I'm a little late to this but this might help you. I'm an Indian, but I assume you are in the US. Having spent some time in the US this is what I would advice:

I'm a little late to this but this might help you. I'm an Indian, but I assume you are in the US. Having spent some time in the US this is what I would advice: - Go get yourself a savings account and a checking account. Fill only enough amount in your checking account that you need to get by the month. Remaining goes into savings. - Buy a home as quickly as you can, in an affordable place in the outskirts. By the time your kids arrive necessary infrastructure will be in place. Also rent is just another form of tax. And having your own home also means some place to rest without financial implication when you are old. - Take the 401K plan seriously. - Max out other instruments such as the IRA and Roth IRA. - Buy a durable, long lasting car. And stick with that as long as it lasts. - Healthy life style. Nothing pays as well as good health. Buy a bicycle or play a sport. Ensure your heart is healthy and you are not obese. There are other things to this, like learning to cook healthy food. Remember bad health too will account for a big chunk of your earnings in a place like the US. - Be frugal. Frugality means making decisions that pay on the longer run. $5 may buy you burger combo in McD but trust me it will cost you on the longer run. You don't want that kind of frugality. Which is why the learning how to cook makes even more sense on the longer run. - Be productive, in all ages. Have free time to network and develop new skills. Never be afraid to start from the beginning or learn and do something new. - Lastly save. Save a lot.