I’m 30 years old in a HCOL area, married with 2 kids. Household income is about $235k. We have no student loans, no car payments and no debt other than a mortgage on our house we bought last year for $840k (comps on my street are nearly $1.1 so doing well there). We contribute minimum for the match for my 401k and her 457b. I have $69k in savings, $10k in an IRA, and $5k in my brokerage. Where should I be prioritizing my available dollars each month? Boosting my IRA? Increasing 401k contrib?

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1. Have a 6-month emergency fund
2. Put however much you can towards maxing out your 401k
3. Put post-tax money in Roth IRA
4. Open college funds for your kids
5. Only after you’ve exhausted tax-privileged accounts should you put money in a brokerage account

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Thanks

My financial advisor is constantly telling me to max out my 401k contribution now they we have no debt (besides mortgage) and we have a solid emergency/rainy day fund.

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I feel like I’m just now starting to get some breathing room each month and having the ability to make investment decisions. We also have a 3rd kid on the way in Nov.

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Congrats on the new kid

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Any possibility to move out HCOL ?

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Nope. Just bought a house here last August. Family is here and kids are in school

With 3 kids, a 529 will be your best friend in a decade or so.

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I always take a look at this guide to help guide my next steps. If it’s showing up as blurry for you, it’s the flowchart found on the r/personalfinance subreddit.

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This is great. Thanks for posting. Very helpful

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I believe you guys make too much to put into ROTH, so check with your employers to see if they offer ROTH 401k. I’m starting to favor that over the traditional 401k

Yeah I contribute to a Roth 401k actually.

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