Introduction from new member...

[ChemEng]

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.

Wife’s 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.

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.