Greetings from Georgia. My husband and I are in our late 40s and working toward FI. Our net worth is about $900K, which includes our home equity ($160K). I know some people leave home equity out of net worth for very good reasons, but I like seeing the bigger number, and our paid-off house (2027) will be a big part of our FI.
My husband recently downshifted from a stressful consulting gig with a firm to self-employment, working with a firm as a 1099. He does process improvement in the finance space, and has also worked in the BI space and others, mostly in telecom. (This is probably not a 100 percent accurate description, as I have never fully understood what he does. Computer stuff :-)) He has also taught himself coding and has a really cool hobby building tube amplifiers. I have a part-time university job that I plan to hold onto for a while as it has great benefits. I also have a very part-time consulting practice, providing communication services (mostly copywriting) to nonprofits.
We have one daughter, age 10, and we are saving for her college with hopes of sending her through without her needing to take out loans.
We are looking to dial back expenses this year and poke around in passive income opportunities.
My main reason for joining RF is that we have $120K in savings, and we need to invest a big chunk of it ($70K), and I’m having trouble coming up with a recommendation. I would like to do VTSMX, but the market seems overheated, or maybe that is just my perception? I would prefer to wait for a dip, but how long should I wait, we have already waited too long to invest this money. (We were thinking about investing in a business or maybe a rental property that we would rent to my mom, but neither of those ideas has any traction right now.)
Suggestions welcome, and I am looking forward to getting to know everyone.