My money situation - advice needed?

Here's the q: I have ended up in an unexpected work situation that leaves me with at least $5000 a month in extra money every month - and sometimes much more (this month it's $7500). I need to know how to use it wisely in order to stop working in 10 years. Here's our situation: We have no bad debt, are both about 40, and we have about 100K saved (40K invested, 35K h-equity, and the rest cash). We have a home (owe 100K) and a new Kia that's paid for. I am considering buying another home, investing it, or ??. I would like to make this money work for me by providing income in some way, and don't just want to stick it in the bank or buy bonds. I need advice as I have never thought about how to make money work for me - I have always worked for money! My goal: retire in 10 years with $600K worth of assets. We live frugally and have no kids/expensive habits. I don't really like working but the job I do is bringing in the $$ - I am willing to keep doing it to reach my goals. What should I do?My money situation - advice needed?
Do the Baby Steps - http://www.daveramsey.com/



Retire Early - http://www.retireearlyhomepage.com/



Figure out what you want to do with your spare time when you retire early. Giving back to society doing something you enjoy will even be more satisfying than accumulating enough assets to retire early.



If you think $600,000 is enough, remember anything used above 4% (in this case $24,000 per year) will risk your nest egg.



Good Luck!My money situation - advice needed?
I would not suggest buying another home just yet. prices have more declining to do. however if you found a great deal, go for it buy it and rent it out for even more income. otherwise, invest and diversify. I would suggest using income products, e.g.:

stocks with dividends

bonds - taxable and tax free

CDs and money markets, commercial paper



http://letsgobble.com/
After maxing out your 401K especially if you are getting employer match or contributions, go with a Roth IRA for the max you can put into that plan. Consider a business of your own for the tax credits if nothing else. I would not invest in real estate other than paying your home 100%. I think you've got a good handle on your finances and lifestyle. Just remember that the higher your interest return, the greater your risk. You've heard the expressions about putting all eggs in one basket so diversify your money into whatever vehicles will give you the most. Make sure you have your legal paperwork in order... will, trust, living will, disability insurance, life insurance, etc. in addition to your financial paperwork and goals. I think you're on the right track... write down your goals and constantly check your progress against them.
You need a qualified financial planner to work with you and set up a logical financial plan.



But get a 'fee for hire' planner. They hopefully, will give unbiased answers. (Not someone from a bank or who is affiliated with a mutual fund, etc.)



Plus, you need to do your own research into your financial future security. Read books that will give you a broad overview of financial health. Ask your librarian, or ask friends for book recommendations.
I would recommend educating yourself about money management. Check out books from the library (the For Dummies series is good). Look at on-line sources(Vanguard, Fidelity websites). Then visit a financial planner. You may need to adjust your goals. Is $600k enough to live on when you and your spouse may live another 30 yrs after retirement?
I see that you have a lot cash here and there. I recommend getting a personal financial software. This is something which I have tried and think that it might work for you as well.

www.parcusgroup.com/