M$D: October 5, 2035
Tori’s main concerns, in her own words:
I am a PhD student about to graduate this spring. I have a job lined up in another state and my husband will be able to transfer to remote work (keeping his job and his salary plus raise) when we move.
When I start my new job, our yearly income will increase by approximately $60,000. We have recently been learning a lot about personal finance and we have many plans for what we should do with that increase. Our goal is to pay off our approximately $100,000 in combined student loan debt (most at 6.8% – which we are already aggressively paying down with at least $2,000 a month in payments), followed by our car loan ($11,000 at about 3%), and then save up for a house, possibly rental properties, and possibly future children. The biggest problem will be prioritizing (i.e., Save for a down payment while paying off debt? Have kids while saving? Buy stock with my new company? Our home or a rental home first?).
What we cover in this episode:
- Handling an income change the smart way
- How to set smart financial goals
- Prioritizing those financial goals
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