Are a house and 401K enough for long-term savings?

[shuttleboi]

I don't know if I'm saving enough money. I bought a house last year, and the mortgage payments are eating up a huge chunk of my disposable income. It is a 30-year-fixed loan, so I'm building some equity. I am only putting in 50% of the maximum 401K to make do for the time being. I don't know if I'm saving enough for my long-term savings.

 

[Sex Smurf]

most likely not. You should open up a ROTH IRA so you can control your investments. Maybe get some high risk stocks. high risk = high reward!

It is doubtful you'll be able to live off of your equity when you get old since you'll have to pay back whatever you borrow.

 

[Ornery]

1. What percentage of your mortgage is your car payment?

 

[shuttleboi]

Any websites that have a simple formula to determine how much money one should be saving?