Make sure you have Umbrella. Agree life/disability insurance is important. Look into it now.Thanks Watty - your perspective is always helpful.
You are more than fine for college expenses.
At this point it might be good to focus on making your own financial situation more bullet proof so some Murphy's Law situation does not impact you and your kids.
Your net worth is not very high for your income and age so unless there is some known reason for that you could be in a bind if something happens to your income and you have very high expenses.
This is especially true if you are a high paid tech worker. There have been a number of posts by middle age tech workers in places like Silicon Valley where they were laid off and realized that they are unlikely to get another FAANG type job at that pay level since the job market has changed and they are middle aged now.
Some jobs also have an "up or out" career path and even though I never worked at that level I have seen high paid company VPs lose a job and never be able to work at that level again.
Even if you are something like a doctor things can happen like you get disabled or burnt out and that derails your career.
Even if it seems unlikely no couple is is 100% immune from the risk of divorce which can also derail your finances.
I'm in finance, and my current income is relatively recent (hence the NW -- started at $60K/yr). My spouse is in pharma and wildly employable, and her earnings are sufficient for our lifestyle though would preclude real college/retirement savings.
Aside from keeping expenses in line, continuing to save heavily while incomes are good, having an estate plan, having sufficient insurance...not sure what else to do. I have not yet gotten life/disability insurance but am open to it.
Divorce is the fate of >40% of US marriages -- I like to think mine is solid, but at least the 529s are with the kids regardless.
Statistics: Posted by helloeveryone — Tue Jan 21, 2025 7:53 pm — Replies 155 — Views 16194