Hello Everyone! Another newbie here and wanted to get some input on our current situation.
I'm 28 and wife is 25. We're both engineers living in the Los Angeles area making a combined salary of 140k/yr (80 and 60 respectively). We have a measly 20k in savings and 67K in school debt. No cc debt, or 401k invested.
Wife's car (mustachian) = 7k remaining on loan
My Car (not mustachian)= 19k remaining
Third Tow vehicle = No loan, but unreliable (worth ~2k).
House = 318k remaining (current mortgage 2400 after taxes/fees/HOA)
Also, our house (3b 2.5ba sfh) is currently on the market for sale and after 5% commission, we will have 120-138k cash. Our current plan so far is to pay off our all our school loans, sell my vehicle to pay off hers, and then use the remaining balance to purchase a small condo somewhere between my work and hers. Due to the distance between the two jobs, it is almost impossible to live someplace where we can both bike to work. I'm no stranger to biking long distances, and actually welcome the ability to ride to work everyday. Right now she drives over an hour to get to work, so that wont do. However, after moving, her commute to work will be cut down to 20-40 mins dependant on traffic. Because she work literally overlooks the beach, it is impossible for us to buy in or rent in that area. Our work is 30 miles apart seperated by a 2,000 foot climb and a major interstate. We plan on having kids in the next three years, but want to start working towards a goal where we can be finanically independant in the next 10-15 years.
Around here a 2b 2ba 700 sq ft (rundown) condo goes for around 300k, and rent typically ranges from 2000-3000 in a relatively safe area. We're considering using what's left to buy a condo and reducing our standard of living substantially, but still want to be able to enjoy life.
Thoughts?
Thanks in advance, awesome site!