Some background... I've spent most of my adult life just barely scraping by. Spent the past 3 years living out of my car and working gigs to make minimum payments with $0 left over in a good month. Last year I decided to do something about that and studied my ass off and somehow leveled up from straight up poverty to a new job that earns me over 90k after taxes. While the opportunity is a dream come true, it doesn't come with much job security. Basically, my employment can end at any time (although I don't expect it to, but can't hurt to plan for the worst as I'm accustomed to doing).
My current debts are one auto loan with $8.5k principle left 4% APR and about $7k in credit card debt both around 19-20% APR.
My instinct is telling me to attack the ever living shit out of that debt and try to clear it in 6-9 months.
While this feels like the right move and every fiber of my being wants to drive these banks to hell... I've been asking myself whether it wouldn't be smarter to focus on building an emergency fund first before/while attacking the debt with the full brunt of my herculean (at least to me) salary.
My current best case scenario financial plan (dependent on not getting fired within the next 2 years) is to ditch this debt, save up for a house, and sustain a comfortable lifestyle (and probably burn give or take $2500/mo on rent, food, misc, etc).
TBH I'm a little lost since I've never had money like this before.
Has anyone been in a similar situation?
What wise decisions do you wish you had made?
Submitted October 26, 2018 at 11:03PM by SentFromBelow https://ift.tt/2D5N5Zx
