I am 35 years old in a MCOL area. For the past 6 years, my salary has linearly increased by about 10k per year, most recent salary being 210k. I believe this will continue until I leave the company. However, in 2020 I started consulting and brought in 30k extra. This year I made 160k extra. Next year, I am projecting to make between 240k-300k from consulting.
Consulting is not a sure thing, but it seems very stable at this time. If it does continue, I would like to invest as much as possible and so far have just been dumping money in a brokerage account for VTSAX. This is after maxing 401k, backdoor roth ira for both myself and my spouse (no income), HSA, and some 529 contributions. 500k current retirement assets. I have an emergency fund at about 75k with 20k of I bond, no debt other than mortgage (15 year opened in 2020 @ 2%, 358k remaining).
After putting aside money for taxes on the consulting income, my plan is to dump as much into VTSAX brokerage account as possible, shooting for at least 100k of contributions to it next year. I do have more varied funds in my retirement accounts, but was planning to just stick with VTSAX on my brokerage fund.
I’m posting because I want to know if I should be considering other investments or related advice. The consulting work is very draining and stressful, so I am trying to bump up retirement/savings to potentially enable an earlier retirement.
What kind of consulting service do you provide?
Talk to a financial advisor or CPA to plan your income allocation in the most efficient way to retire soonest.
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