Small business owner / professional.
Income:
270-300k
Debts:
175k
Owner occupied professional building 15 year note 4.75% fixed $1616 monthly payment (12 years remain). Schedule E deduction. Cannot sell currently as I operate my business out of this space. Eventually hope to sell for around 210k or whatever the market will allow.
147k
Home mortgage 30 year note 3.125% fixed $750 monthly payment (22 years remain). No interest deduction possible. 310k value.
Assets:
35k Emergency Fund
25k New Car Fund
700k Retirement accounts (mix of 401(k), Roth IRA, HSA, and brokerage accounts)
97k 529 funds
Annual Savings rate:
75k retirement (401(k) x 2 + match, Roth IRA x 2, HSA, brokerage account).
18k 529
Business value?
Business may be possible to sell off 15-20 years down the road for 400-500k? I don't count on this but it's currently the norm.
We are taking several family vacations throughout the year - nothing too extravagant but fun for us. Generally all of our wants and needs are currently being met. I plan on working until 55 more than likely. I'm hoping to have a little over 3MM by then if the market / life cooperates. I am not currently planning on accelearting any debt repayment. I don't rule out working part time after 55 if I were to sell my business. It would probably be good for my head..and my marriage...lol. Thank you for any and all suggestions.
