before I start work, as I anticipate we will have more surplus income then.

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