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I looked up the deduction limit, it looks like it's only available if your modified AGI is $204,000 or less for 2022 ($218,000 for 2023). You're definitely over the MAGI limit to deduct Traditional IRA contributions and you probably are over or very close to the Roth IRA direct contribution limit which is what you've posted above. If you can't deduct TIRA contributions, the only reason it makes sense in your situation to make a TIRA contribution is as the first and temporary step of what's known around here as the backdoor Roth. Read the wiki page and ask any follow up questions here: https://www.bogleheads.org/wiki/Backdoor_Roth Yes, that is exactly what we're planning on doing. We have Roth IRAs that we created when we were able to. The ...

Didn’t see cash. Given your great travel plans, I’d stick this in a high interest account. Call it the slush fund for either job loss and/or travel. Imagine being ready to travel next year if the other factors fell in place? Great job saving before 30. Amazing start imo We have a 6MO emergency fund in HYSA. We are also keeping just $5K for our next trip. Hoping to do a month in Europe next month. We can fly for free and have family to stay with so we'll just pay for food and activity. I think we would want to wait a few years to travel. We've been traveling/working for the past 8 months all over north/south America. It's manageable to do both but we would want to wait until our kid(s) are a little older and stop working when we can do more...

Having a 90/10 or 95/5 AA is aggressive but not unreasonable for your age. Questions: * What is your emergency fund? Maybe I missed it * How do you plan to pay the bills during your ~2 year "mini retirement" in 7 years or so? Would you pull from taxable brokerage equities? * You say you maxed out your traditional IRAs for 2023. Are you sure you're not over the income limits to deduct these contributions? Nice work on funding the 529 so early. Your future self (and your kid) will thank you. You sound too nomadic to invest in real estate, such as a rental property, unless you want to hire a property management company to handle everything, which of courses reduces profit (if any). We do have a 6 month emergency fund. We feel comfor...

We had a couple of saving buckets to buy a new house, buy a car, and go on a trip. We've decided to settle in a city where we don't need a car and want to rent for at least a few more years. We really enjoy renting and having the flexibility to move as we desire. We have zero interest in owning a car and we just went on our big trip! All of that to say, we now have $150K in cash and we aren't sure how to invest it. We also have zero debt. Overview My partner (29yo and 30yo) and I have a one year old and hope to start trying for #2 in 2024. Our goals are to do a mini retirement in ~7 years and take a year or two off of work to travel. We really value flexibility and off hand investments. Combined income is ~ $240,000 ($160,000 and $80,000) m...

Thank you both for these responses! I'll look more into REITs- are there any specific resources you would recommend to learn more? Any good books out there specifically on this topic?

I'm interested in REI and like the idea of joining a syndication. My husband and I have a one year old with hopefully another one soon so we have zero desire to be super involved with REI. I'm would also be more interested with a syndication over REIT due to the other tax advantages that syndications have. My question is how do I become an accredited investor? We should reach the $1M in assets via stocks and cash in the next 2 years. Once we cross this threshold would we be able to invest in a syndication? We are currently renting and are interested in buying a house but my understanding is your primary residence can't count towards your $1M net worth. With that, would it be "better" to rent for 2 more years until we are able to b...

Thank you everyone for your response. I just called Fidelity and double checked and unfortunately my company doesn't allow mega backdoor roth I guess that means the money will get dumped into a brokerage account.

Looking at our finances for 2023 we are able to save enough to complete a Mega Backdoor Roth conversion BUT I'm not sure of the steps. Everything I've read online says it depends on the 401K your employer has set up, but what exactly does that mean.

Should I start by reaching out to HR to see if it's possible or is it better to go with a personal financial advisor?

I would love to hear from anyone who has actually set one up and the steps you took to complete getting this amazing account going