Author Topic: Our Student Loans Are Paid Off EDIT: Net Worth Update  (Read 16523 times)

Dicey

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #50 on: August 13, 2021, 03:07:01 PM »
We recently made it above 1 million in net worth during the past 3-6 month real estate boom. I still have 24K in student loan debt.
Since it's you, I'm guessing it's in forbearance, at a super low rate, or both.

clarkfan1979

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #51 on: August 23, 2021, 09:08:38 PM »
I left grad school in August 2011 to start my first job. I signed up for the lowest possible payment which is the 25-year graduated extended plan. My original payment was $333/month. It's now $165/month. My original balance was around 57K in student loans.

I now have around 13K at 2.2% and another 11K at 6.55%. I haven't made any payments since COVID-19. No interest is accruing. Is that called forbearance?   

okparallax

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #52 on: January 17, 2023, 06:34:55 PM »
So another year or more has gone by. We finished the move to New Jersey and bought a house outside Philadelphia in a great town, we love it and the easy access to Philly. We kept our jobs in our former LCOL state and while they pay well we are definitely adjusting to our money not going as far as it did previously. Our property tax alone is more then 10x what we were paying. Our net worth is +/- $1.25 million and our portfolio is right under $1 million, both down about $150,000 form previous highs. We have been pretty lax the last year or so on spending what with the move and all but are back making smarter decisions now.

Mentally it has been a little challenging we made really fast progress for about 8 years straight and now have felt like a solid plateau has been hit, combined with our FI number probably doubling with the new costs here.  Now that I am back engaged and looking at numbers though I am feeling more proactive and aware which always helps me feel better.

Anyway, just a little update.

okparallax

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #53 on: January 02, 2025, 10:50:38 AM »
Another year down, another increase in net worth that would have been unfathomable to me when I first posted here in 2016. As of December 2024 we are now at $2 Million in Net Worth.

Our Balance Sheet looks like this:
$30K Cash
$1,630,000 Investments
$670,0000 Home Value

$330,000 Mortgage
No Other Debt


couponvan

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #54 on: January 02, 2025, 11:11:56 AM »
Excellent progress with the green soldiers!

okparallax

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #55 on: January 08, 2025, 07:06:19 AM »
Thank you, trying to figure out what the cut off is and when is it enough. Biggest variable right now is how much to set aside for our kids college 529s, just not sure what is right, currently doing $400 a month each.

couponvan

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #56 on: January 08, 2025, 12:10:13 PM »
Thank you, trying to figure out what the cut off is and when is it enough. Biggest variable right now is how much to set aside for our kids college 529s, just not sure what is right, currently doing $400 a month each.

The amount is a good start. We never did much outside of Coverdells and planned to cash flow college and then FIRE. “Enough” is relative. Part time for me allowed us to cash flow college the past two years. Now it’s OMY to hit 55 and all my 401(k) money accessible early without penalty from one job. So OMY is likely in my future. College is expensive!

J.P. MoreGains

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #57 on: January 15, 2025, 12:45:02 PM »
@clarkfan1979

Awesome job getting a million net worth! Good for you.

... Just realizing how long ago you posted that! You must be doing even better now.

J.P. MoreGains

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #58 on: January 15, 2025, 12:50:08 PM »
Another year down, another increase in net worth that would have been unfathomable to me when I first posted here in 2016. As of December 2024 we are now at $2 Million in Net Worth.

Our Balance Sheet looks like this:
$30K Cash
$1,630,000 Investments
$670,0000 Home Value

$330,000 Mortgage
No Other Debt

Wow 2 mil is awesome. 8 years and great progress!

clarkfan1979

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Re: Our Student Loans Are Paid Off EDIT: Net Worth Update
« Reply #59 on: January 20, 2025, 04:55:32 AM »
Thank you for the positive comments. We went from zero to 1 million in about 10 years August 2011 to August 2021. Now in January 2025, we are at 1.7 million. About 1.325 million in real estate, 365K in stocks, 38K in cash and 23K in student loan debt.

I started making student loan payments again in October 2023. Interest rates adjusted upwards and my payment went from $165/month to $211/month. I think the total rate adjusted up to around 7%. I should get more serious about paying it off, but I have bigger fish to fry at the moment. I'm adding a 3rd bathroom to a rental that is going to cost me around 15K to 20K and will increase the rent by at least $200/month. Stock market has also been great, so no regrets about not paying down student loan debt.

I'm thinking my student loans will be paid off around 2030 when my net worth is around 2.5 million. 

@clarkfan1979

Awesome job getting a million net worth! Good for you.

... Just realizing how long ago you posted that! You must be doing even better now.

 

Wow, a phone plan for fifteen bucks!