I'm just getting into investing money by myself. To give you some background...
Stage of Life: Spouse is a dentist and owns a dental practice. We are in our mid 30s. We save about $150-250k/year. We live frugally and in a rural area.
Social Situation:Married 4 kids ages 11,9,7,5.
Annual Income: 650k filling jointly
Net Worth: Rough estimate 1.3M-1.6M
Tax Bracket: our state tax is around 4.5% but you can guess federal.
State of residence: West
Insurance Policies:
Term life for both of us. 2M for spouse 750k for me.
Debts:
8k-auto loan
No other debts.
Assets:
401(k)- $130k with American Funds.
Personal [email protected] 4.5%--We loaned my BIL money to pay off his student loans (he is in a derm residency) -I know lending to a family member is a bad idea...we feel comfortable doing this)
IRA-$12k-I need to move this to somewhere else the fees on this investment suck.
$324k- cash--I know we need to invest but in what?
$24k- in a savings account for our kids. Needs to be in a 529.
$18k- HSA account
$190k-house
$200k-Office building
$650k-Dental practice +/-100k
Questions:
1. If I wanted to switch our 401(k) over to vanguard would that be a good idea?
2. Are back door roth IRAs worth it for us?
3. Should I just take our cash and put it into Vanguard funds? Is this a tax efficient idea?
4. Are 529 plans the way to go still? Doesn't AZ have a good plan? Why wouldn't we just invest it in their names and they can do whatever they want @ 18?
5. Any advice in general?
Stage of Life: Spouse is a dentist and owns a dental practice. We are in our mid 30s. We save about $150-250k/year. We live frugally and in a rural area.
Social Situation:Married 4 kids ages 11,9,7,5.
Annual Income: 650k filling jointly
Net Worth: Rough estimate 1.3M-1.6M
Tax Bracket: our state tax is around 4.5% but you can guess federal.
State of residence: West
Insurance Policies:
Term life for both of us. 2M for spouse 750k for me.
Debts:
8k-auto loan
No other debts.
Assets:
401(k)- $130k with American Funds.
Personal [email protected] 4.5%--We loaned my BIL money to pay off his student loans (he is in a derm residency) -I know lending to a family member is a bad idea...we feel comfortable doing this)
IRA-$12k-I need to move this to somewhere else the fees on this investment suck.
$324k- cash--I know we need to invest but in what?
$24k- in a savings account for our kids. Needs to be in a 529.
$18k- HSA account
$190k-house
$200k-Office building
$650k-Dental practice +/-100k
Questions:
1. If I wanted to switch our 401(k) over to vanguard would that be a good idea?
2. Are back door roth IRAs worth it for us?
3. Should I just take our cash and put it into Vanguard funds? Is this a tax efficient idea?
4. Are 529 plans the way to go still? Doesn't AZ have a good plan? Why wouldn't we just invest it in their names and they can do whatever they want @ 18?
5. Any advice in general?
Comment