- August 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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New Build with Pool Budget (Sanity Check)
Introduction:
In order to ensure that my financial decisions align with my goals and aspirations, I am seeking guidance to evaluate the feasibility of my current situation. My wife and I, both 33 years old, have an annual income of approximately $246,000 before taxes and $207,000 after taxes (a portion of my income is tax-free). We intend to build a new home in Florida, with an estimated cost of $659,000, resulting in a mortgage of around $4,500. To add to our dream home, we plan to install a pool as well, which would cost approximately $60,000 to $70,000. After accounting for these expenses, we anticipate having $10,000 in savings and $60,000 in our brokerage account. It’s worth mentioning that I have already allocated $25,000 as a budget buffer, which would be added to our savings if unutilized. Furthermore, we have approximately $250,000 in retirement accounts. With these figures in mind, I am seeking advice on whether my financial decisions are sound or if adjustments need to be made.
How AI Legalese Decoder can help:
To evaluate your current financial situation and determine whether your decisions align with your goals, you can utilize the AI Legalese Decoder tool. This innovative tool can provide valuable insights into the financial implications of your plans, ensuring that you make well-informed decisions. By analyzing your income, expenses, and future prospects, the AI Legalese Decoder can give you a comprehensive overview of your financial situation. Let’s dive into the expanded details of your financial breakdown to better understand the feasibility of your plans:
Financial Breakdown:
401K Retirement: $1,201.03 (Monthly contribution)
401K Retirement: $1,306.67 (Monthly contribution)
2 IRA’s: $1,083.34 (Monthly contribution)
Savings: $1,250.00 (Monthly contribution)
Stock Market: $1,100.00 (Monthly contribution)
529B: $350.00 (Monthly contribution)
Child Care: $1,850.00 (Monthly expense)
Mortgage: $4,500.00 (Monthly expense)
Car Loans: $1,135.00 (Monthly expense)
Bills: $1,010.00 (Monthly expense)
Spending Money: $2,800.00 (Monthly expense)
Analyzing the Breakdown:
By breaking down your monthly income and expenses, it becomes apparent that you have allotted a significant portion towards various savings methods, such as your retirement accounts, savings account, stock market investments, and a 529B account for your child’s future education. These wise financial planning decisions demonstrate your commitment to long-term financial security.
However, it is also essential to consider your monthly expenses, which include child care, mortgage payments, car loans, bills, and discretionary spending. Based on your stated numbers, you have allocated approximately $700 per week for spending money. When considering your annual savings, including your wife’s 401k match, it amounts to roughly $75,000.
Future Outlook:
In addition to your current financial situation, it is worth noting your expected pension, which will be valued at $60,000 per year in six years’ time. This additional income stream will undoubtedly have a positive impact on your financial stability and can be factored into long-term planning.
Conclusion:
With this comprehensive analysis, AI Legalese Decoder can provide valuable insights into your financial decisions. It will help you determine whether your current budget and long-term plans, including the new build with a pool, are feasible and sustainable. By utilizing this AI tool, you can make informed decisions to ensure financial success and achieve your desired lifestyle while keeping all aspects of your financial well-being in balance.
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Introduction:
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****** just grabbed a
Looks solid(IÔÇÖm an E-2 living in the barracks with a 27% challenger)
I don’t see food on your budget or clothing or vehicle repairs etc. $700 a week sounds like a lot, but at least $200 of that is going to food or eating out. Plus all the other random daily expenses of just existing, with only $500 a week after food that’s not a lot of flexibility in your budget.
Just my 0.02C.
Just a few things to consider: A big thing when budgeting for our family is that there is always the potential of a PCS. If you arenÔÇÖt dual military, is it possible to get stationed somewhere your wife canÔÇÖt keep her job- especially overseas? And it is possible that you could get stationed somewhere with a much lower BAH? Even if you rent the house out, you may not be able to rent it for the full amount the house is costing you monthly. One less income and paying for housing in 2 locations would have a massive impact on anyoneÔÇÖs budget. Also, consider both the time and expenses it costs to maintain a pool. And your kids are young/not yet born so youÔÇÖve got safety to consider as well. If youÔÇÖre looking at the pool as long term entertainment for the kids, then why the rush? I would wait and see if it makes sense when theyÔÇÖre older.
If itÔÇÖs a new build be ready for mortgage to go up due to property taxes the following years.
Big issue in FL right now is homeowners insurance. I was planning on buying in FL in the next few months, but we are holding for a while to see if things improve.
Big thing to note is the state run insurance agency, Citizens Property Insurance is going to have a hell of a time covering their assets under management in the event of a major storm, or two back-to-back storms.
And Citizens is picking up a LOT more assets as more and more insurance companies leave the state due to risk. I would recommend giving the How We Survive podcast a listen. Season 2 covers this in depth. ItÔÇÖs eight 30-minute episodes and it is pretty eye opening. Not trying to dissuade you one way or the other, just saying do your homework.
You have a lot of home to insure and you want to make sure youÔÇÖre covered when the next storm rolls through.