If you've read about teachers leaving the profession due to burnout, my spouse will soon be one of them. She wants to take some time away from working, do the SAHM thing, and I want to be supportive and validating toward her feelings about the abject misery that is her job.
But I'm worried about the finances. We were single income years ago and it was very tight. I think it will be better this time...maybe. I'm in a much higher paying job with high upward pay potential this time, at least. We're in our mid-30s.
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Income: $130K annual + company stock (50% of salary annual) + bonus. Put 15% of check into 401k
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House: $130K left on mortgage, 2.875% APR, 24 years remaining. Market value $260K (insane)
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Retirement savings: around 90K between IRAs, 401k, etc
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Car: $13K left, should have it paid off in 2yrs (paying down principle extra/mo)
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College savings for kid: ballpark of 25K. Kid is 6.
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Solar loan, but the payment is lower than our previous avg electric bill. Not worried about it.
I've only been in the job 6 months, which makes me nervous. But we should be able to afford our lifestyle even if I went back to a job like my old one that paid half of what I make now. And if she finds something that interests her that generates income (or saves us expenses), that would be a win.
Is my assessment generally sound?
Submitted April 29, 2022 at 01:59AM by YouToldMyChildWhat https://ift.tt/cabZCSN
