Hello all,
I am a 33 yo male in the military who recently got engaged to an awesome lady. She is 24 and about to graduate with a masters and a student loan amount of about 65k @ around 6% interest. She should make about 40-50k/year out of school.
I have a Roth, TSP savings account, both retirement amounts combined are equal to my yearly salary to date. The only debt I have is 16K (411/mo payment) for an awesome truck I bought brand new and will own for next 20-30 years (2010 Nissan Frontier 4x4, with 27k miles). I understand the Moustache stance on vehicles, but I am holding onto it for multiple reasons, but NEVER want this type of debt again!! I need to replenish my emergency savings as I bought the RING with some of it. Once this happens, I also plan on increasing my payments on the truck. None-the-less, my savings rate is 25% of income as of now. Of course, I am looking to save more :)
In one year when we marry, my fiancé and I could probably live on my salary, as I will get a raise in basic allowance for housing (BAH) for marriage and will more than likely advance in rank within the next year. We both that we want to pay off her student loan debt as quick as possible, possibly minimally contributing to a retirement account for her. With the 6% interest rate, I would preferably choose to have most if not all of her income go towards the debt. We plan to wait about 5 years for kids.
In general, how would you approach this, financially speaking?