Author Topic: My Wife And I Made Loans Our BI$#h!  (Read 6869 times)

Singuy

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My Wife And I Made Loans Our BI$#h!
« on: April 22, 2016, 08:23:38 AM »
Total Debt

My House Mortgage @4.5%: $300,000 in 2007---->0 in mid 2015

Wife's Student Loans @ 6.8%: $176,000 in 2012--->0 in early 2015

Wife's Car Loan $27,000@ 3% in 2013---->0 mid of 2015

Total Savings

Retirement savings. 0 in 2007--->156k in 2016
Cash 0 in 2007---->140k in 2016

Average pretax income since 2007 for wife and myself is 176k/year. Total working years: 8.5 years for myself, 3.5 years for my wife.


pbkmaine

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #1 on: April 22, 2016, 08:29:22 AM »
At this rate, you should be comfortably FI in less than 5 years. What's your goal?

Rufus.T.Firefly

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #2 on: April 22, 2016, 08:30:33 AM »
Hell Yeah!

*fistbumps*

Now it's time to make your spare cash your BI@#$!. Seriously though, why do you have 140K in cash sitting around doing nothing? It's time to tell your cash to get off it's smoke break and get to work!

Singuy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #3 on: April 22, 2016, 08:34:17 AM »
Goal is to save about 180-200k/year and then have the money sit on some muni bonds and preferred stocks.

I tried the whole peer to peer thing and it kind of blows for the amount of work required.

Got a lot of cash sitting because we are about to make a gigantic purchase (resort style pool)to celebrate!  Then onto saving we go!

forummm

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #4 on: April 22, 2016, 10:50:51 AM »
Goal is to save about 180-200k/year and then have the money sit on some muni bonds and preferred stocks.

I tried the whole peer to peer thing and it kind of blows for the amount of work required.

Got a lot of cash sitting because we are about to make a gigantic purchase (resort style pool)to celebrate!  Then onto saving we go!

That's quite a healthy annual savings figure. If you decide not to spend much (say on huge pools), you could retire pretty quickly.

CmFtns

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #5 on: April 22, 2016, 11:44:07 AM »
Goal is to save about 180-200k/year and then have the money sit on some muni bonds and preferred stocks.

I tried the whole peer to peer thing and it kind of blows for the amount of work required.

Got a lot of cash sitting because we are about to make a gigantic purchase (resort style pool)to celebrate!  Then onto saving we go!

That's some sweet savings...

You better be sure you want a pool because a lot of people think they want a pool but end up not using it nearly enough to justify it

Singuy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #6 on: April 22, 2016, 12:06:09 PM »
Goal is to save about 180-200k/year and then have the money sit on some muni bonds and preferred stocks.

I tried the whole peer to peer thing and it kind of blows for the amount of work required.

Got a lot of cash sitting because we are about to make a gigantic purchase (resort style pool)to celebrate!  Then onto saving we go!

That's some sweet savings...

You better be sure you want a pool because a lot of people think they want a pool but end up not using it nearly enough to justify it

Because we kicked so much ass on paying off my first house down, we used the equity on that house and bought a flooded foreclosure house(flood within the house not from outside) that is on a gigantic ski lake in a very awesome community. We fixed the house up and gained 250k in equity (first house sold, new house paid off as well).  This pool/summer kitchen just give us a better outside living area overlooking the lake. Also it will add even more value to this property and yes, we understand it's definitely not our style for this kind of spending. We are paying cash for this pool/kitchen that will cost 100k..which took us about 6 months to save up.

Our current net worth is around 1 million and at 33, I figured we have plenty of time to save...got to enjoy life sometimes right?
« Last Edit: April 22, 2016, 12:10:23 PM by Singuy »

CoreyTheMan

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #7 on: April 22, 2016, 12:18:51 PM »
Am I the only one curious about how they accomplished this in such a short time frame with such massive numbers??

katsiki

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #8 on: April 22, 2016, 12:28:32 PM »
I'm curious too.  Also, how do you save the same as your total income or more?  Is there other income that wasn't mentioned?

Singuy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #9 on: April 22, 2016, 12:29:50 PM »
Am I the only one curious about how they accomplished this in such a short time frame with such massive numbers??

I made 110k/year out of school at 24..lived like a college student because my parents wanted me to put 1.5x of my paycheck into the house/month for early pay off. Did this for almost 8 years straight and got it done. Parents were generous enough to spot me the down payment while all my savings went into furniture.

Wife came out of school making 115k at 29 yo..I told her to dump 90% of her paycheck into student loans and I'll take care of the rest. We both lived like college students..driving high school beat up cars, not eating out much..etc etc.

