M$D: September 13, 2033
Meet Danielle
Age: 34
Danielle’s main concerns, in her own words:
I love my job, and I’m proud of what I’ve accomplished, but I am concerned about several aspects of my future financial stability. (1)Student loan debt. I currently have $70,000 in student loan debt, and am set to continue paying $1,000 a month for the next 6+ years. (2) Savings. I am self employed, and budget to prepay my taxes quarterly. My income varies by multiple thousands each month, so I started paying myself a set salary. Beyond this, I have nothing set up for retirement. I know I need to start saving, but am uncertain of when and how to do it. (3) Lifestyle. I have two kids in daycare full time and pay $500 a week. We also bought a new house this summer, which we would like to work on. What’s the smart thing to do? Pay off loans, wait until kids are out of daycare, begin investing? I need your help! I am a first generation college graduate, and have worked very hard to get where I am, but know there’s more I can do!
What we cover in this episode:
- Creating a plan for paying off debt
- Determining priorities i.e. retirement, kids’ college expenses, and lifestyle needs/wants
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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.