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27 year old youth pastor wanting to be prepared
Old 11-11-2009, 08:39 PM   #1
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27 year old youth pastor wanting to be prepared

I have the great combo of a low paying job that requires a high cost private college degree

So I am trying to figure out the balance of taking care of my family, wanting my wife to stay home with our 2 year old daughter, being ready to try for more kids, needing to pay off a mountain of school debt, and invest what I can for retirement.
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Old 11-11-2009, 08:54 PM   #2
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Welcome!

Your situation sounds like the very definition of starting out. Reminds me of myself many years ago although I didnít have the spouse, child or debt. I started from zero but soon met a stockbroker who helped get the idea of investing into my head. At first I just invested the minimum here and there until it became a habit. The important thing for me was that I never touched that money until retirement. Iím sure the collective wisdom here will be helpful. Best wishes on finding the balance you are looking for.

Congrats on enjoying your family, (I peeked at your profile).
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Old 11-12-2009, 09:31 AM   #3
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thecma-

My brother is a pastor. One unique facet about the job is that he has the ability
to opt out of social security. He puts what he would be putting into SS and his employer puts what they would be contributing to SS into his retirement account,
so he has a decent percent of his check going into retirement without feeling any
more pinch than usual.

This works for him, because he still has a part time job elsewhere 5 hrs/ week where he does make SS contributions. I think as long as he make 4,000$/yr it counts
towards the 10 yr minimum.

You can Check with your church's HR person to see if this option is available to you.

Thanks for doing what you're doing. As a youth pastor, you may very well have the toughest job known to mankind!

-LB
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Old 11-12-2009, 11:40 AM   #4
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You might want to check out Dave Ramsey -- he has a couple of books and financial training materials that are really aimed at people in your position. His website is here, and your local library might well have his books.

Welcome to the forum, and best wishes to you and your family.

Coach
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