Paid of Mortgage on home/need help with insurance

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4503
Posts: 17
Joined: Sun Apr 06, 2014 1:17 am

Paid of Mortgage on home/need help with insurance

Post by 4503 » Mon Jan 13, 2020 2:14 pm

Hi All,

After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.

Here are the details:

1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: Enough for two years expenses (I was saving to buy a car, but that is not possible now).
3. Tax Bracket: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%

Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me to stay put and fund 15K worth of expenses.

Thanks!

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Misenplace
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Re: Paid of Mortgage on home/need help with insurance

Post by Misenplace » Mon Jan 13, 2020 4:45 pm

This post has been moved to it's own stand-alone topic, since it is a new question. OP, if you have any information that you felt was needed for background, you can add it to the above post by using the icon that looks like a pencil.

Moderator Misenplace

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dm200
Posts: 22854
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Paid of Mortgage on home/need help with insurance

Post by dm200 » Mon Jan 13, 2020 4:54 pm

4503 wrote:
Mon Jan 13, 2020 2:14 pm
Hi All,
After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.
Here are the details:
1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: Enough for two years expenses (I was saving to buy a car, but that is not possible now).
3. Tax Bracket: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%
Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me to stay put and fund 15K worth of expenses.
Thanks!
So - job is "secure" for two more years - then becomes "insecure"?
Is partner debt free as well?
You seem to be in excellent financial condition!
Do you need health/medical insurance benefits for yourself, partner and/or child?
Seems to me that, in your situation, you can do fine - even with lower income job.
Try to get "creative" to expand type of jobs to consider. Look for ones that, although lower income at first, can have income growth in the future. Look, as well, for jobs based in other areas where you can work remotely. Do a lot of "networking". Consider (depending on details) leaving current job before two years if a good opportunity comes along.

JBTX
Posts: 5707
Joined: Wed Jul 26, 2017 12:46 pm

Re: Paid of Mortgage on home/need help with insurance

Post by JBTX » Mon Jan 13, 2020 5:00 pm

4503 wrote:
Mon Jan 13, 2020 2:14 pm
Hi All,

After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.

Here are the details:

1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: Enough for two years expenses (I was saving to buy a car, but that is not possible now).
3. Tax Bracket: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%

Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me to stay put and fund 15K worth of expenses.

Thanks!

Tax bracket: not sure what 58500 means. Assume a typo.
Savings: you save $36k a month? That's a lot. But you have only $70k in tax deferred?
Spending: you spend $15k per year or month? One is extraordinarily low, the other is pretty high.

Lalamimi
Posts: 182
Joined: Mon Jun 24, 2019 4:22 pm

Re: Paid of Mortgage on home/need help with insurance

Post by Lalamimi » Mon Jan 13, 2020 10:02 pm

family does not pay your bills. My father moved us from VA to AZ, 1950s - mom left all her family. Then we moved several times in the 60s. Go where the work is that best benefits your family. Not just hers/his whatever Partner is. I commuted 5 yrs 200 miles each weekend, leaving my husband. Not fun. Phones and cheap airfare make family closer. Also, your post has too many typos in it to really understand.

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