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re: Finances for Newly Wed
Posted on 4/30/19 at 2:52 pm to notsince98
Posted on 4/30/19 at 2:52 pm to notsince98
Yeah, just looked it up. $745 a year for the wife and me.
0
Posted on 4/30/19 at 3:05 pm to notsince98
Agreed, that seems very high. I just looked up what we pay and it's $253.28 for $2 million in coverage with USAA.
Posted on 4/30/19 at 3:09 pm to BACONisMEATcandy
Well sum-bitch. Time to shop.
Posted on 4/30/19 at 3:26 pm to BACONisMEATcandy
Looks like I have $2mm in Liability and $2mm in Uninsured/underinsured motorists for us both.
Posted on 4/30/19 at 4:25 pm to TheWiz
Louisiana insurance rates are just flat out insane. I told my sister who sells insurance in Louisiana that I pay for $160 a month car+vpp+umbrella and she was shocked
Posted on 4/30/19 at 4:36 pm to BACONisMEATcandy
Where are you?
Posted on 4/30/19 at 5:00 pm to notsince98
quote:
It is very sad for me personally to see a family that can't afford to have a parent stay home that really wants to. Your kids are so much better off when a parent stays home.
How many professionals want to stay home with kids? My wife and I went through too much schooling to throw away our careers to stay home (though, we haven't had kids yet so we'll see if that feeling changes).
Posted on 4/30/19 at 7:27 pm to Parallax
quote:
It is very sad for me personally to see a family that can't afford to have a parent stay home that really wants to. Your kids are so much better off when a parent stays home.
I’ve seen studies that say kids in daycare may have slightly higher levels of aggression and behavioral issues. But they may also have higher scores in reading and math. But in both cases, genetics and what you do with them at home are more important factors.
This post was edited on 4/30/19 at 10:57 pm
Posted on 5/1/19 at 9:35 am to TheWiz
DC
Posted on 5/2/19 at 5:37 pm to blackoutdore
disability insurance for dentists is very common. I would assume she will get the run down when she signs on to her new practice. there are insurance agents that specialize in disability for dentists.
Posted on 5/3/19 at 8:45 pm to lynxcat
Great advice in here. Budget with one income. Include 20% to savings or 401k to get any match.
The 2nd salary goes to debt repayments. Commit to it 12 months at a time and revisit.
The biggest red flag to me (and everyone else) is $2800 monthly rent. I understand rewarding your efforts but change your prospective of a reward and actual value to life. 1200 to rent at MAX and 1600 put to work.
Debt is gone in less that 4 years and road to wealth is established. You're in control and get to decide your future.
Honestly, most of the details you asked about mean nothing if the whole plan looks like your rent budget.
The 2nd salary goes to debt repayments. Commit to it 12 months at a time and revisit.
The biggest red flag to me (and everyone else) is $2800 monthly rent. I understand rewarding your efforts but change your prospective of a reward and actual value to life. 1200 to rent at MAX and 1600 put to work.
Debt is gone in less that 4 years and road to wealth is established. You're in control and get to decide your future.
Honestly, most of the details you asked about mean nothing if the whole plan looks like your rent budget.
Posted on 5/3/19 at 8:59 pm to blackoutdore
quote:
Insurance: Still not a lot of comments on this topic. Any advice on life or disability insurance would be greatly appreciated.
Each buy enough 20 or 30 year term to cover all debts plus a year of income. When she's expecting add 1,000,000 30 year term. Without knowing more about you, I won't comment of any permanent.
Absolutely get LTD coverage. If an employer pays the premium the benefit is taxable. When you pay its not.
With her career, be sure the LTDi has an "own occupation" definition of coverage. When she's an owner, there's a business overhead expense disability policy i would encourage as well. I always preferred Guardian's or Northwestern Mutual's own occ coverage.
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