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Bikerfool
Your Local Edgelord


Registered: 11/21/05
Posts: 1,577
Last seen: 6 months, 19 hours
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My financial snap-shot and advice on how to proceed
#27053978 - 11/23/20 01:46 PM (3 years, 2 months ago) |
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-------------------- Just an angsty teen contributing to the pubs decline with contentless posts.
Edited by Bikerfool (12/01/20 12:31 PM)
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SynKyd
ctrl-alt-delite



Registered: 09/27/13
Posts: 1,554
Loc: ૐ
Last seen: 2 years, 10 months
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Re: My financial snap-shot and advice on how to proceed [Re: Bikerfool]
#27054200 - 11/23/20 04:02 PM (3 years, 2 months ago) |
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How close are you to not having to pay mtg insurance? That might be a worthy investment if you’re close to increase your monthly cash flow permanently, or a refi without MPI into 15 year loan with less interest might be a wash right now, if you qualify.
Never know on the student loans, but if they’re not charging interest then that would be a lower priority in the short term I think.
-------------------- New inclusive poop emojis from Apple!
   
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Bikerfool
Your Local Edgelord


Registered: 11/21/05
Posts: 1,577
Last seen: 6 months, 19 hours
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Re: My financial snap-shot and advice on how to proceed [Re: SynKyd]
#27055357 - 11/24/20 11:16 AM (3 years, 2 months ago) |
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-------------------- Just an angsty teen contributing to the pubs decline with contentless posts.
Edited by Bikerfool (12/01/20 12:33 PM)
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Rat-a-Tat
Psychedelic Student



Registered: 07/11/17
Posts: 219
Last seen: 1 year, 3 months
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Re: My financial snap-shot and advice on how to proceed [Re: Bikerfool]
#27055433 - 11/24/20 12:13 PM (3 years, 2 months ago) |
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Hey, what’s up my man!? I had to struggle for quite a few years to get myself out of debt, but it is totally worth it! Very impressive that you own your own house, and are taking steps to get all your ducks in a row. I went from deep credit card debt, vehicle debt, personal debt and 0 savings, to 0 debt, a paid off car, 65k in the bank and on-track to save 40% of my take-home in 2021. I want to ask some questions, just so I have the full picture
1) You say $55k gross: So, after taxes, company health insurance, etc. your monthly take home is right around $3,300 +/- correct?
2) With your large cash on-hand pile, I’m assuming you have off the books work, correct? How much is that a year?
3) On the house, I am assuming the purchase price was close to $300k +/- and you went with a 3.5-5% down payment with an FHA loan, correct?
4) On the house, I am assuming with principle, interest, taxes, and PMI – you are paying $2,000-$2,200 a month, correct? If you don’t bundle that all together: Principle & interest: $1,300 / Taxes: $600 / PMI & Home Insurance: $300 (More or less) – is this correct?
5) On the student loan for 78k – how many years into paying are you? Is it a standard 10-year loan or for a different length? Is it just 1 loan or multiple loans? How many and for how much on each of them?
6) On the student loan – assuming they are fairly new: is your monthly payment about $750? About $390 in interest & $475 in principle? If not, please break down monthly payment: principal and interest.
We can crunch some numbers and put together a banger plan for you. Cheers - Cole
Edited by Rat-a-Tat (11/24/20 12:14 PM)
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Bikerfool
Your Local Edgelord


Registered: 11/21/05
Posts: 1,577
Last seen: 6 months, 19 hours
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Re: My financial snap-shot and advice on how to proceed [Re: Rat-a-Tat]
#27056991 - 11/25/20 11:25 AM (3 years, 2 months ago) |
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-------------------- Just an angsty teen contributing to the pubs decline with contentless posts.
Edited by Bikerfool (12/01/20 12:31 PM)
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Rat-a-Tat
Psychedelic Student



Registered: 07/11/17
Posts: 219
Last seen: 1 year, 3 months
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Re: My financial snap-shot and advice on how to proceed [Re: Bikerfool]
#27057320 - 11/25/20 03:47 PM (3 years, 2 months ago) |
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Ok, thanks for the information. I totally forgot to ask about your monthly expenses (food, car, gas, insurance, extras, etc.) We definitely need that in order to put together an accurate time table of when/how you pay off your debt. Could you break that down for me on EXACTLY how much you spend in an average month? The ultimate goal is to have 0 debt, so also include the amount that you owe on your cars and any other debts you have on the books.
Right off the bat - I would stop contributing to your 401k. You are actually losing money by saving it in your 401k. Right now with a flat stock market, you are maybe netting 3% tops (if you are lucky). The interest rate on your loan is 6%, which means you are netting a 3% loss on your money. Pay off all of your debt, and then restart the 401k savings.
You seem to have your shit together - we can put together an awesome plan and crush this debt quickly, and then you will be on your way to building serious net worth over the next decade.
Edited by Rat-a-Tat (11/25/20 03:48 PM)
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Bikerfool
Your Local Edgelord


Registered: 11/21/05
Posts: 1,577
Last seen: 6 months, 19 hours
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Re: My financial snap-shot and advice on how to proceed [Re: Rat-a-Tat]
#27057811 - 11/25/20 09:18 PM (3 years, 2 months ago) |
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-------------------- Just an angsty teen contributing to the pubs decline with contentless posts.
Edited by Bikerfool (12/01/20 12:32 PM)
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Bikerfool
Your Local Edgelord


Registered: 11/21/05
Posts: 1,577
Last seen: 6 months, 19 hours
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Re: My financial snap-shot and advice on how to proceed [Re: Bikerfool]
#27057885 - 11/25/20 10:11 PM (3 years, 2 months ago) |
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The mortgage is split between me and my wife, so it averages to $800 a month. She's been paying for utilities since I'm covering her insurance.
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