Advice for a Young Couple Thoughts on what this couple should do about getting into the housing market? Heres the story: I’m about to turn 34 and my wife is 36. I’m a public servant and she is self employed (owner of a hair salon). My gross income is 98K and hers is less than 12K right now as she has been on maternity leave after having two children in three years (will go back up to 45K in about three years). I have just finished my MBA, and combined with other household debt, we now have 65K in debt and 54K in RRSP/savings. The dilemma is: should we pay down all or some of the debt with our savings or pay the monthly min and focus on purchasing a home (we rent currently)? I’m leaning towards paying down the debt by half and squeezing our cost of living down over 5 year so we can start to think about a house we our debt is considerably less, but is that the right decision? Signed, A wide awake at three in the morning guy who grew up thinking if I made a six figure salary there is no way I could not afford a house and family….
Posted on: Tue, 24 Jun 2014 12:50:22 +0000
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