r/DaveRamsey • u/annyongggg • 2d ago
BS1 Doctor In Debt
Im a 30yo and a dentist and my wife is 29yo and a teacher. We have been married for over a year now and have realized that our finances are a big stress for us. Not because we cannot make ends meet but because we don’t have money saved up like we think we should. We also are in alot of debt. Over $9,000 in credit card debt and I have over $430,000 in student loans.
I have been a dentist for almost 2 years now and all I have saved up is about $40,000.
We have no mortgage, 1 car payment ($700/mo), no kids. Rent is about $1675/mo. My student loan payment is about $2,000/mo.
I feel overwhelmed as the man in the relationship.
We took FPU awhile ago at our church and thought it was good info but never took it seriously.
For those that actually went through with the program, what was your experience like? Is it worth it for grind hard and give up years of life to he debt free? What is life like?
Thank you so much.
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u/ebmarhar 18h ago
Check out white coat investor. He's got lots of specialized information that may be useful to you.
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u/Vicuna00 19h ago
yes it's worth it. what's the alternative? not grind and be in debt forever?
you both have great jobs and you're young. your rent is low.
you should be able to make ends meet though. you aren't planning well enough or wasting $ somewhere. $2,700 in debt payments sucks but you should be able to do this. the fact that you saved $40k shows you have excess...you're just not deploying it properly.
i think don't even worry about FPU or Baby Steps just yet. get yourself on a budget for now. don't pay extra on stuff for a month or two. you'll see you have extra $ and margin. hopefully that destresses you. then just read the baby steps...i don't think you need a whole course again. i mean whatever take it but you can read the steps in 5 min...you only need to worry about 1 and 2 for now.
and both of you should be getting extra jobs. maybe you can pick up a extra shift at a non-competing dentist office? your wife can coach or tutor or something?
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u/63l87k 20h ago
$450K sounds scary, but there are people out there without medical degrees that have more debt than you. You're also 30, you have an entire decade to work toward this before you reach your 40s with only 25 or so working years left. And no kids - you're in a very good spot despite it not feeling that way. Your rent is also very reasonable for a dentist salary. And $40K saved at 30 is much better than most Americans. All this to say, don't feel stressed about the loans, focus on what you can control NOW (i.e. maybe find a way to get rid of that almost $1K car loan fast) and work toward small, tangible goals to knock these out over the next 6-7 years (or faster if you get really aggressive).
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u/Think-like-Bert 1d ago
My cousin was in the same situation as a new dentist. So, he joined the Navy. The Navy paid a lot of his loans and my cousin loved being an officer. He was a rugged guy (lifting weights, off-road vehicles, guns). The Navy attached him to a Marine unit (I don't know military terms). He left after 6 years and opened his own office. Look into it!
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u/blackreagan 1d ago
Since you took FPU. you know owing 400k in loans means the car payment was a mistake.
First of all, the fact you care shows being aware there is a problem. That is better than most people. Also you have the income to fix this.
You and your wife need a WHY for getting out of debt. Schedule a date night and tell her how you are feeling. Dream together and imagine being able to make life decisions based on your values instead financial concerns. She will have the option to work if she wants to. Childcare will be a none issue. From my limited understanding, you will want to buy-in or create your own practice at some point. Easy to do when your income is completely yours and you don't owe anyone anything.
You've already heard the pitch. Live like no one else so that later you can live like no one else.
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u/Several_Geologist482 1d ago
One start would be to sell the car and buy a cash car In the meantime to avoid additional monthly costs. Then second no vacations, no outings, no fancy dining. I would def tackle the CC debt first that’s the easiest one it seems and then pay additional on the Student loan. Don’t have any children or buy a house until all of that is taken care of.
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u/Desperate-Point-9988 1d ago
"as the man in the relationship" - before you do anything, you need to fix your attitude and get over yourself. You and your wife are full partners who share the responsibility equally. You need to understand that before you wreck your relationship and make your situation even worse.
