Here are my financials:
Income:
Wife (PI Paralegal) = $35,360/yr
Myself (Operations Manager) = $60,000/yr
Sub Total (gross) $5,000 + $2,696 = $7,696/mo
Current expenses:
Rent $1,500 (2 bedroom apartment in Los Angeles County) my wife and I work in opposite directions but this apartment is 10 miles away from each job and I ride my bike.
Gasoline $150-$200
Internet $40
2 Cell Phones $90
Pharmacy $50 Allergy & Asthma meds for me
Utilities $60
Auto Payment $380
Auto Insurance $100
Groceries $400
Restaurants $200 (this varies but $200 is the max)
Sub Total =$3,020/mo
Savings:
$11,000 - We are able to save $2,500/mo
Assets:
401k: $32,000 account value; 6% + 3% company match = 9%/mo
Company Sharematch: $4100 account value; $250/mo*
*$3k is the annual max for my company sharematch plan. I contribute $250 a month. Its a 2 for 1 share deal. However, there is a 3 year hold minimum (from the day you bought the shares) to get free shares. Company is large, financially sound, and stable.
780/750 Credit Scores - I consider this an asset :)
Liabilities:
No credit card or student loan debt :)
I am 27, my wife is 25
The issue is my wife hates her job. She does pre-litigation for a law firm in Sherman Oaks. She manages well over 100 files by herself. Her employer's expectations are unreasonable and the amount of work she does doesn't make sense with her compensation. Moreover, she stresses out everyday and I can see it impacting her health and so does the dr.
Anyways, we were toying with the idea of her quitting her job and going back to school to get an Associate of Science Degree specializing in MRI. According to Salary.com, MRI tech's make a median salary of $70,600 in CA.
There is a local 2-year program at a school called Casa Loma College (accredited by ARRT, ARMRIT, & ABHES) This program with tuition+books cost $35,250.
My questions are:
#1 Can we afford to live on my salary?
#2 Is this a smart long-term change?
Thoughts?