Need to increase my income by $100k to pay off my house, kids' college
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Poast new message in this thread
Date: March 16th, 2025 12:11 PM Author: disco fries (his own flesh as well as all space was still a cage)
My last child will graduate high school in 2041 and, presumably, college in 2045. So I have 20 years of runway for college.
My mortgage is at 6.5% interest and is on schedule to be paid in full on 06/01/2041. I will be looking to refinance to a 15-year if I can get something close to 5% (no idea if this will happen anytime soon).
Currently, my wife and I spend almost every penny we make. Our lives are very expensive and we are consuming at an enormous rate. Doing some projections, if I could increase my income by $100,000 per year, I would be able to pay off my mortgage in full in about 4 years. From there, I could divert that money to education, and probably have enough to cover all educations by the time my first kid goes to college as well as spending on necessary home improvements (things are just falling apart).
So if I can increase my income by $100,000 in my mid-40s, by my mid-50s I can finally start to be in an okay financial position with kids and housing covered somewhat. Then I could use mid-50s to mid-60s to continue earning to help launch my kids in their lives (weddings, first houses, loans to start businesses).
Obviously, if I increase my income by $200,000 or $300,000 or more that would be better and make me more secure. But a $100,000 more is basically the baseline I need to reach in order to ensure that my family remains working class.
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752377) |
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Date: March 16th, 2025 1:23 PM Author: disco fries (his own flesh as well as all space was still a cage)
This is what I have spent out of my checking account over the last month:
Car Payment $678.57
CC#1 Payment $83.92
Venmo Payment $15.00
Childcare $1,260.00
CC#2 Payment $988.00
CC#3 Payment $951.88
CC#4 Payment $1,285.97
CC#5 Payment $6,238.27
CC#7 (Costco's) $549.10
Mortgage Prepayment $528.00
Mortgage Payment $3,269.13
Venmo Payment $17.00
Water $38.07
CC#6 Payment $816.74
Gas Bill $278.57
Total $14,055.22
On top of this we have other expenses that get paid at different times:
Federal income tax: $4200
Homeowners Insurance: $6500
Auto Insurance: $4400
Property Taxes: $10,000
HOA: $800
Auto Registrations and Other Fees: $2000.
These items prorate out another $2,000 per month.
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752528)
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Date: March 16th, 2025 1:35 PM Author: disco fries (his own flesh as well as all space was still a cage)
I actually have 8 credit cards. But it's so many cards that some months I don't actually have charges on all of them. Here are the cards in my wallet:
Capital One Quicksilver Card
Apple Card (this is just on my phone)
Chase Freedom
Chase Freedom Plus (or whatever it is called)
Citi Costco's Card
Discover It Card
AmEx Blue Preferred Card
Wells Fargo Card
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752576) |
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Date: March 16th, 2025 1:39 PM Author: disco fries (his own flesh as well as all space was still a cage)
2 1.5% cashback cards
2 rotating category 5% cashback cards
Costco's Card gives 5% back on Costco's gas, plus 2% of all Costco's purchases
1 general 2% cash back card
AmEx gives 6% cash back on $6,000 of groceries each year
1 Apple Pay/Internet shopping card
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752586) |
Date: March 16th, 2025 2:11 PM Author: Fucking Fuckface
To the point:
1. You're an idiot if you pay for your kids to go to college. They should figure it out, and you're doing them a disservice if you're not encouraging them to go somewhere cheap.
2. You should be reducing costs AND seeking to increase income, not focusing solely on income. You're spending like drunken sailors.
3. Trade up in the wife dept. You need someone who can earn and contribute and not just leech.
4. Cut down to 3 cards max.
5. Why not keep your mortgage at 30 years and simply pay more towards it each month. Wouldn't that give some safety in case your wife loses her job and you make even less this year than last?
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752667) |
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Date: March 16th, 2025 2:15 PM Author: Prolemobiler
1. is cr
2. spending less is extremely cr. trying to earn more is a lost cause for most peopole
3. always cr if youre a normal person but hes supposedly 200 lbs overweight. cant imagine doing marriage that way
4. dont get the reference
5. interest rates are shit so i wouldnt fuck around with anything other than paying it down right now
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752677) |
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Date: March 16th, 2025 3:00 PM Author: sealclubber
1 yes
2 yes
3 no way. he has 4 kids. he's locked in
4
5 a safety cushion is important
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752811) |
Date: March 16th, 2025 3:58 PM Author: samoth
Or perhaps you could
(Need to increase my income by $50k to pay off my house, kids' college) + (Need to decrease my spending by $50k to pay off my house, kids' college)
to get the same result.
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48752941) |
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Date: March 16th, 2025 5:21 PM Author: samoth
Like I said, if you wanted to.
Most people don't have income problems, they have spending problems. (And the exemplar set by those leading the country doesn't help.)
You're used to a certain way of life and way of spending. You view this pattern as a requirement ("I have to") instead of a luxury. The majority of families with four kids don't have anywhere near your level of HHI.
Until you break this pattern and change your way of thinking, you're going to continue to be unhappy.
(http://www.autoadmit.com/thread.php?thread_id=5694962&forum_id=2:#48753133) |
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