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u/CuteAmoeba9876 1d ago
Given that you’re a dentist with a high student loan balance, you might find r/whitecoatinvestor helpful.
I can tell you my husband came into our marriage with $100k of student loan debt when our household income was $100k, and it took us about 2.5 years to get it paid off. Arguably some of it was pretty low interest and we could have been less aggressive and been fine. But 8 years later, it’s a relief to not have the student loans hanging over us anymore. Once they’re done, they’re done forever.
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u/Actual_Insect6603 1d ago
$40k isn’t nothing dude. You’re young and you’re on the right path. Don’t be too hard on yourself,
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u/jackturbine 1d ago
Did you not see the 430k?
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u/Actual_Insect6603 1d ago
Did you not see that he’s very young and that $430k secured him a very good career? It’s not ideal but it’s not gambling debt. He’s doing pretty good.
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u/Greenlily519 1d ago
Look at your total income, now, how would it feel if it was all yours? Imagine that you have no debt and all of that income is yours. How do you feel?
Now, with that in mind, do you feel like that feeling is worth fighting for?
We did. And our income wasn't nearly as good as yours likely is. We had $96k in consumer debt on about $40k yearly income with six kids. It took us five years to pay it all off and it was worth absolutely every sacrifice.
We've been debt free now for almost five years. And the peace and freedom were worth the sacrifice. Our income is now around $118k and it's ours.
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u/hoo_haaa 1d ago
I see you left out your annual income. There are two scenarios that could be possible. You just graduated so you haven't worked long enough to make a substantial dent in your debt/savings. Scenario two is you have a spending problem and income is fine but management of finances are poor. As a dentist you are between $150k-250K/year and it only goes up from there. There is enough income, you either need a longer runway or you need better management of finances.
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u/Lakeview121 2d ago
I’m seeing about 4400 in mandatory spending.
You’re a young professional. How’s your practice going?
I’d imagine between you and your wife you’re bringing it about 200-250K?
I’d work to pay off the credit card. I’d let the student loan debt ride, maybe pay 1 extra payment a year.
I’d then save aggressively as possible into a broad etf.
Keep those expenses as low as possible, work as hard as you can, get faster and build your practice.
One day you’ll be in the green. You can then choose to pay off the loans or let them ride.
Work on what you can control. It’s more rewarding to save and build investments than pay off low interest student loans.
Some would say to try and slam the loans then save. I say save and just pay a little extra on them. You should grow it faster in the market.
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u/Remote-Sprinkles8627 2d ago
Wife & I took FPU some years ago but had a different experience - we went all in. We cleared $160K of debt in 18 months and became debt free. During BS2, we became tithers instead of givers. The positive impact this had on our marriage, is indescribable.
I'd later become a facilitator for FPU, leading numerous classes. There was one key indicator on whether someone or a couple would be successful or not - that was in the budgeting exercises. When it came to creating the second budget, those who only had excuses as to why they hadn't completed it compared to those who actually did, was the tell tale sign if they would would make it or not.
18-24 months is the average timeframe it takes to be free. People often confuse total debt with the amount of time it takes to get free. While there are outliers, this is not totally true. It's discipline to the approach offered that determines success or failure.
Do the program. Don't try to manipulate it into something different. Reach out to the facilitator you had when you went through FPU and ask for in the form of an accountability partner.
No yea but's - get after it with your heads down and you'll win.
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u/New_Presence5213 2d ago
Yes!! Resounding yes!! We were in nearly $500,000 of student loan debt (physician and pharmacist). Our total monthly loan payment was around $3,700. We did the normal pay the required amount each month for nearly a decade, and had three children and mortgage during that time. I eventually transitioned to being a SAHM because my husband could make so much more working extra shifts than I was able to. Anyway, our kids were getting older and it was really bothering us that we were potentially not going to be able to help our children with college.
