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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous][quote=Anonymous]This is OP, and I want to thank everyone for weighing in. It's been interesting seeing people weight in and different people's risk tolerances and approaches to spending and saving. When I started reading replies, I got more panicked. But then as people started asking questions, and weighing in with their situations, it made me feel more comfortable. Why? 1. We have no other debt - zero. No credit cards, no car payments, no student loans. We have zealously avoided debt for the last decade. 2. We got an early start on retirement savings, and have been consistent. We are in our late thirties, and have been putting away 10% of our income since our early 20s. 3. DW has been a Fed for almost fifteen years, so that pension is becoming somewhat significant - about $25,000 per year so far, and will keep growing as she continues to work for the Feds. 4. College is largely prefunded at this point. Figure that we have to save a total of about $1,000 per month total and we will have enough for room, board, tuition, and fees for all three kids at a public university. 5. We have an emergency fund of $150,000 in diversified mutual funds. Add all that up, and I am feeling better about things....[/quote] I feel for you and your panic (I’d feel the same), but I think you’re going to be just fine. Enjoy your new house![/quote]
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