Meet Eric
- 28 Years Old
- School Teacher
- Gross Income $60,000
- $7,000 in Savings
- $20,000 in retirement accounts
- $45,000 in Federal Student Loan Debt
- $12,000 in credit card debt
Debt Free in 10 years
$40,000 for a House Down Payment in 5 years
Retire from Teaching at age 52
Consolidate the student loans into the appropriate federal loan repayment plan & take advantage of the Teacher Student Loan Forgiveness Program
Pay $500 plus any charges to the credit card each month
Invest $700 per month into an after tax investment account
Contribute $500 per month towards your employers 403B account