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Old 05-30-2021, 10:27 AM   #21
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Originally Posted by ERD50 View Post
What does this mean?

Does your wife have an income, savings, expenses, debt?

Unless you're planning on a split, seems these numbers should all be merged. I'm confused.

Hey ERD50,

Here is a snapshot of our Debts and Assets. My wife brings in about $50K a year and I bring in $64K a year (with part time job that I may need to let go once in school part time) $55K a year after PT job loss (all of these figures are before taxes)

Do you think I should count my home equity towards my Net Worth? I personally do not believe I should.

My plan is to pay off my Car (2.69%) and current Student loans (4.75%) in the next two years.

What are your thoughts.
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Old 05-30-2021, 10:57 AM   #22
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Originally Posted by Corza View Post
****EDIT**** Sorry all. I thought I had placed it in the first post but, I split my mortgage with my wife. This may make a difference. Also, I will be pursuing my Masters of Social Work. Average salary where I live is around $70,000. For the first two years after graduation though I will probably be making around $45,000 vs $55,000 right now before my licensure. I also currently have a very part time second job that nets me around $9,000 after taxes but, I would not be able to have two jobs during school.
A MSW is almost a requirement in your field. Go for it.
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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Old 05-30-2021, 12:09 PM   #23
Recycles dryer sheets
Join Date: Dec 2020
Posts: 83
For ER, I think reading Your Money or Your Life is the most important thing you have done so far. Next and even more important will be adopting the practices now and sticking to them. I did not read the book till around age 40, yet it still made a big difference in my finances. My net worth more than tripled in a decade.

If you can get your debt down in the next couple of years and then automate your saving and investing -- keep it simple in one, two, or three index funds -- you'll be on track for retirement earlier than you might expect. Keep your cars cheap and your housing humble. A master's degree for $35K seems very reasonable. If social work is your path, go for it when the time is right.
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Old 05-31-2021, 11:05 AM   #24
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Originally Posted by youbet View Post
A MSW is almost a requirement in your field. Go for it.
OP--you are young enough to have several years earnings after getting your MSW. So avoid lifestyle creep and focus a majority of your increased earnings on debt repayment and savings for retirement and you will do well.
Have some fun along the way.
Best of luck in school!
You are no longer in a savings mode.
You are now in a slow spend down mode.
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Old 05-31-2021, 11:25 AM   #25
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No - I don't think you should be looking at your home as net worth at this point in time. Rather, as a monthly expense. (After all your debts are paid off, except your mortgage, you can start peaking at your home equity. It's not "gone" forever.)

I don't believe you can work two jobs and go for your Masters.

How does the DW feel about the Masters and additional debt? (Debt can be an emotional/ stressful thing.)

Do I see an additional $25,000 in student load debt for DW floating around over there? I don't see the rate on that one, but DW's income is being considered as part of the plan, so if she has student loans, they should be considered as well.

Me, I would get rid of your student loan, the car debt, and look for a job in the field with benefits, and which would pay part or all of your tuition.

Maybe you will start earning the big bucks the minute you graduate, but not everyone does. A tree falls on your roof (and oops the wind was blowing too fast or too slow so it's not covered, or there is a $5,000 deductible; an unexpected car repair . . . ) I just don't want you choking under the load of debt.
Use it up, wear it out, make it do or do without.
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