5.5% is how much the loan costs you annually. (Really, its more like Balance * 1/365 * 5.5% per day)

The 'split' between principal and interest is called amortization

https://en.wikipedia.org/wiki/Amortization

https://en.wikipedia.org/wiki/Amortizing_loan

Its why your payment doesn't change for the life of the loan

>How much should a college student have on average after graduating?

Simply having a positive net worth means you're doing fine

Well, groceries is the main area you can control. The rest is just small rounding errors effectively. You may be able to cut some of that out but it won't be meaningful. Trimming groceries is likely the only place that you can make meaningful cuts.

try /r/EatCheapAndHealthy

> wife

Sorry, missed that.

Can wife work?

Grocery bill seems quite high for a single person, especially one carrying high interest debt

https://www.irs.gov/individuals/tax-withholding-estimator

Fill that out for the most accurate w4

You want to know if it’s reasonable to rent an apartment to hide from your family?

What did you think parenthood involved?

No, moving money is normal

Losses from prior years are carried forward yes

50/50 is a more appropriate asset allocation five years out from retirement

Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics

Not more than $8k. They means you won’t be buying much truck.

What’s the old house worth?

That’s bi weekly.

If you got paid twice a month, you’d get paid on the 15th and 30th, which Could be any day of the week.

If you get paid every other Friday, that’s biweekly

Ten months out of the year you’re paid twice a month. Two months, you’re paid thrice a month.

Ira and hsa. Then maybe. Megabackdoor Roth. Then taxable

You’re too late to have it processed. Weekends and all that

You can convert in 2023. Doesn’t really matter

401k fund selection guide: https://www.reddit.com/r/personalfinance/wiki/401k_funds

>My wife has little credit, most things have been in my name. She doesn't have bad credit or anything negative about her credit, she just has a small credit history. I want to help her build up her credit score. I was looking at a credit card that we could pay off every month and earn travel points (we can afford vacations now!), but very little cards have co-signers or joint accounts and authorized users don't benefit as much as they used to. Advice?

Add as an AU and read the credit building entry in the wiki

>We both have Roth's/401k, but I'd like to do more investing. I was thinking about a mutual fund or investing on my own into an index, but would like some more specific advice or maybe a book(s) I could get.

https://www.reddit.com//r/personalfinance/wiki/commontopics

https://www.reddit.com/r/personalfinance/wiki/index#wiki_investing

>I've heard a lot about how the standard "get a job, IRA and investment portfolio" won't be enough for us to retire. What else should we be doing to prepare?

From where? Saving 15-20% of your income is generally sufficient

>Finally, I'd like to maximize my money for today, be able to make big purchases, go on vacations etc. What else can I do to make my dollars work harder for me or maximize my financial usage?

Increase your income

Cd rates were that low last year.

Roth or traditional: https://www.reddit.com/r/personalfinance/wiki/rothortraditional and https://www.madfientist.com/traditional-ira-vs-roth-ira/

Some math: https://reddit.com/r/personalfinance/comments/z5hb8v/_/ixw89x5/?context=1

I always assume these questions mean “successfully”.

> Can I negotiate my lease terms? I

No. Contracts are binding on both parties

Those don’t have penalties. Taxes depend on your gain or loss

Banks and CUs: https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions

Literally doesn’t matter who you pick. Don’t get bogged down in minutia