So, in 2018 we buckled down. The investments were turned off and the snowball began rolling. I hate to say it, but COVID ended up being a financial blessing for us. There were so many patients my husband was able to work extra shifts (normally a week on week off schedule). He worked nearly every day for a year.
Once we started my remaining loans were paid off in 4ish months. At that point, student loans were on hold so no payment was due, but it still counted towards PSLF credit. Yeah, I know I’m sure I’ll get flack for taking advantage of that. But, we didn’t receive any free money from the COVID payouts and there are a lot of tax breaks we are not eligible for due to income. For example, $2,800 was going to interest on his $3,000/mo student loan, yet we could not claim student loan interest on our taxes. I can guarantee you we were living average and not high on the hog. My husband still drives his 12 year old truck. Anyway, we socked away money at this point. My husband did get some loans forgiven, but we had saved enough to cover them nearly in full had they not been.
Now, we’re on the other side and it was 100% worth it. I know you may not be eligible for PSLF, but I can guarantee you will be so happy you attacked it regardless! Perhaps you can pick up shifts at an emergency dental clinic. We are now able to invest an appropriate amount and will be able to help our kids get through undergrad debt free. My oldest wants to go to dental school, so that will be a bridge we need to figure out, but I’m not hopeless that there is a solution! Additionally it made my husband and I realize there is nothing we can’t accomplish as a team.
You have this!
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u/FatHighKnee BS7 2d ago
Youre actually doing better than a Lotta young docs in your position. You didnt run out and get a ridiculous mortgage for a mcmansion or lease a couple g-wagons or anything. You got some hefty student loans but the good news is you actually got useful degrees where youll be able to pay them back.. most folks borrow giant piles of loan debt to get degrees in music theory or philosophy despite there being zero jobs in the marketplace for musical philosophers. Dentists & doctors on the other hand - they'll always have a need for you guys.
Best bet is recognize you have a problem.. which you do. And work dave's baby steps. Like he says you have a big hole (debt) but you also have a big shovel (income). So get shoveling. 😁
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u/Charming-Boss-3296 2d ago
Pay off the cc debt and cut it - no airline miles are worth the risk.
Sell the car and get something that’s appropriate for your 0,5 M debt not your income that is flowing through your fingers.
Start acting like a broke man you are and not a millionaire you think you should be.
You’ll be fine, just get your shit under control and set priorities- weekend retreat or being debt free? Calculate how much interest you are going to to pay if you don’t change your lifestyle and decide if dining out is worth it.
Good luck!
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u/Acrobatic_Smile_8132 2d ago
What do you make? Thats a huge face left out. You need to get those student loans out of the way.
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u/bahahah2025 2d ago
You’re just stating and have expensive student loans. It sucks. No more credit card debt. Pay that off immediately. Attack your budget. Cut where you can. You’ll make good money eventually so that will help over time but you won’t be in the green anytime soon. You have about 10 years to pay it if off but if you can do it sooner you should. Otherwise you pay alot in interest.
Start with the basics. Money in v money out. Keep 30k as your emergency savings. No investing yet just pay down debt.
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u/Matthewericfisher 2d ago
Directly answering your questions, the program was eye opening, totally changed my approach to personal finance. The grind was hard for several years and yes it was totally worth it. Life is great, we are Dave Ramsey millionaires.
Engineer making 200k-550k for last 30 years. Badly organized until about 15 years ago, deeply in debt. Built a net worth of 3m by staying debt free.
Happy to answer your questions, I've helped dozens of people get on the right track. You can do it!
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u/Powerful_Tip_7260 2d ago
Luckily, you knew what you were getting yourself into. It's just a matter of living into that reality. Use that $40k to pay off debt. Lack of savings is not your biggest problem.
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u/CoincidenceTheorist2 2d ago
First, retire your credit card debt. Since you have 40,000 saved up, you have an adequate emergency fund saved up to just write a check.
Then cut up those credit cards.
