The American Dollar
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! :)


Saturday, May 05, 2007

We are at the point in our lives...

I want to go over where we are at in our lives overall. Many of you have surpassed this mark financially, others are almost there, but I wanted to give a brief life summary of where I we are. Presently: Married, 26 years old, 2 full time workers (soon to be 1), 1 child with 529 account, monthly 'needs' allocation at ~1100-1200 (so we are way under our budget). We own our home and have approx $72K left to pay on it. Max amount in retirement. We have over $200k in networth. Good, not great. (Not to sound overambitious, however I am so grateful to be where we are, but I know we have to work harder to get where I would like us to be)

In a recent post of 'what to do with our home' I'm scared that if we stay here that we dont get an opportunity for a more appreciating home. Ie. 200k at 8% gains and 400k at 8% gains, which one will be ahead? Obviously the 400, but we have lived to be debt free and underbudget these past months and have enjoyed what money CANT buy. Should we go into debt if we know we can pay a higher mortgage and because we are infact "young"? Moneymonk states that it would be good for us to stay where we are. Its so hard being in a spot where you can plan ahead for bigger purchases. End diatribe.

Secondly I want to talk about bettering our situation career wise. I'm putting in place some goals at work as well, perhaps a 4-5 year plan. I have been lucky enough to be introduced to fellow employees making more than $125k annually easy, however they are not in my department or related field. I have the patience and time to go back to school or go through whichever necessary programs needed to get to that point. A few years ago, I couldnt dream of having the job that I have now and now I have it yet dreaming of higher goals. Sheesh, will I ever be satisfied? :) Money isnt everything, i guess.


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