The American Dollar
OUR FAMILY. OUR MONEY. ONE PERSONAL FINANCE BLOG.
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Tuesday, January 31, 2006

Plan on quitting?

If I plan to leave work permanantly and go back to school fulltime while we have a child, what should I plan now? We are going down to one salary for a family of 3, which we can manage since we will have no debt but our mortgage. We should be completing the last payment to student loans shortly. We will carry all of our insurance under the spouse who continues to work and will contribute to their 401k and max our IRAs out. So the question remains is how much should I keep aside in an emergency fund or just extra cash fund saved up before I do this venture for 2 years? The ONE salary will cover all expenses in the home with very little to none going to our savings after insurance and retirement accounts. My guess is around 30-40k? We are currently paying down the mortgage, but will now have to stop the extra payments. My plan is to rejoin the workforce in 2 years and then finish paying off the mortgage which will be 3 years MAX to do.

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Emergency Fund
40%
$25,000
2007 Roth Contributions
$8,000 Total



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