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Education resource specialist: My budget and planning for the future

Video transcript

my name is Rochelle Walker I'm 31 years old and I'm an education resource specialist I'm currently making $70,000 and I'm in my sixth year of teaching I started making 48,000 that was my initial salary in my first year of teaching so I've had a influx in salary over the past six years to date I feel very secure and confident in our finances maybe five years ago not so much because I was just starting out in my career but right now I feel very confident in our finances and savings so I graduated with my bachelor's degree from the University of Nevada Las Vegas and I was fortunate enough to have my parents helped me pay for or completely pay for my undergrad degree and so when I pursued a graduate degree from Loyola Marymount University I took out school loans to the tune of about $20,000 a year because I wasn't working at the time and I did pursue student teaching while I was in graduate school and so during that time the $60,000 overall I started making payments six months after I graduated and so to date I have 37 thousand dollars that I owe on my school loans there's also a teacher loan forgiveness program if you make 120 payments which is about 10 years of payments on your school loans you can or and you're working for five consecutive years as a teacher within an at-risk school setting you can get some or part of your loans paid off so that's a great advantage to also working in the education space as well currently I'm making $70,000 and on a monthly basis I am making fifty eight hundred but I'm bringing home forty three hundred of that a month and I'm paying for my school loans right now it's about three hundred three hundred fifty dollars a month I have collectively $37,000 in school loans that I owe and then I'm also paying teacher dues which is about 135 dollars a month my husband works in the nonprofit space for organization that works in civil rights space and he makes ninety five thousand dollars so collectively we're making about one hundred and sixty five thousand dollars annually and so with his check and with my check on monthly we have our mortgage which is about thirty five hundred a month we have his school loans as well which is about nine hundred jobs receiving five hundred dollars a month we have a child and her diapers and formula and medical needs are about one hundred and fifty one hundred dollars a month and food and groceries are about four hundred dollars a month and trying to think utilities are also an expense which is probably about four hundred dollars a month I know our utility are not our utilities but our cellphone is about two hundred and thirty five dollars a month and I think that's kind of give or take where we're at with our finances on a monthly basis what we try to do is save half of my check a month so we're probably saving about twenty twenty one hundred twenty two hundred dollars a month and so we try to either save my whole check or save half of it and exclusively live off of my husband's check so that we're saving because saving is so important you know if I get sick or if the baby's needs come into plays and we also need savings you know no matter what we were saving before our baby but we haven't started saving for her college fund and things of that sort just yet but I know that's something in the future that we need to work on my family has always invested in real estate and so they're seeing it as a child until my adulthood I always do I wanted to invest in real estate so when we got married our parents helped us in buying an apartment building a five unit apartment building in Los Angeles and so with that my husband and I managed the apartment building and collect the Reds and we're able to that's a part of our savings as well monthly and being able to invest in the real estate and manage the apartment building that we have the five unit apartment building that we have generates about thirty five hundred dollars a month and then what we take home is about two thousand a month after the mortgage is paid off and after the utilities are paid for and with that we're able to pay our mortgage there are part of our mortgage and other expenses that occur they're managing the apartment building yeah money is really a means to be able to pursue what you want to do in life and so my husband and I love to travel we love to eat good food and we love to have experiences so we want to make sure that we're always on target and saving in order to have some of those life luxuries such as traveling and and having just experiences overall
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