A Millennial Couple Is About to Have Their First Child. Should Their Financial P
Dan Sullivan, 32, and Gabriella D’Agostino, 30, live in Boston where he works in sales for a fintech company and she is in marketing with a sports-and-fitness company. Together, they expect to earn nearly $300,000 this year. In 2019, they bought undeveloped land in the Adirondacks, near Lake Placid, N.Y.
They recently paid off the $105,000 purchase price in full and were at the design phase for a 3-bedroom home they’d like to build there for about $500,000. The plan was to use it for vacations and rental income. But now their first baby is due in December, and the couple are wondering whether they should instead buy a home in Boston (they rent for $3,950 a month), and how else to give priority to financial goals as their family starts to grow.
D’Agostino is still paying off student loans of about $86,000, most of it at 8.5% interest. That’s the couple’s only debt. They both save enough in workplace retirement accounts to earn full matching funds from their employers.
Sullivan puts 6% in his Roth 401(k). D’Agostino contributes 5% to a traditional 401(k). The value of the two accounts combined adds up to about $67,000.
Each also has a small investment account to which they try to add regularly. Those currently total about $14,000. Their largest asset is the Adirondacks land, now appraised at $113,000.
Their car, a 2023 Hyundai, is paid off. The couple has an emergency fund currently worth $11,000. They describe themselves as “typical millennials" who, up until now, have traveled and pursued experiences, some of them costly.
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