hey guys,
turning 30 this summer. woohoo.
I'm just trying to forecast and hoping for some feedback from the wise community.
I have a bachelor's degree in Russian from an accredited University. I have a clean record. My credit score is 760 and going up. I moved back home.
I have 81k parent plus loan, fortunately my mom works in healthcare and the loan will be forgiven in 6 years. (my back up, worst case scenario plan). Interest rate is 7.375% at a $350/m on a income driven repayment plan.
I have 21k student loan in my name under 4.15% on a $150 monthly payment.
I have a $2,500 credit card debt. closed account. 3.75% interest, paying $100/m.
I make 55k a year and been working at the same company (technology sales) for the past two years.
I have 10k in saved in High yield savings 10k in 401k with a 5% down and employer match.
My mom beings in 30-40k a year working overtime. has 10k in credit card debt under an assistance program paying $400/m.
we both lease our cars. we share a one bedroom apartment. my mom has no savings.
How can I better our financial future? Fortunately our health is good but definitely drinking more than we should. we don't smoke. mom has a small retirement fund through the hospital with like 3k in it. She has no life insurance policy. She's from another county and is turning 54 this year.
We really want to buy a townhome, our avg housing market here is 250k+. I plan to eventually work in the city and live with my mom in the meantime while saving as much as possible. I plan on helping her to continue pay the mortgage and figure out the rest myself.
I really want to go and get a master's. not 100% sure on what though. I also thinking of side businesses to start and basically I got to get moving and hustle. I think education and certifications in IT or translation might be the best routes??
I also don't know if trying to save up 50k to put down on a home is a smart idea? I really want our place by 2022. I'm also anticipating my salary going up to at least 70k in that time.
Just sharing my thoughts here. You guys get the idea. I messed around a lot in my 20s without realizing I was wasting time. I really want to get back on track here.
Thank you for any advise you can give and for reading this.
Submitted June 16, 2020 at 10:16PM by hawaiianboomerang https://ift.tt/3d2vy1O
