Here’s a confession: I have already started dreaming about what life after business school would look like. In particular, I have been dreaming about home ownership, about buying my own little pieces of real estate.
Here are a few things that made this dream, while premature, firmly within the realm of possibility.
- We will likely live in a state that has a reasonable cost of living and no state income tax. Yee-haw! Plus, there are actual 2-3 bedroom single family homes that can be had for under $400,000, within a few miles of downtown. As consummate real estate dreamer whose real estate clock has been ticking since 2009, I have already checked several realtor websites and listings. This gem of a house below, for example, is listed at $370,000.
- When I got my summer internship offer letters, I pulled out my calculator and crunched some numbers. These summer jobs are a pipeline to a full-time position, and a full-time salary would basically double my pre-MBA salary. Depending on how successful CB is at his job search in this new city, our gross household income could potentially hit the $200,000 mark, or even a little more, depending on bonuses. Again, no state income tax! Real estate we can actually afford! Tears of joy.
- This realization has renewed my interest in personal finance and in saving aggressively. Because, c’mon, I really would love to own a house with a red door.
Here is what I envision for our path to homeownership:
(1) I work hard and do really well at summer internship and get full-time offer, (2) CB find new job in new city, hopefully one that helps him make the career transition he wants, or, (2b) CB goes to grad school and we try really hard to pay his tuition in cash, (3) I try really hard to graduate MBA without loans or only take on minimal amount necessary, (4) we save save save for a down payment, in addition to retirement, (5) I do really well at full-time job and get a promotion 2 years out, (6) we buy a house in 2016!
It is going to happen.