Author Topic: just got married and about to go through our finances need help!  (Read 3415 times)

Mrkineticz

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Hello all ive been a lurker and a mild participant in this forum. been here for a couple months Ive been reading alot and researching about FI. I am about to go through my finances with my wife and I needed to know
where to start?
what questions do i need to ask?
how do i formulate a plan for our future?


current stats
we make 200k before taxes together
we already contribute max 401k/403b
we contribute max roth iras
no credit card debt
70k (401k/403b combined)
she has a 13k student loan @ 3%
i have a 16k car loan at 7%
I have 2 real estate properties one im currently renting and making 250 a month from
20k in savings to buy another property
6k in oh shit fund

Bottom line is that we both want to retire early.

thanks in advance!
« Last Edit: June 05, 2015, 09:42:10 PM by Mrkineticz »

MDM

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Re: just got married and about to go through our finances need help!
« Reply #1 on: June 05, 2015, 11:47:52 PM »
where to start?
what questions do i need to ask?
how do i formulate a plan for our future?
You have some good information already listed, but see http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/ and follow that template with as much detail as you can add.

surfhb

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Re: just got married and about to go through our finances need help!
« Reply #2 on: June 06, 2015, 02:09:39 AM »
While you write up your case study I'll just say that the debt needs to go ASAP.    Write a check today for the car with the 20k you have.

ender

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Re: just got married and about to go through our finances need help!
« Reply #3 on: June 06, 2015, 06:45:34 AM »
without having any idea what you spend, some thoughts:

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we make 200k before taxes together
no credit card debt

Sweet, this is a great place to start regardless of where you live.

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we already contribute max 401k/403b
we contribute max roth iras

So basically your "remaining" pay is 200k - 36k - 11k or about 150k per year to work with. Very conservatively, probably $8-9k/month posttax.

Quote
she has a 13k student loan @ 3%
i have a 16k car loan at 7%

You should start throwing a lot of money at these, at least the car loan. Probably 3 months you could pay it off.

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I have 2 real estate properties one im currently renting and making 250 a month from

$250/month seems pretty weak for a rental property - is this after budgeting a large amount for repairs/maintenance? If not, this place might not be a great deal at all.

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20k 4k in savings to buy another property

Pay off the car loan today. It'll only take a few months to replenish this.

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6k in oh shit fund

I hope you have other savings for this. $6k is probably not much of your spending and with rentals you want a lot more.

Mrkineticz

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Re: just got married and about to go through our finances need help!
« Reply #4 on: June 06, 2015, 03:04:00 PM »
where to start?
what questions do i need to ask?
how do i formulate a plan for our future?
You have some good information already listed, but see http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/ and follow that template with as much detail as you can add.

i will write my case study after i go over my finances with my wife on tuesday.. just more in depth of our spending and our ills so we have a clearer picture and i can post it up on the forum

Mrkineticz

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Re: just got married and about to go through our finances need help!
« Reply #5 on: June 06, 2015, 04:21:06 PM »
Ender thanks for your insight. well I found out about this site mid way through wedding plans with my wife. I wasnt saving much for my 401k or believed in it until after I found this forum. I had been saving for my wedding (which i paid in cash) and now I am financially free to start saving again and paying down these debts of mine.

my current rental property i am receiving $1000 for rent and after paying mortgage, taxes and repair maintenance i am left with 250 to put in my pocket.
the 20k I have saved up is going to buy my primary residence with my wife to grow our future children in ( this is non negotiable according to my wife)

RetiredAt63

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Re: just got married and about to go through our finances need help!
« Reply #6 on: June 07, 2015, 12:43:41 PM »
Just a thought, since you are a team (married => shared assets and shared liabilities) - yes, pay off the car loan, but also put as much as possible into the student loan. I know it is low interest and all that, but it is still debt hanging over your heads.  Lower student loan should/would improve her credit score (for whenever you two get that house) as well?  And make paying off the rest of the student loan your highest priority.