Hello, PF!
I’m looking for some advice or insights to what some of you would do in my shoes. I’m not down and out by any means but am curious how I could make beneficial financial plans and decisions.
Basic synopsis of my finances: 28 years old Monthly Take home Pay Average: $3546 Savings: $5,000 Bills (credit cards, phone, etc): $662 Future Mortgage (closing in Nov.) $1555 Collectable rent from house: $900/mo Student loans: 50k
So here’s what I’m looking for advice on: I’m married and my wife and I are having twins in about a month. We’ve been living at my parents for a while so we’ve been living rent free which has been great. She’s been out of work for the pregancy but typically makes about the same as me. We’re buying a house with a one bedroom apt on the first floor that we can rent for 900-1k per month. Everything is within our means and I’m not stressed about the immediate future. I’d like to know how you all would proceed from here on out. We have about 20k between two credit cards. They’re both at 0% apr for the next 12 months Our mortgage (including taxes and everything) will be $1555 but on the bottom floor there’s an apartment that we’ll be renting out. ($900) My career gives my family great health insurance and I put into a pension each pay period however I don’t have a 401k, IRA, or anything like that and they are not offered through my employer. We have about 50k in student loans with some being subsidized and about half do not accrue interest until my wife is done with school (masters degree in economic policy)
Financial Goals (realistic or otherwise): We would like to sell this house in 3-5 years and upgrade to a better area with better schools and would like to have about 60k for a down payment after we sell. Pay off all credit card debt Pay off student loans eventually Save for retirement? College fund for my babies? Other things?
Here’s where I get a little overwhelmed. Should I focus solely on credit cards because of the interest? Should I put extra on my mortgage? Student loans? College fund? Life insurance? There’s just so many routes to consider.
So how would you handle all of this? Thank you for any and all replies and advice in advance!
Submitted September 03, 2018 at 10:19AM by aTokenOfMyErection https://ift.tt/2NdOLET
