Well, the world continues to explode around us and here I am posting on a useless blog. Some days, I feel like I could do so much more to solve the problems of the pandemic, systemic racism, gender inequities, the wealth gap, and SO MUCH MORE. I have poured my energy the past few months into two things: work (full-time COVID research) and teaching my children to care (translates to: talks to my children maybe WAY TOO MUCH about the above problems. Their generation is our hope). I remember learning about a year ago that some people actually thought men had NO benefits over women in society, employment, safety. IT BLEW MY MIND. Now, you can imagine my COMPLETE SHOCK AND ANGER to find out that people have this same belief about RACE. I mean, THAT IS NUTS. We have a huge history of terrible laws and policies that have held Black people back (starting with SLAVERY – no one should ever get over that). It’s been a quarter. In case it isn’t clear to you, I am a white, cis-gender woman with SO MUCH PRIVILEGE. My journey is completely unfairly weighted in my favor. You need to know that. And hopefully, we can make this journey more equitable for all!
In our “free time,” we continue the house projects which will be never ending. Most days, I’m so grateful for my wonderful life, but full-time COVID research causes a certain amount of existential angst I’ve tried to combat by spending more time reading in the sunshine in my new backyard.
The Money Stuff
This still feels like the least important conversation ever, at best, and unfair bragging at worst, but I committed to being transparent and that will continue. The most helpful thing to me on my journey was people sharing actual numbers. I hope ours can prove useful to someone else.
Still have a giant new (as of March) mortgage. $335,000. We are locked into a 15-year at 3%, so all logic indicates we should let it ride the full 15 years, but we’ll see if I last doing so. At least for now, we’re actively saving for an addition we have planned next summer, so other than rounding my monthly payments up to make them even (which adds a whopping $20 of extra principle a month!), we’re paying no extra on this.
I’m actually both grateful and furious the market hasn’t tanked yet. On the one hand, this is the kind of thing that causes me existential angst because I feel like the market is only still up because THE RICH PEOPLE ARE OKAY. And it’s SO UNFAIR. So while I’m angry the rich are getting richer in the midst of all this (while definitely realizing I’m counted among them!), I’m also glad we haven’t (yet) jumped into a depression because that will ALSO negatively impact people in terrible ways (primarily the poor, again). That being said, our investments currently sit at $365,000.
Also happy to report I finally updated to the widgets to the right. It’s been awhile. And I raised the $500,000 to $1,000,000 because even though we’re not there (or close), it feels possible now.
With Mr. T and I both working, I had said that my goal was to max out all the retirement accounts for the first time ever. With the current climate, I’m not sure I’m going to do this. I currently plan to max out both of our 401ks and our 2019 Roth IRAs (this week!), but am unsure on 2020 Roths or a SEP-IRA. Mainly because I like cash hoarding and we also have an addition planned next summer… I might feel more comfortable now with more cash.
- Max Out My 401k ($11,200/$19,500) – Fun fact: my company uses percentage of pay instead of actual dollar amounts, so I’m gonna have to play with that to get close.
- Max Out Mr. T’s 401k ($7,700/$19,500) – Another fun fact: Mr. T’s work uses an arbitrary slider for contributions. So, he can contribute something $784 or $832, but no number in between… so, we’ll have to play with that to get close this year as well.
- Max Out my Roth IRA for 2019 ($0/$6000) – with the extended July 15th deadline for this, we’ll maybe be able to do it!
- Max Out Mr. T’s Roth IRA for 2019 ($0/$6000)
- Max Out my Roth IRA for 2020 ($0/$6000)
- Max Out Mr. T’s Roth IRA for 2020 ($0/$6000)
- Figure out and Contribute to a SEP-IRA
Take Care of Yourselves
I ended our Q1 update this way, but I think it’s still important. Please take care of yourselves. If you live in the US, we’re in for a really bumpy ride. As of today, we’ve broken the 50,000 cases/day record and both case counts and hospitalizations are up or flat in every quadrant of the country. PLEASE avoid the 3 C’s: close contact, crowded places, and closed places. AND PLEASE WEAR A MASK IN PUBLIC.