23 y/o with nothing but money on the brain needs help making decisions
Hi! This week has been a whirlwind of financial education for me, and I just wanted to get some advice while I sort things out. Hereís a bit of background:
Me: 23, graduated in 2007 with a BS in elementary education, but I donít want to teach, so I got a job as an entry-level bookkeeper last year because my passion is accounting and MS Excel. Just got married in July. Planning on going back to school, at least part-time, to climb up the ranks in the accounting world.
Income: $28,000 per year (gross)
Debt (student loans only): $45,000
Savings: $0 (I had $5,000, but just spent it all on a wedding/honeymoon)
DH: 27, dropped out of college at 20 to run his own business (which he made some money at before quitting), and then he moved into his parentís house to start a real estate career in 2005. He has not done all that well. In fact, I made more as a full-time student working 20 hours per week, than he did. However, he has decided to stick with it because itís his passion.
Income: varies, but has been no more than $5,000 per year
Monthly expenses: $2,500-$3,000 per month (having just gotten married, things are in flux, but are hopefully calming down)
I just became eligible this week to contribute to a 401k at work. After reading everything my employer gave me, and supplementing that with research of my own, I have decided to contribute 5% of my income to the 401k in an aggressive (stock-heavy) lifestyle fund. This is because my employer matches 100% up to 3%, and 50% for 3-5% (so essentially, I put in 5%, and get 4% matching contributions). This will take about $1,400 from my income, and w/ matches of about $1,100, I will slowly begin growing my 401k at $2,500 per year.
I have made some decisions about what to do next, but Iím really curious as to what you would do in my situation. Thanks for any insight.