Savings and Investments:
- 401K Balance = Maxing-out at $18,500 per year
- Savings Balance = $50,000
- $139,000 student loans
James’ main concerns, in his words
I’m about to turn 30, and my wife and I just had our first child. We owe $230K on our house. I’m an attorney making $130K and my wife is a dietitian making $50K. Here’s the issue: my student debt. I graduated from law school in 2010, and my student debt currently stands at $139,000. We pay extra each month towards the debt, contribute to our 401Ks, and opened a 529 account for our son. But are we putting our money in the right places? Should we be investing more, or attacking the debt?