Financial snap shot Nov 2016.

If you read Decision to Blog, after discussion with my family, the numbers will be put out there, and I have found some blogs about how to blog.

This is neither to brag nor to complain.  This is an attempt to just give the unemotional numbers and facts about our current financial picture.  This is the starting point.

My wife and I are both 43, both teachers in the same public school system, and both married since age 21.  Our son is a senior and turns 18 in Feb.  Our daughter is 14, and turns 18 in March of 2020. We each earn about 4k$ each month after taxes, except for the summer months of July and August.  That totals about 80k$ a year.  These could change, but I usually get a National board stipend of 2k$ and tax refund of 3k$.

We have a house in Virginia and townhouse at Myrtle Beach.  The house is worth 200k$ according to the city and we owe 108k$. We have 24 years left on an 850$ per month mortgage.  The TH is worth 70K$ according to the city assessment and we owe 58k$.  We have 27 years left on a 560$ per month mortgage.  We get about 9k$ per year from renting the beach townhouse.

We have 80k in a mutual fund portfolio that automatically draws 500$ per month from our bank accounts.  We each have 7500$ Roth IRA’s.  My mother set up UGMA’s for our children.  My son has 9k$ and my daughter has 5.5K$.  Our 2006 Jeep, 2008 Lexus, and 2000 Volvo are paid for. We have no credit card debt. I run lots of money monthly through credit cards, but always pay the balance in full.

This is my 22nd year teaching.  I love teaching, and am proud of my teaching career, but I would love to try something else in 8 years.  My wife is in a similar spot in her career, with 21 years of teaching experience.  We can retire from teaching at 30 years.  Reaching age 55 along with 30+ years would get us a bump in the retirement money.

My son does well in school.  He began working at age 15.  He has worked for restaurants, a construction company, and mowed lawns.  He pays us 140$ a month as his contribution for gas and car insurance.  He saved his money and bought the 16 year old Volvo.  He banks with USAA and has several types of youth accounts set up.  He accepts cash and checks for work and uses a debit card and cash for spending.  I would say he spends too much on food, but he always has some savings, spare cash, and his monthly 140$ has always been paid on time.

My daughter has recently began high school and also has good grades.  My daughter is a freshman and has earned and spent money for a few years.  She has a USAA account in her name consisting of 300$ of Christmas money from grandparents.  Most of the money went into that account when she was young, probably without her knowledge.  She gets cash for babysitting, and uses cash for spending.  There are times when she has no money.  She will be turning 15 soon, and if she wants to drive will need to earn and save more money.

80k$ pay + 9k$ rent+ 2K$ NBCT stipend + 3K$ tax refund + 2k$ son’s car contribution

Total income 96k$ income per year.

Looming cost of college education for 2, approximately 200k$ over the next 7 years.

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