Hello,
As stated, I grew up low income (refugee in America). I was raised to live off of $8/hour, how to get the best deals, fight for every penny, etc. However, I never had the opportunity to learn how to manage income, assets, money, etc.
Age: 27
Job: Contractor/Consultant (project to project basis - currently working on long term stable project)
Pay: $65/hour (45 hours a week pay - projecting to make $145k+ this year)
Checking: $10k
Savings: $2k
Stocks: $170k portfolio in stocks (max out ROTH, company doesn't offer 401k yet)
Other income: 2 investment properties - $2k profit every month (but I only take $1k as the other $1k goes into the additional principle payment for each).
Expenses: Rent is $600 + $150 for utilities and food (usually all of this is covered by the $1k takehome profit from the investment properties)
Debt:
$195k first property (3.85% interest)
$176k second property (3.89% interest)
Car $17k (4.6% interest)
What do I tackle first? My goal was to take my second investment property and pay it down as much as possible to get rid of PMI and I did that this week (very exciting). What is next? Do I just keep on keeping on and pay more on investment property principle or do I pay more on car? Or split it between both - possibly $250 additional principle on each property and $500 more on the car every month? I have been working my butt off learning from this subreddit and other places... and I feel like I'm getting a good grasp but I want to make sure I'm actually managing correctly and moving in the right direction.
edit: Any insight or advice is helpful... I don't have anyone to turn to in real life as this type of managing is foreign to my family and these conversations wouldn't necessarily be appropriate with friends. Thank you!
Submitted July 01, 2018 at 07:36PM by testertop https://ift.tt/2tIvz7m
