Introduction from new member…
Hi there! Just found these boards and looking to get involved. Im not really sure where to start with all this, but I guess a statement of where we are financially is a good start. (You got to know where you are first if you want to get somewhere, right?)
Its lots of numbers, and looking to make the net move upwards!
Scott
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Heres the pertinent information:
Age, Location:
- 27, Fort Knox/Louisville, Kentucky
Income:
- My salary: $75,000.
Wifes salary: minimal while pregnant (expecting in December.) Didnt think she would be able to get another job until next school year, but she has a few irons in the fire right now.
Consumer debt:
- $0 credit cards. I got Chase Rewards card that gets 3% for gas and 1% for the rest. Card is paid off monthly.
- Car note: ~$3,500 moved to 0% credit card to be paid off at end of 12-month. >:D
Other debt:
- My student loans: ~$57,000 fixed at 4.5% which is about $330/month for 30
years. (Resulting from MBA and Engineering degree.)
- Wife’s student loans: ~$55,000 fixed at 4.5% which is about $310/month for 30 years. (Masters degree to become middle school teacher. sigh)
- First Mortgage: ~$78,000 at 6.375% with 15 year fixed. Monthly payment is $831 including escrow with no PMI.
- Second Mortgage: ~$19,000 at 9.375% with 15 year fixed. Montly payment is $212 with no PMI (escrow included in first mortgage).
Savings:
- 401k: ~$42,000. I am contributing 5% of paycheck into 401k to maximize employer match. There are no 401k loans at the present. This gives about $1,950 per biweekly paycheck.
Roth IRA: ~$450. I just got it started a few weeks back.
.
Insurance:
- BCBS Federal Employee Plan. This is great insurance because there are no out of pocket expenses for child birth including prenatal visits.