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re: Question about debt reduction and deciding when to purchase home
Posted on 5/12/11 at 6:22 pm to tirebiter
Posted on 5/12/11 at 6:22 pm to tirebiter
Good advice, thanks.
I'm just about to hit the 1 year mark with my firm which will allow me to participate in the 401k program. I'll only participate enough to get the full match until the debt is gone. Wife will do the same.
We can write off up to $2500 the SL interest for taxes, which is nice. At least we were able to last year. The income limit is 120k this year for married filing jointly, so we'll probably earn 121k! We may adjust 401k contributions to make sure we qualify for this though. (if possible)
Yea, we knew going into grad school that we were creating a huge hole to dig out of (wife also came into the marriage with some student loans from undergrad). We went in with the intention of really focusing our attention on eliminating the debt once we got out. It'd be easy to put them on the back burner, but while we're used to living on nothing, we've decided to continue to do so.
Thanks again
I'm just about to hit the 1 year mark with my firm which will allow me to participate in the 401k program. I'll only participate enough to get the full match until the debt is gone. Wife will do the same.
We can write off up to $2500 the SL interest for taxes, which is nice. At least we were able to last year. The income limit is 120k this year for married filing jointly, so we'll probably earn 121k! We may adjust 401k contributions to make sure we qualify for this though. (if possible)
Yea, we knew going into grad school that we were creating a huge hole to dig out of (wife also came into the marriage with some student loans from undergrad). We went in with the intention of really focusing our attention on eliminating the debt once we got out. It'd be easy to put them on the back burner, but while we're used to living on nothing, we've decided to continue to do so.
Thanks again
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