Hello everyone, I am a recent college grad and have just accepted a job offer as an electrical engineer (with an A.S.) for $56,000 with a raise to $60,000 after 3 months, and a review after 6 months for another raise. I start next week. If I understand correctly, the company offers a 25% 401k match with no limit. I will not be eligible for this until February 2022. My current debts are as follows
| Foo | Bar | text |
|---|---|---|
| Debt | Current Balance | Interest Rate |
| Credit Card | 561 | 11.88 |
| CC | 660 | 3.99 |
| CC | 3562 | 22.24 |
| Student Loans (Federal) | 29881 | 2.75-5.05 |
| SL (Private) | 30060 | 8.37 |
| SL (Private) | 14890 | 8.75 |
| Total | 79614 | 7.44 |
I am a bit disappointed with myself for taking on so much debt, but I have a mental disability and I could not successfully go to school and work at the same time. I started school as an adult learner at 26 and got no assistance from either of my parents. Currently I am living at home with a parent expense free and I own my car outright. I have about $800 in my checking account and $7000 in a Roth IRA from before school. I will be required to start making payments on my private loans in December although they are accruing interest until then, and my fed loans are not due until February I believe. Without getting too personal, my parent and I are both alcoholics, I am 2.5 years in recovery, but they are still in active addiction. This makes it difficult to live with them, but it seems like the smartest thing to do right now. I want to own my own home, and plan on buying a multifamily property for my first house. My questions are, should I be saving for retirement at all right now with so much high interest debt, should I even be thinking about saving for a house at this point, and when I become eligible for the company match how should i balance taking advantage of the match with my own personal savings goals? I have made a budget and have been studying the prime directive flow chart so I understand that my debt should take priority, but I am 29 now and don't want to put myself in a position where I have no retirement savings as I approach middle age. Any advice or guidance would be much appreciated.
Submitted October 03, 2021 at 10:16AM by bzwider https://ift.tt/39ZUbgz
