Supporting a Family

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Hi. I'm an LPN making $26 an hour in Georgia. When I graduate with my RN I'll be making $36 an hour. I think that equates to around 65k a year. If I married another nurse making about the same would you think we could raise 4 kids (probably 2 first then 2 after the first 2 grow up)in a $350k house with a mortgage? We would live a modest lifestyle. Nothing too fancy. I know there's a lot of variables, but I just wanted a rough idea before I consider nurse practitioner school.

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Specializes in Psychiatric and Mental Health NP (PMHNP).

There is a lot of budgeting and financial planning information available on the internet, so that would be the best place to start.

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Specializes in PICU.

That is a lot of forecasting of things that haven't or may not happen. You will want to consider what you could afford without factoring in a spouse or children. Not every RN job pays the same, and there may be different pay scales. You also want to think about scheduling 12-hour shifts, 8-hour shifts, day shifts, night shifts, etc. 

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Specializes in Med Surg.

We just bought our first house. It is $330,000. My husband is an accountant but we make about the same. I make $39/hour. 

Huntington bank gave us a loan easily. They wanted 2 years on the job or same field and 700+ credit. We had that. But finding a house was the harder part. Interest also not low but the 6.85%. We put down 10%. I'm glad we did not use all our savings. 

It has been a few weeks. I am still unpacking. I love the house. Definitely have savings. It was nice to use savings for first mortgage payment. We needed to replace the old dishwasher, old garage opener, and buy washer and dryer, which was like 3000. Other than that the house is great.

Our townhouse rent was $1800 for 3 years and our house mortgage $1900. But monthly property taxes are $400. I usually pick up extra shifts until the end of Summer for vacation money but it will probably go to the house. So if you are already currently paying high rent then you will be fine. If not then get a bigger place and try it for a year or two. 

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