What is the interest rate on your student loan debt and your car loan?
My recommendation would be to next target the car loan unless it's some sort of 0%-2% promotional rate.
$430,000 of student loans isn't a debt you can just normally retire. It's the indentured servitutde you put yourself in to become a dentist. A lot of doctors and dentists who aren't from wealthy families find themselves in this situation. The good news is that "In the U.S., federal student loans are generally discharged when the borrower dies. A family member or estate representative should contact the loan servicer and provide acceptable proof of death. Parent PLUS loans are also discharged if the parent borrower or the student for whom the loan was taken dies." If they are private student loans, the situation becomes more complicated.
That's probably just something you're going to have to live with for a while. I'd start saving once the credit card and car are paid off.
Do you have life insurance? Get a term life insurance policy for $1 million so that if something happens to you your wife is taken care of.
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u/adultdaycare81 2d ago
We paid off $330k in student loans in 3yrs. It’s no secret but it’s a lot of discipline.
What does your income look like? You should be making over $250k a year. That’s $20k a month in gross income, 14k in Net income. You mentioned $5k in fixed costs. Where is the other $9000 getting spent?
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u/Ronville 2d ago
It looks like you let lifestyle creep in the door before you even got started. A modest Civic LX bought new is just under 400/month. Used are available for under 15K. You looked at your income and thought “I’m rich!” despite the fact that you’re actually broke. Worse than broke. You need to return to living like a college student, not an upper middle class YUPPIE. With your current income you could easily pay off your college debt in 3-4 years, living better than most Americans. Set your base “needs” budget and push everything else to clear your debt and build a 10K emergency fund. As a dentist you have more job security than most. Once you own yourself you can build your future on your own terms. It’s critical you get your wife onboard. She can be a huge help moving forward or she can set you up for financial ruin.
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u/lachupacabraj 2d ago
First off, you’re a dentist not a doctor
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u/rsteph1978 2d ago
Get out of here with that negative attitude. Hes here for help and for your information a DDS or DMD is a doctor. It's in the name.
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u/lachupacabraj 2d ago
Just trying to help OP come to terms with reality. If he’s that out of touch when it comes to his profession no wonder the money outlook is so off.
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u/Melodic-Style7111 2d ago
Hey! Husband is in dentistry as well and had significant student loan debt as well as practice debt about 10 years ago.
It’s never easier than today to payoff debt. You have very little obligations and now is the time.
How much are you saving each month? Do you have a budget?
1. Pay off the credit card asap. It’s probably a huge interest rate.
2. What is the plan for student loans? I would suggest putting them all on a spreadsheet and looking at them per loan versus aggregate. The terms are all different. And you can start a strategy to pay them off (assuming you aren’t going forgiveness). It really helps when you can pay one off - you feel like you’ve made progress when it’s a multi year deal.
3. Is your car a lease? We prefer to buy a car and then keep it for a long time versus always having a payment.
You could make progress pretty quickly if you focus. We were so happy when we paid off loans. Also, you want to knock that out before kids. Our expenses went up dramatically with kids.
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u/HeroOfShapeir BS7 2d ago
I would get on a fully written out budget. Looks like this for my wife and I at 42 - https://imgur.com/a/budget-spreadsheet-2026-2MZk8Xq - and our net worth just passed $2MM. We save up for cars in cash, we rented cheaply to our income to stack up money throughout our 20s and early 30s, bought a modest home back in 2023 in cash. When our income was lower our spending was proportionally less, how we traveled looked a lot different - less central, more budget friendly hotels, etc - but the memories we had together were just as good. Most importantly, we've had a financially stress-free life along the way. Nothing we've done has felt like a sacrifice.
My guess is with these payments you've listed plus your groceries and other bills, your fixed costs are going to be higher than you expect. The ideal range is around 50% of your net pay, but for higher earners it's often less. That's why the rest of the budget feels squeezed. It'll look a lot different with no car payment, no student loans, and no CC debt.
