Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-30-2021, 10:27 AM   #21
Dryer sheet wannabe
 
Join Date: May 2021
Posts: 11
Quote:
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.

-ERD50
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.
Attached Images
File Type: png Untitled.png (19.0 KB, 11 views)
Corza is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-30-2021, 10:57 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 11,514
Quote:
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
youbet is online now   Reply With Quote
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.
Ramen is offline   Reply With Quote
Old 05-31-2021, 11:05 AM   #24
Thinks s/he gets paid by the post
 
Join Date: Apr 2015
Posts: 2,503
Quote:
Originally Posted by youbet View Post
A MSW is almost a requirement in your field. Go for it.
Agree.
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.
pacergal is offline   Reply With Quote
Old 05-31-2021, 11:25 AM   #25
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,593
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.
MarieIG is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Poll:Are You "Probabilistic" School or "Safety First" School? Huston55 FIRE and Money 51 12-29-2020 12:39 PM
Going back to college at 65, and going Greek as well SumDay Life after FIRE 6 03-16-2013 08:04 PM
Going back to school at 50 BigNick Life after FIRE 44 10-04-2011 03:37 PM
Wondering if I made a mistake by going back to school. Harlech Hi, I am... 8 07-22-2011 02:12 AM
Going to grad school - would you adjust your portfolio? soupcxan Young Dreamers 3 04-05-2007 01:17 PM

» Quick Links

 
All times are GMT -6. The time now is 08:47 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.