Meet James
Age: 29
Salary: $130,000
Employment: Attorney
Savings and Investments:
- 401K Balance = Maxing-out at $18,500 per year
- Savings Balance = $50,000
Debt:
- $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?
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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.