Anonymous
06/04/2023 16:58
Subject: I constantly feel behind
Anonymous wrote:You choose to have $250K in student debt and buy a $900K house and are complaining? You have a spending issue.
This. Buy within your means.
Anonymous
06/04/2023 16:38
Subject: I constantly feel behind
I agree with your wife. If she's working full time she probably has colleagues who manage to life on <gasp> $80K. She has better perspective than you do.
Anonymous
06/04/2023 16:33
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:Anonymous wrote:I constantly feel behind on saving, retirement savings, 529s and life in general financially. My DW says we don’t need to worry and we’re fine but I don’t feel like we are and I can’t stop worrying about it. I’m the primary breadwinner and I feel all the pressure. If I don’t work we die. Aside from mentally grasping the situation what else can I do? How are my stats?
HHI- $300k (DW makes $80k annually)
Student debt-$250k
529 savings for 2 kids (5 and 7yrs old)- $30k
401k-$80k (I got a late start in my career, DW is self employed and doesn’t have a 401k)
IRA:$30k
Cash savings/emergency fund-$90k
Brokerage account- $60k (ear marked for retirement or college tuition etc)
So you have a 700k net worth mid - late 30’s, how’s this behind? You have a high income. You could easily have 3-4M by age 60 if you invest just 2k a month.
Missed the student debt part, but still not terrible. Work on increasing income for your wife, 80k is low.
It is not. It is more than what most people make - teachers, non-profits, professors, researchers, marketers.
Anonymous
06/04/2023 16:31
Subject: I constantly feel behind
I am laughing at you, OP. Your housing situation is very good. Your mortgage is very manageable and 400K in equity? Wow!
You both are very young too. What you need to do is try and cut back on some of the luxuries to pay off the student loan is you can.
Your DW is doing great. Her income should go towards retirement and debt. Otherwise you do not touch her money. You should pay it off in 5 years.
You are doing very well.
Think of getting other sources of income. You can sell off some of the clutter at home or get a tenant etc.
You both are very young too. What you need to do is try and cut back on some of the luxuries to pay off the student loan is you can.
Your DW is doing great. Her income should go towards retirement and debt. Otherwise you do not touch her money. You should pay it off in 5 years.
You are doing very well.
Think of getting other sources of income. You can sell off some of the clutter at home or get a tenant etc.
Anonymous
06/04/2023 16:22
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:Anonymous wrote:I constantly feel behind on saving, retirement savings, 529s and life in general financially. My DW says we don’t need to worry and we’re fine but I don’t feel like we are and I can’t stop worrying about it. I’m the primary breadwinner and I feel all the pressure. If I don’t work we die. Aside from mentally grasping the situation what else can I do? How are my stats?
HHI- $300k (DW makes $80k annually)
Student debt-$250k
529 savings for 2 kids (5 and 7yrs old)- $30k
401k-$80k (I got a late start in my career, DW is self employed and doesn’t have a 401k)
IRA:$30k
Cash savings/emergency fund-$90k
Brokerage account- $60k (ear marked for retirement or college tuition etc)
So you have a 700k net worth mid - late 30’s, how’s this behind? You have a high income. You could easily have 3-4M by age 60 if you invest just 2k a month.
Missed the student debt part, but still not terrible. Work on increasing income for your wife, 80k is low.
For a non-college educated person (and also I'm assuming she took some years out of the workforce to take care of young kids) isn't 80k pretty good?
Anonymous
06/04/2023 16:15
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:I constantly feel behind on saving, retirement savings, 529s and life in general financially. My DW says we don’t need to worry and we’re fine but I don’t feel like we are and I can’t stop worrying about it. I’m the primary breadwinner and I feel all the pressure. If I don’t work we die. Aside from mentally grasping the situation what else can I do? How are my stats?
HHI- $300k (DW makes $80k annually)
Student debt-$250k
529 savings for 2 kids (5 and 7yrs old)- $30k
401k-$80k (I got a late start in my career, DW is self employed and doesn’t have a 401k)
IRA:$30k
Cash savings/emergency fund-$90k
Brokerage account- $60k (ear marked for retirement or college tuition etc)
So you have a 700k net worth mid - late 30’s, how’s this behind? You have a high income. You could easily have 3-4M by age 60 if you invest just 2k a month.
Missed the student debt part, but still not terrible. Work on increasing income for your wife, 80k is low.
Anonymous
06/04/2023 16:13
Subject: I constantly feel behind
Anonymous wrote:I constantly feel behind on saving, retirement savings, 529s and life in general financially. My DW says we don’t need to worry and we’re fine but I don’t feel like we are and I can’t stop worrying about it. I’m the primary breadwinner and I feel all the pressure. If I don’t work we die. Aside from mentally grasping the situation what else can I do? How are my stats?
HHI- $300k (DW makes $80k annually)
Student debt-$250k
529 savings for 2 kids (5 and 7yrs old)- $30k
401k-$80k (I got a late start in my career, DW is self employed and doesn’t have a 401k)
IRA:$30k
Cash savings/emergency fund-$90k
Brokerage account- $60k (ear marked for retirement or college tuition etc)
So you have a 700k net worth mid - late 30’s, how’s this behind? You have a high income. You could easily have 3-4M by age 60 if you invest just 2k a month.
Anonymous
06/04/2023 16:07
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:Anonymous wrote:Should've paid off the student loan, invest heavily from 2008-2022 and then buy a house.