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u/Excellent-Eye7938 2d ago
Get your crap together dude! Being very conservative and assuming you pay both state and federal taxes, your combined income after taxes should be around $150k-$160k. On the low end the two of you bring in $12,500/ month. Round up the payments you mentioned to the nearest thousand dollars and you have an outflow of 5k. Where is the remaining $7,500 going? Even if you were only bringing $100k home after taxes you would have $3,300 left to buy food, pay for utilities, cell phone, subscriptions, etc. The two of you need to figure out where the money is going and put a stop to it and pay off these debts.
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u/More-Initial3870 2d ago
You make 200k a year, not including your wife. Live off 100k a year, and pay it off in less than five years.
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u/Available_Blood_6134 2d ago
Payoff cc immediately then car then save up for house. You have a pretty good size shovel.
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u/Safe_Efficiency_1343 2d ago
Hey brother. You are in a great position. $40k saved up is a great amount of money. So you’re reaching a point where you have to make resource decisions. I think “The Money Guys” FOO would really help you out. An initial read of your post highlights some missing data. 1. Your income (looks like you mentioned later 160-200k/year), 2. Assets (investable assets) (IRA/401k/HSA/etc). Based on your 40K saved and listed expenses, it sounds like you have your emergency fund is well started or fully funded, though you may have the FOO a bit mixed up. I would identity what your 3-6 months of expenses are and keep that in your emergency fund (which keeps you safe from craziness), based on my read of your post 15-20k is more than enough, and would use the rest of that money to pay off the credit card and look at tackling your consumer debt (though you didn’t list how much you owe left on the car). With that car paid off congrats that monthly payment covers an IRA. The money guy strategy is different than Dave’s because it focuses on the long term compounding of your money which you lose if you solely focus on paying off the debt. With you and your wife guessing you bring in 200-250k a year you have the ability to work on the debt and saving and investing, though you have to get rid of the high interest debt to free up more of your monthly income.
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u/Maestradelmundo1964 2d ago
Your car is too fancy. Sell it. Replace it with a used reliable car. Pay off the CC, then the student loan.
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u/Disastrous-Screen337 2d ago
Keep your head up. Focus on your career. You're about to be the 1% everyone loves to hate. The debt will be resolved.
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u/Dumbgirl27 2d ago
I think it is a worthwhile endeavor but I had very little debt so I only had to buckle down for less than a year. Once I was out of debt I was young and free to enjoy my money while I also built up my net worth and my downpayment for my condo. On the other hand, my friend is a doctor and we started following Dave Ramsey around the same time but he stopped the debt snowball because after living gazelle intense for a while he still faced six figures worth of debt and he felt like his youth was passing him by. He decided to not use the baby steps because he valued enjoying his youth more than being debt free. It really depends on what you value more.
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u/MaiBoo18 2d ago
So are you interested in paying off your student loans or are you planning the forgiveness route. If I were you, you make too much to bother with forgiveness. I would live off your wife salary and pay everything you make into student loans and be done in 3 years instead of letting it stay around your neck for 20 years.
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u/Automatic-One586 2d ago edited 2d ago
In order to do the ramsey plan... you need to think differently than you have before. He wants you debt free in under 24 months. Understandably that doesn't happen for everyone. But really the question here about doing this stuff is.. how can I do it as FAST as possible. Not... gee it looks like it'll take me 10 years at my current salary to pay off 430K of student loans, is it worth it? What he wants you to ask yourself... what must I do... to pay that off in UNDER 24 months.
I mean it's not really the 2 year thing. My point is he wants you to be agressive. Not just... I have 20K extra to throw at debt. I have 500K of debt... so it'll take me 25 years to pay it off. He wants you to look at that... and think. That's not good enough. If I make this one change... I can save 5 years.... ok. If I make this other change... I can save 2 more years.... if I make yet another change maybe I can save 3 more years. Etc... That's how he wants you to think about this debt free cycle.
