Hey all, I’m 33 and I️ haven’t made the best financial decisions thus far. I’d like to turn my finances around and pay off all debt and provide financial security for myself in the future. I’ve wasted tons of money on nice cars and expensive things and at the same time have managed to rack up quite a bit of debt along the way. What’s the best way to get out of this hole and then what should I do once my debt is paid off. Is debt reduction the most important thing or should I start a savings fund as well, simultaneously. Below i have listed all of my liabilities
Townhome- Current balance around $188,000, estimated value $232,000 (mortgage payment is ~$900 APR ~3.3%)
HOA fee- $200/month
Bank of America Alaska Airlines CC- Approximate balance $9k, 0% interest until August 2018 (min payment is ~ $100)
Citi Costco Credit Card- Approximate balance is $7500, APR is around 18.99% (min payment is ~ $150)
American Express Platinum Delta Credit Card- Approximate balance is $1500, APR ~19% (Min payment is ~ $50)
Signature loan from my credit union- Approximate balance is $12k (Monthly Payment ~ $325)
Student loans balance- ~$30k (min payment is $120/month, APR ~4%)
2016 4Runner- $600/month
2014 BMW 3 series- (BIGGEST MISTAKE-traded in a car with negative equity and leased till April of 2018) Monthly payment is $1035 (currently in storage, only liability insurance coverage)
Car insurance- $70/month
I️ own my own business and my income is around $4k a month, with bonuses that will be disbursed twice a year around ~$10k to be modest, but could be more like $15-20k. I also collect rent on my townhome in the amount of $1120.
What is the best plan of action? I don’t really care for wasting money on stupid stuff anymore and want to put my money where it will actually work for me. I appreciate any help or advice y’all can give.
Submitted November 07, 2017 at 12:27PM by bmcruz17 http://ift.tt/2zElDjJ
