Industry: Research & Development
Age: 37
Location: Central Valley, CA
My Salary: $127,300
My Wife's Salary: $88,800
Net Worth: ~$178,000 (Assets: ~$113,000 in house equity, (home value is ~$545,243), ~$118,000 in my 401(k), ~$10,500 in wife's 401(k), ~$1,022 in an investment account, and about ~$8,900 in checking/savings minus debt). My wife and I share finances completely, with the exception of the child support she receives, that money goes to a separate account and is spent on the kids for medications, doctors, clothes, and any extracurricular activity (which are all on hold due to the pandemic). Excess child support funds are not included in our net worth because it isn't ours, it belongs to the kids.
Debt: -$505,409.14 (Mortgage: $432,561.91, Student Loans: $58,140.71, Credit Card: $5,706.52, Car Loan: ~$9,000)
My Paycheck: $2,960 (after tax/deductions)
My Wife's Paycheck: $1,885 (after tax/deductions)
Pronouns: She/her
Monthly Expenses
Mortgage: $3,031 (We refinanced in July to a 20-year mortgage, which increased our payments by about $150, but it's worth it to knock 10 years off the initial loan term.
Student Loan: $320 (in forbearance because of the pandemic, but we are still paying)
Car: $247
Utilities: $575 (we have a two-story house with a pool, so utilities are stupid high)
Cable/Internet: $218
Health Insurance: Through my wife's employer, deducted from her paycheck
Car Insurance: $145 (this is for two vehicles)
Life Insurance: $316 (my wife and I both have term life policies with each other as the beneficiary and she has a separate policy with a trust for the kids as the beneficiary)
Home Warranty: $62 (this has saved us so much. We bought our house about 1.5 years ago and have used this for a new water heater, new pool equipment, and a plumbing issue. Once the AC/Furnace goes (it is about 20 years old) we will likely cancel this.)
Cell Phones: $375 (We have five phones with unlimited plans and an Apple Watch on this plan)
Yard Maintenance: $90 (this includes our bug guy too)
Credit Card: ~$750 (minimum payment is about ~$60, but we are trying to get this paid off ASAP)
Streaming: Netflix ($15.99), Amazon Prime ($10), Disney+ (free for a year with cell phone provider)
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February 03, 2021 at 11:00PM
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A Week In Central Valley, CA, On A $216,100 Joint Income - Refinery29
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