Anonymous
06/05/2023 15:32
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.
You can aggressively pay off a 250k student loan and aggressively invest. You people are literally idiots.
I'm only figuratively an idiot.
Anonymous
06/04/2023 20:31
Subject: Re:I constantly feel behind
honestly you're doing more than fine OP. Lots of people on DCUM think you can'tretire on less than 15 million dollars.
You didn't buy too much house.
The only things I see are that should happen asap is wife maxes a roth (orback door roth or ira) each year; and you should get c. 2-3 million term life insurance (25-30 years, essentially up to about retirement) to cover your salary should something happen to you.
You didn't buy too much house.
The only things I see are that should happen asap is wife maxes a roth (orback door roth or ira) each year; and you should get c. 2-3 million term life insurance (25-30 years, essentially up to about retirement) to cover your salary should something happen to you.
Anonymous
06/04/2023 19:42
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.
Op here: renovations costed us $80k. I don’t think our house is the issue at all actually. $2800 PITI in a good school district is amazing and putting $80k worth of renovations into the house for a $300k+ appreciation is pretty good.
Anonymous
06/04/2023 19:05
Subject: Re:I constantly feel behind
Anonymous wrote:I’m laughing at people saying the house is OP’s problem. It’s not.
$400 equity in the house. Only a $2800 monthly payment. They are in a great situation on housing.
I agree. The house is not the problem. Plus, in the DC and nearby areas, a $900K is nothing these days. In my zipcode, for this price, you get an old house that needs repairs. OP is young and has great income. They should not stress, but try not to overspend any money in the future.