Hey financial planning,
I hope this is the correct sub to post this in, I'm just kinda looking for some advice.
Just some background information first: I am a high school math teacher who also works part time at restaurants as either a server or bar tender, and I usually take a class at my local community college each semester, although I already have a Bachelor's degree. I have been saving for graduate school for a little while as I would like to get my MBA. I'm recently engaged and plan to get married summer of next year, and shortly after that we plan to move to London (from the US) to pursue our education further.
My question has to do with how to effectively pay off my coming expenses (wedding, honeymoon, moving, and school). I'm wondering if I should be looking into taking out student loans while keeping a nice safety net, or attempt to avoid debts all together and pay everything outright?
Current holdings:
- ~$5100 in cash (Checking/Savings accounts)
- ~$7000 in stocks (Money Market account)
- ~$3000 in crypto-currencies
- ~$8000 in retirement funds (401a/403b accounts)
- ~$5000 in bonds (Mature in 2022)
Debts:
- CC - $1500
-
CC - $1900 (These are mainly from the engagement ring/vacation, plan to be paid off in full by the end of next month, if not sooner depending on restaurant)
-
My Credit Score is around ~750
After Rent and utilities I can save around $2000/month from my regular pay from teaching, and I live off of anything I make at the restaurant (and sometimes I can save additional depending on work hours). During the summer I don't get paid for teaching (July and August), but I will work full-time at the restaurant, which won't allow me to save much, but will allow me to avoid eating savings.
May and June I expect to save the full $4000, then I won't be able to save monthly again until September. From my expected savings next "school year" I hope to have an additional $20,000 on top of everything else by June 2019.
- June wedding Cost = ~$15,000 (hopefully some help from in-laws/parents, fiancee also willing to help out)
- MSc in London = ~$20,000
- Moving Cost = ??? Hoping for around $5,000 to be safe (will get help from fiancee)
- Honeymoon = ??? Hoping for $3000-$5000 for an extended trip in SEA
How would you go about tackling all this Financial Planning? Student loans the way to go? Or should I suck it up and attempt to pay everything in cash?
Edit: Formatting is hard..
Submitted April 26, 2018 at 10:09AM by Dami3n https://ift.tt/2I1a5s4
