So, where are we financially?

So, now that you know a little about who we are, where are we financially?

H1Worker’s situation is relatively easy to summarize. As I said, he’s a consultant in the IT industry, making a little under 90k before taxes, with good benefits and a relatively good vacation package by US standards. He has a rather gruelling work schedule which includes a lot of travel, but usually enjoys it a lot.

My situation is a little harder to describe. I’m only working for this one year before going back to school, using the period of ‘optional practical training’ students on F-1 visas are eligible for. I work for an organization in my field that I interned with while in college. I accepted a full time position with them for the summer, which took me to the East Coast. They had hoped to get grant funding to continue that position through the year, but were unsuccessful. However, they were eager to hire me as a consultant, to continue developing the organization’s programming in my area of expertise. They were only able to fund a part time position – which i accepted on the condition that I could telecommute from H1Worker’s home in the South.

So here I am, working between 1 and 4 days a week for pay and using the rest of my time to pursue side projects and apply for grad school. We rely on my flexibility to offset H1Worker’s travel and long hours, especially when it comes to things like dog care.

As my income is unpredictable, and likely to be only about $15,000 for the year anyway, all of our budgeting is done on the basis of H1Worker’s income. My income covers my expenses – when I was living on the East Coast it covered a sublet, food and transportation; now, it covers private health insurance and the costs associated with grad school applications. The rest is channelled into savings, or funding larger purchases.

Our assets include $3000 of ESPP stock from H1Worker’s previous job – we plan to diversify these soon. It also includes our car, worth $13500 in private sale value, and about $3500 in savings.

Offsetting those assets is around $1300 of consumer debt at 0% interest, and our car loan, on which we owe about $11,500 at 10.99%. Those two debts are our only debts of any kind.

So currently, we have a net worth of around $8,000. We are 25 (H1Worker) and 23 (me) years old.

In my next post, I’ll begin a series detailing our financial background and influences – starting with a little about our families’ financial histories.

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