Dual income no kids (nor any plans to have any).
I make $115,000 before taxes and bonus (bonus varies based on receivables but I've never had this job before so I'm not sure how to predict).
Husband makes $43,000 and also makes bonus based on sales. Again, this is his first year but bonus is around $5000l he doubts it will increase next year and intends to ask for a raise.
TL/DR: we have a guaranteed income of $158,000 which after we max my 401k (he doesn't get one from his employer) and our IRAs becomes total taxable income of $126,500. After taxes I think that looks like around $100,000.
Savings: I have $36,000 as our emergency fund.
Retirement: I have $63,000 in retirement accounts at Vanguard.
Other expenses: Last year our total spend was $56,000 but, if we subtract the wedding costs (which won't reoccur) and reduce the housing expenses due to refinance and the $100,000 pay out, it's closer to $40,000.
Debt: My student loans from undergrad and law school are $66,000 at 2.8% (or variable interest rate tied to Libor). My monthly payment is $1350. I can refinance again to pay a lower rate (1.9%) and perhaps lower monthly payment. I've been paying $2000 a month though. My goal is to wipe this out before next president takes office.
We own the condo where we live in Atlanta. His parents downsized and want to give us $100,000 from the proceeds of that to put into real estate. We owe $200,000 on mortgage with a 4.85% interest rate and $1800 monthly payment. But, with a refinance to a 3.9% rate and putting that 100k into the principal, will have a monthly mortgage, HOA, insurance, tax payment of less than $1000/mo.
Transport: We own the 2008 Subaru Outback with 125,000 miles that my husband uses to commute to work. Public transport is not an option for him bc Atlanta. I walk to work. Husband's grandmother no longer drives and wants to give us her 2012 Honda civic but we only have parking for one car. Should we sell Subaru and take civic? or sell civic and use that money towards my husband's retirement?
Other expenses: Last year our total spend was $56,000 but, if we subtract the wedding costs (which won't reoccur) and reduce the housing expenses due to refinance and the $100,000 pay out, our annual living expenses are closer to $40,000.
This means we have about $60,000 leftover to work towards retirement and debt reduction.
The easy answer here is that I refinance, use the $100,000 towards the mortgage and then free up the money for u to tackle our loans.
We're not focused on FIRE per se; we just want to be able to free ourselves to choose careers that matter to us (I was previously working at a law firm where I made more but it was awful and didn't work out and I don't want to do that again).
It seems like refinancing and putting the money into the mortgage is a no brainer since it's our largest debt and we're not allowed to use it except for real estate we live in. But we also don;t love where we live so it feels weird to put money into the condo since we don't want to stay here and ultimately would prefer to move and sell it. Also not sure what we should do about the car.
