Today, I have an article from Penny. Her family of six spends just $53,000 a year, with $22,000 of that going towards their student loan debt. Here is her story.
Dear Readers of Making Sense of Cents,
I’m Penny. I write a blog with my cousin, Rich. It’s called Penny and Rich. He’s rich. I’m poor. Get it? I’m a stay-at-home-mom with four kids. We have a household income of $43,000 a year and my husband and I have over $153,000 in student loan debt. Rich is a busy professional with a household income of $250,000 and he is well on his way to becoming a millionaire. This blog is our way of writing to and trying to understand each other, financially and otherwise.
We accumulated this massive student loan debt when my husband went back to school to become a chiropractor. He has been in practice almost six years now.
It’s doing better every year, but it’s taken a lot longer to grow a business than either of us thought it would.
We don’t regret taking out the loans, because we value having me staying home with the kids and family time over money and debt and everything. And, honestly, having the debt is not that big of a deal. [Read more…]