Friday, October 19, 2012

The Numbers

My short version of "open book finances":

DH brings in, on average, $4000 (working in Construction Industry)
My work (contract) brings in $2800 (working in Government)
My modest Graduate Assistantship Income is $250 (after tuition payments for grad school)
Government Child Care Benefits are $200 ($100 for each child)
Total monthly income after taxes: $7,250
Total current monthly income (after taxes): $7,250

Gross Annual Household Income from Tax Returns for last 5 years:
2007 - $32,950
2008 – $56,895
2009 – $73,122
2010 – $91,818
2011 – $ 101,208

In 2010 and 2011, I contributed just under $30,000 each year to the household. Prior to this, I was mostly in school or being a SAHM. Note: the average family household income in the Region where we live is about $98,000. In our City in particular, it is just over $70,000. 

According to Mr. Money Mustache, our current level of income could be more than enough for early retirement if we started living off of 25% of our income excluding the mortgage payment. I’m definitely convinced that our 4.5 year goal to being debt-free is more than possible. Maybe even achievable in less time, so long as I keep working and we dramatically reduce our spending. 

1 comment:

Sarah said...

I am sooooo loving this series!!! Looking forward to the plan to get that paid off.