Anonymous wrote:With annual net income of $54k, monthly allocations as follows:

$1, 575 housing
$900 transportation
$900 living expenses
$675 savings
$450 debt

This doesn't mean you have to max out each allocation category. No one says you have to dole out $900 per month on transportation. These figures represent the max you should allocate.

In what fantasy land does earning $54k a year give actually you $54k in income? You need to take out at least 20% off the top for taxes. Now make a budget on $43k instead.

Student debt is the new mortgage! Sorry OP. it's the brave new world we are in - in order to get that 135k postition (law, I am guessing?) you had to invest in grad school. There are few ways to do that these days without ending up with a boatload of debt.

On the bright side, home ownership is way overrated. Renting (properly done) can keep your housing costs down while allowing you more flexibility to live close to work, move jobs, move for schools once you have kids.

If/when you get married, your spouse's income may make it possible to buy a home. Even so, I firmly believe that I this day and age, much better not to overburden yourself.

Anonymous wrote:There are two IBR programs one for public service and one fore everyone else. IBR is great because even of you make 100k if you have 300k in student loans you can still qualify for it. What I'm saying is just because you have a high salary doesn't necessarily mean you won't qualify.

I'm 30
100k in student loans
55k salary
Ok credit
I pay like 350 per month on IBR
I pay 100 per month private loan
I'm in the public sector
I have not gotten then teacher forgiveness loan yet

I was approved for 150k fha loan I live in dc I can not find something in that price range in the area I want to live in any suggestions

What's the area? I bought my condo in zip 20007 for $162k 6 years ago.Don't think it has appreciated much.There are studios for sale for similar price every once in a while.

There are two IBR programs one for public service and one fore everyone else. IBR is great because even of you make 100k if you have 300k in student loans you can still qualify for it. What I'm saying is just because you have a high salary doesn't necessarily mean you won't qualify.

I'm 30
100k in student loans
55k salary
Ok credit
I pay like 350 per month on IBR
I pay 100 per month private loan
I'm in the public sector
I have not gotten then teacher forgiveness loan yet

I was approved for 150k fha loan I live in dc I can not find something in that price range in the area I want to live in any suggestions

seriously, it kind of helps if you tell us where you work. If you work in Germantown, Dulles, or the such, you're in much better shape. If you work in DC and have expensive tastes ... not so much.

With annual net income of $54k, monthly allocations as follows:

$1, 575 housing
$900 transportation
$900 living expenses
$675 savings
$450 debt

This doesn't mean you have to max out each allocation category. No one says you have to dole out $900 per month on transportation. These figures represent the max you should allocate.

Net income allocation breakdown

35% housing
20% transportation
20% living expenses
15% savings
10% debt

Sacrifice just a little, exercise focus, patience,, discipline, and bearing and you can make it work easy. It really isnt that hard, even with kids. The probelm is everybody wants everything right now. We live in a microwave generation.

Im married with two kids and live comfortably off less than that per year. Forego buying a home till you have the debt paid off. Why get into more debt? I could have my dream home that may cost 300k paid off by the time im 40 with a salary of 135k, and im 30 now. Smh.

Does not matter really if you have kids or not. If you cant live comfortably off take home of 54k per year, then something is seriously wrong. This would be take home for crying out loud.

Anonymous wrote:

Anonymous wrote:If you are single with no kids, you are better off than you realize. If you make 135k with 200k in student loan debt, take my advice. Live off half of your income (~54k after taxes and deductions) and put the other half (again ~54k after taxes and deductions) towards student loan payoff. You will have your loan paid off in ~ 3.5 years. It is a small sacrifice, if you even want to call living off of take home pay of 54k per year a sacrifice.

If you have no kids why would you be reading this website?

I dont know, ask the OP. Why ask me.
?

Anonymous wrote:If you are single with no kids, you are better off than you realize. If you make 135k with 200k in student loan debt, take my advice. Live off half of your income (~54k after taxes and deductions) and put the other half (again ~54k after taxes and deductions) towards student loan payoff. You will have your loan paid off in ~ 3.5 years. It is a small sacrifice, if you even want to call living off of take home pay of 54k per year a sacrifice.

If you have no kids why would you be reading this website?

If you are single with no kids, you are better off than you realize. If you make 135k with 200k in student loan debt, take my advice. Live off half of your income (~54k after taxes and deductions) and put the other half (again ~54k after taxes and deductions) towards student loan payoff. You will have your loan paid off in ~ 3.5 years. It is a small sacrifice, if you even want to call living off of take home pay of 54k per year a sacrifice.

Anonymous wrote:

Anonymous wrote:150k student loan debt, 75k salary, 2k cc debt, just bought a house for 250k, and mortgage cheaper than my rent was (live in DC). I never thought I would own a home too, I just kept paying down the cc debt to raise credit score. So happy now.

What did you buy for $250?

Bought a house in Brentwood