Generally speaking, putting the money toward paying off high-interest credit card debt is going to help you the most, then keeping an emergency fund, and finally contributing to retirement plans. There are also traps to be wary of with 0% credit cards. It would help to build a complete financial plan considering your entire financial picture including. . . .
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Congratulations on giving yourself the foundation for financial freedom. If you were a client, I would respond to your "what's next?" question with asking you the same thing. What is next on your personal life agenda? Think about your major life goals you want to accomplish in your future. Retirement is obviously one of the major ones, but also think about whether you want to . . . .
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The good news is you are choosing between two good options, so you really can't go wrong with either decision. If your student loans are subsidized loans, then the U.S. Government is paying the interest for you, so there is no reason to pay anything on the loans until you graduate. If they are not subsidized loans, then you may want to consider paying just the interest on the loans and then contributing to (or even maxing out) your IRA. This will give you the best of both worlds: being able to invest in your IRA and . . . .
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As with many things in the financial world, the best answer is "a little of everything." You should get in the habit of investing in your retirement from day 1, even if it is a small amount. Those who put off contributing to their retirement for 'a little while' often find themselves 10 or even 20 years into their career with no retirement savings. To catch up they need to contribute huge portions of their income to retirement accounts. Here is my recommendation for what to focus on:
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I generally don't advise clients to aggressively pay down their mortgage unless they have so much money in retirement assets and income that the mortgage money won't make a difference to them. Unlike what many might suggest, your mortgage does not present a risk to you and your wife during retirement. So long as you can afford to pay your monthly payment and . . . .
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Based on the goal of using the funds to pay off the mortgage at an unknown and flexible future date, you will want to invest the funds in a traditional taxable account. You can set one up at a discount brokerage company, with a financial adviser, . . . .
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Before we discuss the investment opportunities for paying back the loans, start by talking with a financial planning specialist to identify additional financial aid opportunities to offset the schooling costs. Although it's great you . . .
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As a professor of entrepreneurship, I'm in favor of you starting the business, especially since you have the desire to be able to work from home as a mother. Your financial plan should be developed to support your life goals . . . .
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No, your financial adviser will only have access to information approved and provided by you and your husband. This information may come out if you and your husband were to submit your credit reports to the adviser for. . . .
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Other than the credit card debt, your other debt and your housing costs actually look quite good. If you can get the credit card debt paid off, you'll be doing very well financially. Your best bet is to make minimum payments on your student loans and your car loan and put everything you can . . . .
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