Ep. 48: Lee might have a monopoly money problem

Meet Lee

Age: 44

Salary: $225,000 a year combined

Lee’s main concerns, in her own words:

Married 20 years this month, children in 11th, 6th & 4th grade. I’m 44 and an attorney, my wife is 45, a private school teacher. Concerned about costs of college, budgeting with high housing cost out west, and continued retirement. Public K-12 is an issue, so spend $25k/yr on private school. Combined pretax income of $225k/yr. Max out on 401k/403b, combined $650k. 529 accounts, combined $82k. Bought in Nevada in 2005 because that’s where work took us, at top of market, underwater ever since. Positive was that as unsophisticated borrower, we had interest-only payments for 10 years! But that ended, and monthly mortgage went from 1,300/mo to $2,700/mo-on a 30 year old house that still needs work. Just so high because principal was at top of market. We’ve eliminated a lot of things to keep things even.

What we cover on the episode:

  • Funding college for kids
  • Dealing with a mortgage disaster
  • Planning for retirement despite other priorities

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