M$D: October 5, 2035
Meet Tori
Age: 27
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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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.