53000 Mortgage How Much A Month
53000 Mortgage How Much A Month – Today, I have an article from Penny. Her family of six spends just $53,000 a year, $22,000 of which goes to student loan debt. Here is his story.
I’m Penny. I write a blog with my cousin, Rich. It’s called Penny and Rich. He is rich. I am poor. Find it? I am a stay at home mom with four kids. Our household income is $43,000 a year and my husband and I have over $153,000 in student loan debt. Rich is a busy professional with a household income of $250,000 and is on his way to becoming a millionaire. This blog is how we write and try to understand each other, financially and otherwise.
53000 Mortgage How Much A Month
We racked up huge student loan debt while my husband went back to school to become a chiropractor. He has been in practice for about six years.
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It gets better every year, but it took a lot longer to develop a business than any of us thought.
We do not regret paying the loan because we value being home with my children and my family over money and debt and everything. And, in fact, the debt is not that big.
Rich doesn’t understand how my family of six can get by on such a small income, go on to deal with our huge student loan debt. But let me tell you dear readers how we will do it. Maybe you can understand our craziness (that’s a shout out to you, Michelle!).
Very simply, we will pay off $22,000 in debt each year. Here is a breakdown of what it will look like:
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(Keep in mind that this spread is an estimate, as student loan interest is usually compounded daily, and I didn’t want to deal with those kinds of calculations when creating the spreadsheet.)
$1,000 is automatically withdrawn from our checking account each month ($12,000 total per year), and another $10,000 will be rolled over when we receive our tax refund. This will eventually put a dent in this massive debt load, and we will pay it off in 10 years.
Now it seems we are doing nothing more than throwing money at a wall. So it is very beneficial. We have to pay $812 a month just to keep the debt from getting bigger. The one that burns. At the end of the 10 years, we will have paid over $55,000 in interest alone.
We tried to refinance the debt, which is where all the really smart, financially responsible people go, but they won’t let us pay off our debt to income ratio (which, of course, makes sense on their end)…
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We are on an Income Recovery Plan with our lenders. This means that we pay according to our income. That’s right, they ask us to pay:
So why are we paying $22,000 a year in student loans when we technically don’t have to pay anything and the rest of the balance will be forgiven anyway?
Well, let me tell you, because here it is: We must pay taxes on the amount given!
So, let’s say we stay at that income level ($43,000) for the next 25 years, or so, and let’s say we pay $0 all the time. At the end of 25 years, due to the constant growth of its cold interest, the debt will accumulate in an amazing way:
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Thanks to this little tax calculator, I can calculate that we will have to pay $229,545 in taxes on this amount, which is actually $9,545 more than we would have to pay to fulfill the small 10 Year Repayment Plan.
(Besides, we’re the ones who took out the loans, we’re responsible for paying them back, and we really want to be able to pay them back. Blah, blah, blah.)
How in the world can you afford to pay off $22,000 in student loans when you only have an income of $43,000 a year (with four kids to boot)?
First, let’s look at how we spent our money in 2016, and we’ll get into:
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Okay, so you’re going to have a few more questions here. And your first question is:
Well, dear reader, here’s our deep, dark secret… because we’re on a low income, we get most of our food through Food Support. I’ll write more about this at the end of this post, but for now, there you have it. We get Food Support, and it allows us to pay more money towards our student loan debt.
For some reason, I like to separate them in myself (and therefore in this post). Since we *technically* don’t have to pay them, I see it as a *kind of* unnecessary expense (although, actually, it’s not, I know that).
Let’s collect some fun cards on this. Here’s a look at what we spent our money on in 2016:
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As I mentioned before, our family receives food aid. We have had them for about eight years since my husband started chiropractic school. We could find it before, when it was a Catholic primary school teacher paid only $ 18,750 a year, but I did not know it was available to us. I didn’t know we were poor.
When we started receiving food aid, I wasn’t sure how to feel about it. I was a little embarrassed. I felt that we were too good for him, like we were on him.
Now I take it with gratitude. I know we are no better and no worse than anyone else for getting it. I’m not very proud anymore.
I recently read this amazing book called The Art of Asking by Amanda Palmer. In the book, he writes this little detail about how Henry David Thoreau’s mother would bring him donuts while he was working on Walden:
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The image of Thoreau looking thoughtfully across the arch of Walden Pond, a bluebird perched on his shoe while eating the donuts his mother brought him, resonates with the image of many who view him as a confident and noble man. , the popular back-to-the-woods hero.
I think that often, people might expect people who receive government assistance to look and act a certain way (poor), and that they can’t enjoy any kind of treatment or luxury (like going to Harry Potter World) because. Just like how we would expect Thoreau to look when he lived at Walden Pond.
It’s not the act of taking it that’s so hard, it’s more the fear of what others will think when they see us slaving away from our manuscript on the pure transcendence of nature and the importance of self and simplicity. While eating another donut.
I’m not working on writing a literary masterpiece here, of course. I’m just trying to raise my kids while my husband tries to grow his business…and, yes, all while snacking on someone else’s donuts.
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It is a gift to be able to accept support from another person (or government). It humiliates you. It makes you grateful. It makes you human. It is a gift that can be given, and it is a gift that can be received.
Unlike before, I slowly start to realize that I am (kind of) a poor person. However, I still do not feel like one (I think being “poor” in less money is what one would expect). In many ways, I live like a rich person, only with much more support: We send our children to a private school (thanks to a scholarship), we eat healthy, organic food (thanks to food subsidies), and we own our. own house (thanks to our mother co-signing on the mortgage).
Should my life look different? Do I think I am poor and suffering? Or should I just happily take the donuts and do what I can with them?
And is it fair? Many people, like my cousin Rich, have worked hard to get where they are and what they have achieved. But did she work harder than my husband did in chiropractic school and start his own practice? Probably not. Are busy professionals working harder than construction workers or teachers?
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Everything is relative. Different people have different interests and values and different jobs and income levels. And some people just get lucky. (Even Rich recognizes that we all have a role to play, and wrote an essay about how we are a species of squirrel and our conversations make “the forest” a better place.)
We all need to take care of each other in whatever way we can. We belong together.
Here’s another excerpt from The Art of Asking (I can’t recommend this book enough) that sums it up:
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