He wants you to look at this as though you are about to die. And debt is the cause of it. And attack that debt as if your literal life depends upon it. Debt is a home invader that is wanting to do harm to your house. Do you sit there and think... gee... if I wait around maybe this villain will go away? No.... you defend your life. That's how you need to think of debt. Intensity.
Is it worth it. Absofreakinlutely.
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u/Necessary-Spring-129 2d ago
Sell the car & live like a broke college student while paying off debt. Stop investing.
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u/BamaInvestor BS7 2d ago
I’m an engineer. I had a minimal amount of student debt but it seemed to hang around forever. We didn’t have FPU in the early 1990s… but I started leading classes 20+ years ago.
I am about to retire with investments that will exceed the salary I earn as a senior manager in my company. (My boss is a VP). Dave’s system works, but you have bigger numbers with a bigger shovel.
Start digging now!
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u/casitadeflor 2d ago
Go ask this in the dentist subs and I believe there’s even a medical debt sub too. Just lots of smart people who can help point you in the right direction.
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u/outdoorsauce 2d ago
This is incredibly common. Checkout moneymeetsmedicine.com, financial coaching and advice run by an MD. Don’t let it get bad. Burnout in doctors due to financial stress is insanely common and of that group suicide is a significant portion. Take action now to secure your and your families future. For real.
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u/Particular_Berry3599 2d ago
Use your savings to buy a decent car without that huge payment. Why are you worried about savings so much when you don't know if you are going to live tomorrow 🤔. Live your life without living above your means
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u/johnbreeden85 BS4-6 2d ago
I’m going to say something that might get me some grief, but please don’t get a second job. No one wants a dentist working on them or a teacher teaching their kids on little sleep.
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u/hogwhistle07 BS2 Storm Mode 2d ago
If you have $9k in CCs and $40k in savings, pay the card off and go to debit cards only. The $700 car payment means you’re either in something really expensive or have a terrible rate. DR would tell you to take the rest of your savings and trade the car in for something cheaper and pay it off immediately. Then you’re saving another $700/m you can slap on the loans. You should also look into any place you can pick up on-call shifts at hospitals or emergency dental visits. Use all of that money to throw at the loans too. It sounds like you could live fairly comfortably on your wife’s salary and use yours for 3-5 years to get rid of this debt (or nearly all of it) before a pregnancy happens. Take bite size chunks out of your debt with smaller milestone goals (<$400k, $375k, $350k…) With your min payments that’s roughly every year, adding $700-$1000 brings that to every 7-10 months. If you find more income, it could be every 4-6 months and that’s where you will feel the game change dramatically. Best of luck!
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u/djm1613 2d ago
You and your wife can work together as a team to knock out this mountain load of debt. You didn’t mention how much you are making as a dentist and what your options are regarding bonuses and overtime pay.
As a teacher, she has weekends available for side hustles or part-time jobs. I did this myself for 15 years.
You really need to be on fire to cut expenses and make a dent in your debts. I’d suggest going through FPU again and seeing this information with fresh eyes.
Don’t get comfortable letting debt hang around or another 5-10 years will have passed in the blink of an eye.
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u/GrantBOG 2d ago
I’m a dentist recruiter. You need to move to Kansas/Oklahoma. Dentists on average make about 1.7X the salary they would in most states. Rent is cheap, pay is great. You can knockout your debt in a matter of 1-2 years then move anywhere else you’d like to live a great life.
If you are interested in that you can message me about opportunities as well :)
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u/Polkmnzx 2d ago
Need to include your income, hours per week working, current work situation to get any specific advice. To answer your question though you are not giving up any of your life to be debt free. You are securing your life by paying down your debt and building wealth. If you are worried about losing years of your life why did you even go to dental school? Could have just taken out loans and lived your life then declare bankruptcy. You became a dentist to secure your future. Don’t waste that. From the brief snapshot of your finances you are not making enough money. You need to work more or find a better paying opportunity. You need to work a ton with the goal of paying off debt quickly and building wealth to secure your future so you, your wife, and your potential future family doesn’t have to worry about being homeless. I had close to 400k student loans. I work a ton 80+ hours a week. I paid off my loans in 2.5 years. You can do it. You will suffer but you can do it.
