First, long time lurker. Thanks to this community, I have been able to use many (obviously not all) of the lessons here to get my family to the point where we are now. I recognize I can do better. Anyways, this is the first time I have put this much financial information about myself. Let me know what y’all think!!!
Family:
Reside in Texas and work for a State Agency.
Husband Age 30
Wife Age 28
Child #1 (starts college in 2028)
Child #2 (starts college in 2033)
Child #3 (starts college in 2038) [wife is currently pregnant]
Current Gross Income:
Husband: $5,800/mo.
Wife: $0/mo. [She plans to stay at home until all children are in school]
Next Month’s Estimated Paycheck:
Husband: $4150/mo.
Wife: $0
Monthly Before-Tax Deductions:
Mandatory [State of Texas Employee] Pension Contribution: $551
Health Insurance: $600
Dental Insurance: $100
Work Life Insurance (x4 salary): $20
Taxes:
Taxes: $390
Monthly Household Budget:
Mortgage (Principal, Interest, Escrow, Property Taxes): $1370
Utilities (Water, Electricity, Trash, Sewer): $210
Internet: $70
Phone: $50
Netflix/HBO/Hulu: $35
Term Life Insurance: $50
Vehicle Gas: $150
Vehicle Maintenance: $80
Groceries: $600
Discretionary (eating out, entertainment, clothing, kid sports, dog supplies, etc.): $400
Car Payment: $300
Student Loans: $0 currently by keeping AGI below 150% of poverty line [Hoping to have loans forgiven after 10 years of State service, which is 4 years from now. Good plan or not? What do you guys think?]
Contribution to IRA/457: $800
Total = ~$4115
Assets:
Checking Account: $2,000
House: $225,000
Account Balance in Pension I Can Take If I Leave State Employment: $33,000
Taxable Brokerage: $20,000
Traditional IRAs: $57,000
457 Plan: $10,000
2017 Honda CR-V: $18,500 (KBB Trade-in Value)
Total: $363,500
Liabilities:
Mortgage: $ 173,000
2017 Honda CR-V: $8,500
Student Loans: $39,000 [Hoping to have loans forgiven after 10 years of State service, which is 4 years from now. Currently able to keep AGI below 150% of poverty line to keep payments at $0 by contributing to Traditional IRA and/or 457 Plan. I am aware of the problems pertaining to having the loans forgiven from news articles late last year/early this year. Hopefully it pans out, but I am willing to hop jobs if the right opportunity presents itself.]
Total: $220,500
Total Assets – Liabilities = $143,000