Hi, I've been around here for a bit and have gained a lot. I feel it's time to take control of my family's financial future. Here's my situation: I'm happily married for over 10 years with 5 kids (ages 0-9). We got into credit card debt three years ago, but B"H, I started a business two years ago, and it's been doing well for the past year. I've settled all our credit card accounts, though our credit reports took a hit with charge-offs and late payments. We live in NY and currently receive SNAP benefits and tuition vouchers. My wife is a busy homemaker and earns a small income from teaching twice a week, while my business brings in $15-20K monthly. This has allowed us to live stress-free for the last few months after years of struggling. Now that we're debt-free, I'm ready to move forward, but I'm overwhelmed by all the information out there. I've studied the Frum Finance Flowchart and read a lot here, but I still lack clarity. I already have $20K in my checking account waiting to be allocated. Should I start with an emergency fund? My ultimate goals include buying a home (in the Tri-State area, yup, you guessed it) and planning for simchas, kids' weddings, retirement, etc. I'm self-employed with no matching funds, so I'm thinking my priority should be buying a home. I could potentially afford a down payment in a year or two, though with my credit history and current interest rates, it won't be easy. But at least I'd be paying toward my property instead of $4K+ to a landlord each month. Is this the right approach? Any advice or courses you recommend? I'd appreciate any input. @mysterious-tomato-10057 & team, thanks for all your hard work!!

@quaint-carpet-12529 how are you handling taxes? On 240k a year, you need to set aside at least 60k a year for both employee and payroll taxes

It will be my first year doing these numbers, not sure yet, good question, meanwhile I am trying to figure out the most I can get deducted for,

What's the Frum Finance Flowchart?

Thank you!

Of course!

I heard that a house could also be considered a liability since you have a debt to it and you have to maintain it. In addition, even if a house goes up in value, there is no guarantee that the rate of growth will beat inflation

Liability as used in accounting (to owe), the legal sense, or something else? The mortgage is an accounting liability. The house is an asset. It has required expenses and cash outflows. It's useful to separate these components. Your last sentence is correct, but that does not make something a liability. Even if the growth outpaces inflation, it can be difficult to access the equity if you live in the house.