Single income 28F. As in a do not have a partner that I’m financially tied to, but do have some secondary income from renting my home.
I make approx $49,000/year after taxes.
I own a home, which I live in and rent the two other rooms, and my shed to tenants.
Rental income is $1900 8 months of the year. Rental income is $1100 4 months of the year. (I keep the one room open for myself in summer because work is super busy and I need the extra office space/ am not content with so many people living in the house when I’m that busy. Also heating with oil is expensive in winter so I change more rent.)
I have roughly $55,000 of debt excluding my mortgage.
Student Loan 1- $17,000 @ 2.5% IR annually Student Loan 2- $14,500 @ 5.95% IR annually Credit Card 1- $4,600 @ 19.99% IR annually Credit Card 2- $6,700 @ 19.99% IR annually Personal loan- $10,500 no interest no exact due date.
My monthly expenses/bills/mortgage and current debt pay back is approx $5,060 CND.
$2000 of that is paying my debt (excluding house) down, most months at least. Some months I leave for vacation and just make the monthly payments on what I need to at that time. When I make payments that are required + extra I have to throw on the accounts it’s $2000.
Rental income always covers my mortgage payments. Leaves me with +$500 in my pocket 8 months of the year and nothing extra the other 4 months.
According to a credit check done this month I have “very good” credit. I make all my payments on time and generally throw a bit more on all owing accounts monthly when I have extra bits of cash.
I do not have any savings, which yes I know, I should. Thankfully I am in a position where if something major was to happen (me/house) I have sources to cover myself, though of course, I want to start to be in a position where I don’t have to rely on those sources.
I have not been the smartest financially but I’m very interested in learning, so here I am trying to figure it all out.
Every time I talk to friends or family I get a lot of mixed answers and don’t really feel like I get much direction from it.
Should I continue to focus on paying down my debts before I start investing?
Should I invest in something small for now while I do that?
I have nothing planned for retirement yet, other than paying down my house with rental income and selling it? But then again, I guess that means I’m going to be living with my tenants for until I’m like 55... no thank you.
I feel like I’m trying to get financially responsible but still a bit lost.
Any advice helps!
Submitted January 18, 2020 at 07:53PM by _lilspooky https://ift.tt/3aqHha8
