Am I financially stable enough to have a baby?

Admin — Tue, 11 May 2010 18:45:52 +0000

I have been working since the beginning of 2006 and make ,000 a year (before stupid taxes)…I get about ,800.00 a month after taxes. I still live at home with my parents.

I give about ,000 to my parents every month (helps pay mortgage and my sister’s tuition)…so far, I have given them about ,000. I TRY to put aside 00 a month into my savings, but its tough. According to my personal budget/forecast, at the end of 2008 I SHOULD have about ,000 in my savings, plus an additional ,000 in a CD. I’m also planning on opening up an Traditional IRA next year with annual contributions of the full ,000.

The problem is that my bf is unemployed and it doesn’t seem that he will find a job soon. He is a photographer and its hard to find steady income. Also, I live in SoCal and realestate prices are still inflated. Its about 0,000 for a 1,500 sf house. To rent an apartment will cost about 00/month including utilities.

What do you guys think? Is that good enough?
My bf wants to get married soon, but I’m not all into marriage. I don’t really like the idea of spending ,000 on a wedding when I can put that towards a downpayment for a house.

If you think that I’m not financially stable enough to have a baby…am I at least doing a good job on saving money so far?
I have known my bf for 15 years and have been dating him for 8 years…I’m pretty sure that he’s the right guy for me. He’s already proposed to me several times, but I say "no" just because I don’t really see the point in a big wedding (which he wants).

My bf’s mom is a stay-at-home-mom and my mom works from home, so they both will be available to take care of the future baby.

I know my bf needs to have a steady job before I can have kids, but its hard to be consistant when he is a photographer. I know it sounds like an excuse, but I believe its important to have a job that you love or that you’re good at.

Also, I don’t feel like I’m getting ahead of myself. I have been thinking and investing in my future for a long time. Now that I’m 23 years old, I need to start setting things in stone. I have always planned on having kids by the time I’m 25 years old, but I want to be sure that I can afford it.

Are there any suggestions?

Penalties to withdraw from Roth IRA for house downpayment?

Admin — Thu, 06 May 2010 19:13:12 +0000

We want to take advantage of the low rates and good realestate prices but we’re a bit short on a 20% downpayment. I’ve read that you can withdraw Roth IRA up to ,000 for a first time buyer to put down towards the purchase of a home. However, it says that the IRA had to be open for 5 years. If it has been open for less, what are the penalties? Is it better to take a loan out on the 401k instead?
NVmelinNY… Thanks but what is the difference 401k vs Roth? They’re both retirement accounts. Also, I found this: http://www.fool.com/money/allaboutiras/allaboutiras12.htm Which says that it needs to be open for 5 years even if it’s for a house.

Rebecca, Thanks but I’m only 27 and would like to have 20% downpayment.

mar c, exactly! I’m planning on buying a 2 family which will be rented out eventually.

Anyone else? Really trying to get clarificaiton on the 5 year rule on the Roth. Any experts??

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Am I financially stable enough to have a baby?

Penalties to withdraw from Roth IRA for house downpayment?