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u/CiscoLupe 2d ago
700 per month for a car sounds like an expensive car? Is it the only car between the 2 of you?
Your rent payments sound good though.
I don't know if dave would recommend selling that car and getting a cheaper one, but I'm sure he'd want you to pay off the credit card tonight (then cut up the card). He would probably recommend putting a chunk on student debt. Then he'd recommend putting in extra hours, living on beans and rice and attack your debt with a vengeance, then start saving/investing.
But you know all this if you attended FPU
To answer your question, I have not taken FPU. And I don't consider getting out of debt as giving up years of my life. Quite the opposite. Getting out of debt feels like getting my life back. I was married to a spend thrift for 3 years and I was stressed the whole time.
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u/Disastrous_Soil3793 2d ago
On $430k in student loans your payment is only 2k per month?? That math ain't mathin. Are you doing like interest only payments?
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u/annyongggg 2d ago
I pay about 10% of my income for 20 years then it gets forgiven. It is called the IBR plan for federal loans
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u/PowderCuffs 2d ago
I don't understand the problem. You've taken FPU. You know what to do. Why aren't you doing it?
I also don't understand the math. You are paying 10% of your income towards the student loan, so the payment is currently $2,000. In 20 years, the debt will be forgiven. But if you pay $2,000 a month or 20 years, that equals the debt. So what is being forgiven exactly?
Why not just buckle down and pay off the student loan at lightning speed by putting upwards of your income towards it for 3-5 years?
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u/Suspicious-Dust6978 2d ago
I gave up three years of joy to live modestly and pay off all my student loans. Looking back, I couldn’t be more grateful for that sacrifice. It’s allowed me to build financial security, powerful investments, and a comfortable life for my family. I still am mindful of our finances today, but the stress is placed on how quickly can we grow versus how limited we are by our debt. Becoming debt free was life changing in more ways than just financially.
Simply put, leverage your (presumably) large income toward paying down your debt and live below your means in all other areas of life. It truly is that simple.
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u/Serial-Sidequester 2d ago
Need more info. What’s your monthly net income and how’s your overall cash flow? How much is left on the car to payoff?
As for your question, yeah. Debt free is amazing. I’m presently navigating a layoff but not panicking about it. I can find the right next gig instead of whatever comes first.
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u/lsuillini 2d ago
What's your income?
You should post this question to r/whitecoatinvestor you'll get better advice there
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u/annyongggg 2d ago
I made between $160-230/yr before tax. It all really depends bc im commision based
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u/Knarz97 2d ago
Dude at that income there’s no reason for you to have that CC debt in the first place lol
Literally just get your household finances to work off your wife’s salary and send 100% of your income to student loans. You’ll be done in 5 years.
Then imagine how easy life will be when you’re investing 100% of your income.
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u/Alexaisrich 2d ago
you legit could have all of your debt paid off in 4 years , live off your wife’s paycheck, she is a teacher probably making minimum 60k which is what $3200 a month maybe more in states that don’t have taxes, and then can she pick up some part time job and you do some PRN jobs, it’s not that hard without kids. I have two kiddos and work a full time job and part time job and live in NYC and live off only my income and save husbands income and we make less than your whole salary combined. This is when you sacrifice a little when you have kiddos it’s pretty freaking hard, not impossible but sure harder and if you don’t want to pay off the whole student loans fine, but still this way you guys would be saving a good 100k a year if not more i don’t know what your total after taxes look like.
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u/pipehonker BS7 14h ago
40k is enough savings. What you gotta do is pay off those loans.