Reply to Finally Paid off My Student Loans!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education[/quote]

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?[/quote]

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

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I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund. [/quote]

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account. [/quote]

If I were in that situation my primary focus would be getting the mortgage paid off. I’d max out a Roth and then everything else extra goes to the mortgage. 529 is good but secondary IMO, your retirement is more important than their ability to pay for college. There’s always community college. You can’t retire or feel financially “free” until that mortgage is gone.[/quote]

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