Just starting at 32 with wife and 3 kids.

[AJ Holt]

Hello everyone! I discovered BP a few years ago but only really got invested back in September of 2021. I have read Set for Life and want to start working toward my FIRE goal. My question is: I am 32(starting late I know) with a wife and 3 kids. I make $62,400 annually and have no debt except for my mortgage which about 1.3 years old. I don't know the best place to start for myself and my family. 

Obviously saving is important but right now in our budget with school costs, expenses, and food, I can only swing about $500/month that I put into a ROTH IRA account. We have $4500 in our banks savings account for emergencies. I work for a non-profit that contributes a 5% retirement stipend every month(I am not required to match to receive it) to a 403(b) account.

So is my first step to find side income of some kind?

[Tim Johnson]

@AJ Holt Welcome! 

First of all, starting at 32 may be late if considering major league baseball as a new career, but that's not true for real estate investing. Everyone's on a different path....you're right on time.... breathe deeply....

Back when we had 4 children between the ages of new-born and 6, we barely had enough time to use the bathroom for a few minutes in peace. I admire your steam to consider additional side income - but that usually comes with a substantial trade-off in time. Proceed carefully....

In the meantime, your situation sounds solid. I would keep your ROTH IRA at maximum contribution (as you seem to be doing). Anything you can do to get the emergency fund up to at least 10K before jumping into any new investing would seem prudent to me. Continue reading and studying as you have. You don't sound like a person who is all talk and no motion. Be patient with yourself. Often the first investment takes the most energy. It'll happen. In fact, be sure to take a moment on this first day of 2022 to celebrate how far you've made it already. Really...