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How "rich" are you - or not?
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Anonymous
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I am just curious - after reading some other threads regarding investments, etc. Can I take a poll?
How much do you have in your 401K (or other retirement accounts)? How much is your mortgage? What is your household income? how old are you (and spouse)? What (if any) debt (other than mortgage) are you dealing with? What profession are you and/or spouse in? Just curious...... |
Anonymous
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401K- Combined we have approximately $150K
Mortgage- $2800 but we pay $5300 Student Loans- $100K of private and $100K of federal HHI- $450K Car payment- $710 per month Both of us are attorneys We are both 31. |
Anonymous
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How much do you have in your 401K (or other retirement accounts)? $50k (was $75 last year!)
How much is your mortgage? $300K - About $2100 in monthly payments What is your household income? $140K how old are you (and spouse)? 37 and 40 What (if any) debt (other than mortgage) are you dealing with? $125K in student loans, $50K in loans to family, $11K in credit card What profession are you and/or spouse in? Government and international development |
Anonymous
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How much do you have in your 401K (or other retirement accounts)? About $250K
How much is your mortgage? about $3500/month What is your household income? $200K, one income how old are you (and spouse)? 34 me, 36 spouse What (if any) debt (other than mortgage) are you dealing with? zero What profession are you and/or spouse in? me--SAHM, DH--medicine |
Anonymous
PP, re you mortgage payment. What is the benefit of doubling the mortgage payment. Would it not make better financial sense to refinance to a shorter term? |
Anonymous
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How much do you have in your 401K (or other retirement accounts)? $400K combine before the great crash of '08 - have not really looked since.
How much is your mortgage? $6K (including taxes and insurance) What is your household income? $500K (not including bonuses) how old are you (and spouse)? 38 and 39 What (if any) debt (other than mortgage) are you dealing with? NONE - THANK GOD! What profession are you and/or spouse in? Lawyer and Mid-Level Corporate Executive. |
Anonymous
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How much do you have in your 401K (or other retirement accounts)? Now...probably around $175k (was closer to $275k before the crash)
How much is your mortgage? $3,300 What is your household income? $400k how old are you (and spouse)? 33 (32) What (if any) debt (other than mortgage) are you dealing with? about $40k in student loans What profession are you and/or spouse in? me - lawyer; DH - IT management |
Anonymous
Curious...why would you pay down your mortgage instead of your student loans? I'm assuming the loans have a lower interest rate? In that case, if I were you (not that you were asking), I'd put more toward retirement/savings and less toward an illiquid asset (your house). $150k just doesn't seem like a lot in case one of you lost your job...not saying you will (and I know I'm being really presumptuous by offering any advice at all). |
Anonymous
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I'm the PP who is doubling her mortgage payment. We are doing that because we are currently upside down on our mortgage and desperately want to move. Thus, we are saving aggressively for a down payment and trying to pay off as much mortgage as possible to minimize how much we will have to pay out of pocket to get out of the condo. I guess we could only pay the minimum and put the rest into savings but since we want to move in the next 6 months to a year it doesn't really matter.
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Anonymous
| PP who is doubling mortgage here again. I guess I should also have said that our savings are not limited to 401K. We have other savings in the form of cash of over $200K, but most of that will probably go to moving. |
Anonymous
| If you're calculating net worth, you have to take into account equity value of real estate (even if god knows, no one wants to sell right now) and savings & investments other than 401(k). |
Anonymous
| Maybe we should add - "additional savings" to the list. |
Anonymous
I realize that I am offering unsolicited advice, but here goes. Your reason for doubling the mortgage payments does not really make a lot of financial sense. The bulk of your current regular payment is likely interest not principal. If you save the excess payments in even a regular old savings account this money will be available to you to pay any shortfall when you sell the condo. Plus, in the event that you do not move or cannot sell the condo(shit happens!) the money will be available for other purposes. This is true even if 100% of your excess payment is going towards prinicipal, basically what you are doing is not putting you in any better postition when it comes time to sell the condo. |
Anonymous
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How much do you have in your 401K (or other retirement accounts)? 1M
How much is your mortgage? 4000K What is your household income? 800K how old are you (and spouse)? 40 and 41 What (if any) debt (other than mortgage) are you dealing with? no debt What profession are you and/or spouse in? prostitution/money laundering/drugs/church ministry |
Anonymous
Are you looking for employees or business partners. I can offer expertise in all areas listed other than church ministry. |