Meet Caroline
Age: 28
Salary: $103,000 combined household income
Caroline’s main concerns, in their own words:
I thought my husband and I were doing pretty well financially compared to couples our age (I’m 28, he is 30). But after listening to your podcast with Samantha, 33, who has $50,000 in retirement savings and was scared that isn’t enough, I got nervous. Our financial situation: One car payment ($290/month, we pay $630/month on it and owe $10,800), mortgage ($1080/month, we pay $1160/month on it and owe $161k). Emergency fund currently has $3,400, we put in $200/month + extra. Checking has about $2000-$3000. IRA: $7,559. Not adding to now. Investment acct total: $10,884. Not currently putting more in until emergency fund at $8,000 and car paid off. 401k – his: $5,218, he’s putting in 5 or 6%, bumps up each year 1%. Me: $2,390, putting in 6 or 7%, bump up each year 1%. Should we be going after the car and emergency fund first or should we be putting way more into our 401k at work? We must be WAY behind if Samantha has $50,000 at age 33 and SHE is behind?
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.