Wife a year later got a new gig, made 190k that year...and now she averages 210k/year. I now make 135-140k/year. All numbers are pre-tax.

We don't have a lot of working years combined therefore our average combined income is around 176k because the wife didn't work until 29yo, but we tackled all debt and made it our bitch.
« Last Edit: April 22, 2016, 12:46:59 PM by Singuy »

forummm

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #10 on: April 22, 2016, 01:02:14 PM »
Goal is to save about 180-200k/year and then have the money sit on some muni bonds and preferred stocks.

I tried the whole peer to peer thing and it kind of blows for the amount of work required.

Got a lot of cash sitting because we are about to make a gigantic purchase (resort style pool)to celebrate!  Then onto saving we go!

That's some sweet savings...

You better be sure you want a pool because a lot of people think they want a pool but end up not using it nearly enough to justify it

I second that pools are a huge pain. Unless you hire someone to take care of them for you. Which costs money--but if you're spending $100k on a kitchen and pool, you probably don't care too much about that (and are unusual for this site).

skeeder

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #11 on: April 22, 2016, 01:04:15 PM »
Where you living friend?  those salaries and prices of houses tell me West Coast somewhere?

Singuy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #12 on: April 22, 2016, 01:12:57 PM »
Where you living friend?  those salaries and prices of houses tell me West Coast somewhere?

Florida, low cost of living area. My first house was 3300 squareft new construction for 370k in dec of 2007(post bubble, still expensive though).

Foreclosure house bought for 430k after renovation and is worth about 700k, 4400 squareft lakefront.

Fred2004

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #13 on: April 22, 2016, 02:10:57 PM »
Pools aren't bad to maintain...all you need is liquid chlorine.  I learned this after my parents went through a ton of cleaning supplies and liquid chlorine turned out to be the best thing to use.

all that stuff for ph balance blah blah blah really can get out of whack using a bunch of chemicals...keep it simple

CmFtns

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #14 on: April 25, 2016, 12:57:10 PM »
Yea you guys make a fuckton of money... I take back my pool comment for your situation because with those savings it's a drop in the bucket... Although I still wouldn't buy one for myself because I don't really like pools. When I was searching for my house I specifically looked for places without pools as a criteria lol... which cuts out 50% of Florida properties.

What field of work are you two in making that much in Florida?
« Last Edit: April 25, 2016, 12:59:39 PM by comfyfutons »

Fred2004

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #15 on: April 25, 2016, 05:15:57 PM »
Yea you guys make a fuckton of money... I take back my pool comment for your situation because with those savings it's a drop in the bucket... Although I still wouldn't buy one for myself because I don't really like pools. When I was searching for my house I specifically looked for places without pools as a criteria lol... which cuts out 50% of Florida properties.

What field of work are you two in making that much in Florida?

2nd that comment $350k is a shit-ton (technical term)...ESPECIALLY in FL...

when you can SAVE $200k a year, why not get a super nice pool...make sure you screen that sweet pool in so the bugs don't get ya!

I'm guessing your wife is a Dr. ...hence the late start probably 2 yrs of paying that school debt...

I was dating a Dr. in residency, and she was freaked out about her $300k of student loans, I told her if she made 160/180 (basically the minimum, potential to make 300-400) she could pay it off in 2 yrs as long as she had a SO making enough to support 2 people. 

$110 out of school is killing it at 24 too, not sure what field that is, I knew a Pharmacist that was similar ($120 starting at 25 I think)...everyone has their own path though.

Impressive...I would not be living like a college student with a NW of $1M at 33...but that is just me...in 5yrs you'll have over another million. congrats

Singuy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #16 on: April 26, 2016, 09:48:22 AM »
Wow, good guesses.

I graduated with a Pharm. D degree at 24 yo, wife became an optometrist at 29yo.

I now teach a financial classes to pharmacy students rotating in our hospital. Too many of them come out with massive student loan debt and ends up with a new BMW living in a sky-rise.


Fred2004

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #17 on: April 27, 2016, 11:39:39 AM »
it's a great example though.

Not many other careers can you come out making that kind of money so it was an easy guess :P (other than sales... maybe)

You definitely made the debt your b!tch!!

The major problem with society is people are going $120k+ in debt for a psychology major, then needing masters school (usually more than $40k)...only to be able to land $50k jobs when they are done (if they can find one).

There is a big difference between that situation and $300k debt and then having a $200-400k salary

Rosy

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Re: My Wife And I Made Loans Our BI$#h!
« Reply #18 on: April 28, 2016, 01:16:13 PM »
Awesome! Congrats from another Floridian - you guys rock!