<prompt> Human: I finally hit my goal of saving 70,000 dollars. Im married with a 2 year old boy. There are two things I wish to accomplish before the start of next year: 1 I want to start some sort of college fund or mutual fund for my son. 2 I want to take 10,000-15,000 dollars and invest it in way to build more money for retirement or extreme family emergencies. Im looking for some been there, done that advice. Any help is appreciated.  <response>: Start maxing out a yearly IRA, 5500 a year. If your wife works and I think even if she doesnt but you make enough your wife can also do 5,500.Saving more past that - then do a 401k. I think up to 18,000 a year in that unless you own a company then you can also put part of the profits in. Most important thing with the iras. DONT skip. Every year put in them. 30 more years you will be sitting pretty. 