Most people go for the house as soon as they have the income and qualify. Is the equity big down payment or you've been paying 15 years?
Your 529 grows slower than you pay interest on the student loan. Pay off the student loan and you free up cash in case kids go to college.
Start paying off the loan unless it disappears somewhere some day.
Op here: thanks for this. Except, in 2008 I was in highschool, 2009-2013 I was in college working at an icecream shop for minimum wage. So that doesn’t really work.
If you’re 36, does this mean you graduated high school at 22 and college at 26? Did you have earnings earlier?
I’m also confused by this. I’m 35 and graduated from HS in 2006 and college in 2010. Aren’t ya’ll 35 and 37?
Anonymous
06/04/2023 15:23
Subject: I constantly feel behind
Waiting for the Genx boomers to lecture while they paid dirt for their houses and college degrees for themselves and kids
Anonymous
06/04/2023 14:52
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:Anonymous wrote:Should've paid off the student loan, invest heavily from 2008-2022 and then buy a house.
Most people go for the house as soon as they have the income and qualify. Is the equity big down payment or you've been paying 15 years?
Your 529 grows slower than you pay interest on the student loan. Pay off the student loan and you free up cash in case kids go to college.
Start paying off the loan unless it disappears somewhere some day.
Op here: thanks for this. Except, in 2008 I was in highschool, 2009-2013 I was in college working at an icecream shop for minimum wage. So that doesn’t really work.
If you’re 36, does this mean you graduated high school at 22 and college at 26? Did you have earnings earlier?
+1 Op seems to be a troll
Anonymous
06/04/2023 14:49
Subject: Re:I constantly feel behind
Anonymous wrote:Anonymous wrote:You are behind because you have a 900k home and 250k in debt. I’m not sure what you can do given these long term fixed debts other than one of you needs to get new jobs that make more money. What industry or field are you in? Can you move up in your organization? Can you make more if you jump?
This is the OP, our house is no $900k. We bought it for $580k 4 years ago, and made significant renovations and the appraisal value is in the $900ks that’s why e have the equity.
You couldn't afford the house or renovations. You don't have that much equity if you count what you spent on renovations. You have a spending issue.
Anonymous
06/04/2023 14:43
Subject: Re:I constantly feel behind
Anonymous wrote:Anonymous wrote:You are behind because you have a 900k home and 250k in debt. I’m not sure what you can do given these long term fixed debts other than one of you needs to get new jobs that make more money. What industry or field are you in? Can you move up in your organization? Can you make more if you jump?
This is the OP, our house is no $900k. We bought it for $580k 4 years ago, and made significant renovations and the appraisal value is in the $900ks that’s why e have the equity.
Oh god. You’re dumb. I thought your house wasn’t an issue , but now I see you have every reason to feel behind.
Who embarks on significant renovations with your pitiful retirement savings and suffocating school debt? How is it that you have such an expensive education and make such foolish choices?
You made your bed, now you gotta lay in in.
Anonymous
06/04/2023 14:33
Subject: Re:I constantly feel behind
You should run a scenario in newretirement calculator. It will make you feel better. You are doing fine, plus your incomes will increase over time--for sure. I think you should try to max out retirement and your wife can contribute to a roth every year, which will be helpful later on. GIven your income you should be able to save and pay off loans significantly over the next decade.
What is the interest rate on the 250k student loans?
If t makes you feel better I spent many years in school (phd) and was earning very little until my mid 40s. We broke 200k collectively at around 45 with 2 kids. We hit 300k only recently and we are 10 years from retirement. We will still be okay.
What is the interest rate on the 250k student loans?
If t makes you feel better I spent many years in school (phd) and was earning very little until my mid 40s. We broke 200k collectively at around 45 with 2 kids. We hit 300k only recently and we are 10 years from retirement. We will still be okay.
Anonymous
06/04/2023 14:27
Subject: I constantly feel behind
Anonymous wrote:Anonymous wrote:Should've paid off the student loan, invest heavily from 2008-2022 and then buy a house.
Most people go for the house as soon as they have the income and qualify. Is the equity big down payment or you've been paying 15 years?
Your 529 grows slower than you pay interest on the student loan. Pay off the student loan and you free up cash in case kids go to college.
Start paying off the loan unless it disappears somewhere some day.
Op here: thanks for this. Except, in 2008 I was in highschool, 2009-2013 I was in college working at an icecream shop for minimum wage. So that doesn’t really work.
If you’re 36, does this mean you graduated high school at 22 and college at 26? Did you have earnings earlier?
Anonymous
06/04/2023 14:04
Subject: Re:I constantly feel behind
Anonymous wrote:Anonymous wrote:Anonymous wrote:You are behind because you have a 900k home and 250k in debt. I’m not sure what you can do given these long term fixed debts other than one of you needs to get new jobs that make more money. What industry or field are you in? Can you move up in your organization? Can you make more if you jump?
This is the OP, our house is no $900k. We bought it for $580k 4 years ago, and made significant renovations and the appraisal value is in the $900ks that’s why e have the equity.
Stop right there OP. I'm the PP who said your house is the least of your problem. But now it looks like the house could be your problem. The equity on your house is appreciation but it's because of the renovations. How much did you spend on the renovations? 200k? You should have used that money to pay off your student loans. Now your house is actually the problem.
I'm sure the response to the renovations is going to be met with "We needed a third bathroom! The kitchen was very outdated! Everyone else we know has all the things so why shouldn't we?!"