Saturday, May 10, 2008

Bottom Line: I don't make NEARLY enough to cover us

Okay, so I'm almost on top of the heap of financial info here and I'm surveying the land. You can see my Networth thingy to the right, and we're not in such hot shape.

Almost the entire negative sum is taken up by student loan debt. Some higher-interest CC and car payment is in there, but our student loans total $110k - and I've been out of school now for 10 years, my wife for nearly 4.

I'd like to pay all this bad debt off in 5 years. To do this, I'll need to make A LOT MORE MONEY. We don't have a lot of trimming that can be done off our budget--we're pretty lean there. As it is, with her student loans still in deferment, we're short on our bills by $700 a month. Adding her loan payment in there makes us a little over $900 short starting in July. If I want to be debt-free (except our mortgage) in 5 years, I'll need another $2400 after taxes every single month for 5 years.

Can it be done? Yes?

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