Hello everyone! I have read and studied but I need some particular advice. I really don't want to make this too long.
Previous salary: $57,300/year. New salary: $87,200/year with an anticipated $10k yearly bonus (can't count on this). I have calculated, under my circumstances, that I will be netting $1800 more a month, plus I stopped smoking.
Was living from paycheck to paycheck because of poor financial decisions and divorce. I hold a clearance, but I owe approximately $140k in debt (all in good standing).
Ahh, and the dreaded student loans (75k). Two credit cards totaling about $4k, truck $28k, car $2k, personal loan $13k. $14k left for a rental property (renting it out after divorce since I can't live there for distance to work reasons).
Here's where I'm at. I have shifted CC debt onto a zero interest CC, for now. Loan is 6% @ 320/month; truck 1.99% @ 530/month, car is 95/month, don't pay on student loans (just finished), rental house pays for itself (+400/month).
I know the whole, pick one and pay it, then cascade the amount increasingly to the next one. I'm trying to sell the truck but probably won't until I get it a bit down further. Do I throw this new income towards it and bite the bullet and free up that payment? Or do I throw money at the personal loan and free that up first? What about the rental property? Do I throw money to it and use that income?
The latter I'll be able to manage but getting started on the right track is the problem. I'm in an excellent spot and just want to do this right (goal is to eliminate "bad" debt and then pay off student loans). I want to buy a house but I'm using this as an opportunity to pretend like I'm not even seeing that income increase. Thank you all.
Submitted April 18, 2017 at 09:23PM by FSOguy http://ift.tt/2pyMJTZ
