My wife starts her new career on the 16th, and gave her two week notice at her current job on Monday. Although her boss fought her a bit, she was able to negotiate keeping all of the commissions that she has earned, but not been paid on yet. This includes a large ~$4,000 commission that should come in around August, once the company has been paid by their customer. This is such a blessing. We were worried that they might try not to pay her the commissions and/or let her go immediately rather than pay her for the final two weeks.
My wife receives her new company car before her start date, so we plan to put her car up for sale this week and hope to sell it within the next few weeks. This will save us $450/month in car payments and $150-$200/month in gas.
Her first paycheck from the new job will be deposited on July 4th. With the increased income combined with the money we will be saving on the car, we want to restart our 2nd mortgage accelerated payment plan by paying an extra $400/month to principle. In addition, we will apply ~$12,000 of her $20,000 annual bonuses towards the 2nd mortgage. We’re hope to have the 2nd mortgage paid off by July 2010 and begin saving for a down payment with a goal of purchasing a home by July 2012. We also plan to increase our tithe, contribute 6% of her salary to the company 401(k) that includes a 25% match up to 6%, and deposit $200/month into our savings account. The only deliberate increase in lifestyle will be an extra $20/month each for fun money.
This new career is such a blessing in so many ways. My wife will be working in a field she is passionate about, earning greater pay, working out of our home, and receiving amazing benefits/perks. I am very impressed and proud of her success, especially at such a young age. Because of this opportunity, we will be able to go after multiple goals (increasing our tithe, paying off our 2nd mortgage, increasing our savings, and adding to our retirement savings) much sooner than expected.
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