Home | Community | Message Board

World Seed Supply
Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: Bridgetown Botanicals CBD Edibles   Kraken Kratom Kratom Capsules for Sale, Red Vein Kratom   Original Sensible Seeds Autoflowering Cannabis Seeds, Bulk Cannabis Seeds, Feminized Cannabis Seeds, High THC Strains, USA West Coast Strains   PhytoExtractum Kratom Powder for Sale, Maeng Da Thai Kratom Leaf Powder   North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Unfolding Nature Unfolding Nature: Being in the Implicate Order

Jump to first unread post Pages: 1
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Student Loans, Credit Card Debt and 401k
    #27432445 - 08/18/21 12:26 AM (3 months, 17 days ago)

I've got $238k in student loan debt and $7k in credit card debt (I know, I know....) I make about $60/hr and usually make $110-120k. My employer matches up to 6% on 401k so I've been contributing to that. My student loan interest rate is 3.96%. My credit card interest rate is 26.99% (ouch). Minimum payment on student loan is about $1700 but I've been paying $1900 on it. I'm thinking I should make the minimum and focus more on credit card debt... Been eating more economically, lots of ramen noodles, rice and beans, less Door Dash. Any other tips? Should I keep contributing to my 401k at all with my credit card debt? 6% free money but with a 27% credit card interest rate that's bad. I'm 27 and I don't even know how much longer the planet is going to be habitable for humans so part of me questions why I'm putting away to it lol.


Extras: Filter Print Post Remind Me! Notify Moderator Top
Invisiblesplit_by_nine
DCLXVI

Registered: 07/12/18
Posts: 6,817
Loc: great basin
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27432458 - 08/18/21 12:38 AM (3 months, 17 days ago)

the 7k in cc debt is small. i get your paying more interest on it, but the minimum payment is no where near $1700. thats insane for a minimum payment on student loans. whats your monthly take home pay, after taxes?


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Re: Student Loans, Credit Card Debt and 401k [Re: split_by_nine]
    #27432468 - 08/18/21 12:44 AM (3 months, 17 days ago)

Usually $5400-$6000, maybe more depending on my hours.


Extras: Filter Print Post Remind Me! Notify Moderator Top
Invisiblesplit_by_nine
DCLXVI

Registered: 07/12/18
Posts: 6,817
Loc: great basin
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27432478 - 08/18/21 12:58 AM (3 months, 17 days ago)

my advice would be to live frugally, make the minimum payments and try to save as much cash as you can in the meantime.

get some roommates to help pay the other bills

saving 2k a month for a whole year will net you $24k. you can then in turn invest that money and try to grow it. you could flip houses or buy rental properties. thats where the money is

making the minimums on your student loans will take years to pay it all off but you will be putting money into savings at the same time. youre better off having cash in your accounts instead of using all of your income to pay down your debts.


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 21,453
Loc: city of angels Flag
Last seen: 13 hours, 27 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite] * 1
    #27432952 - 08/18/21 12:59 PM (3 months, 16 days ago)

Definitely kill the credit card debt as priority number one.  At that point, I would max out your 401K 6% match, while making whatever payments are necessary to avoid penalties on your student loan.

The math is simple... -27% < +4% < +6%.  You want to reduce the negative side of the spectrum as quickly as possible, while increasing the positive side as quickly as possible.


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Re: Student Loans, Credit Card Debt and 401k [Re: geokills]
    #27434795 - 08/19/21 06:03 PM (3 months, 15 days ago)

But also, even though the lower debt amount has a higher interest, the gigantic amount of student loans means I believe that I'm actually paying more each month on student loan debt than credit card debt.


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflineEnkidu
"No-Such-Person"
Male

Registered: 07/09/16
Posts: 9,113
Last seen: 13 hours, 33 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27434944 - 08/19/21 07:46 PM (3 months, 15 days ago)

I would be banking hard off 100k a year

Idk how you struggle to eat good

I'd pay off that credit card asap. That shit is killing you. I'd miss student loan payments if I had to. (What's the penalty for a missed payment?)

That credit card is eating you. Remove it stat.

Do what Geo said.

How can you struggle on 100k a year? I don't get it.

I make 35k a year and have 2 kids. You should be banking hard as fuck off that.

Wtf do you spend your money on?

You live in the most expensive place you can possibly afford or something?


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu]
    #27434968 - 08/19/21 08:07 PM (3 months, 15 days ago)

Well net take home pay is about $5400 per month.

5400
-900 mortgage
-75 internet
-100 electric
-50 gas
-~1800 student loans
-180 HOA
-350 car payment
-200/month medical debt payments
_____________________
1745 left. Plus food, gas, etc. I've had some repairs recently on my house- was $1300 $1600. Going to need a new AC/furnace soon. I don't know where it all goes though... I think I eat out too much. But not $1700 worth. I used to use Mint but got some weird credit report stuff that ended up being an error on their website so I don't really trust them anymore. I'm not struggling really, but I've just dug myself into debt. I moved into this townhome in 2019 and I had to buy a bunch of furniture, put that on the credit card and it hasn't really been paid off since. Looking at my credit card statement, I need to stop using Door Dash/Uber Eats since that gets stupid expensive really fast.

I do like to travel but haven't in a while, I went to NYC for a week in May when there was a light at the end of the tunnel with Covid.... Had some friends visit me in May as well and Mom visited me a few weeks back. I guess I just need to pay more attention and really try and save more money.


Edited by Furosemite (08/19/21 08:12 PM)


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflineEnkidu
"No-Such-Person"
Male

Registered: 07/09/16
Posts: 9,113
Last seen: 13 hours, 33 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu]
    #27434976 - 08/19/21 08:13 PM (3 months, 15 days ago)

Ok I hear ya

My car is paid off so I forgot that can be a big one for people sometimes.

Eating out a lot can be a big money spender honestly. Especially with prices now days. $30 meal a day can add up quick.

Put all of your money into that credit card and don't spend a single cent unless it's a necessity.

Identify what is a necessity on every purchase you make.

Stop buying stuff for the apt. Stop buying anything not essential.

Hindsight probably should have lived in a cheap place and paid off all debt before upgrading living but at the same time you need to be happy and nothing bad about being happy and enjoying where you live and building equity.

Unexpected costs can hurt

Just keep it up being frugal and pay off the credit card asap then should be pretty smooth sailing from there


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu]
    #27435055 - 08/19/21 09:03 PM (3 months, 15 days ago)

Thanks,

Yeah regarding meals that's why I've been focused on doing ramen noodles (I make it better by using my own spice, adding egg and meat). My main problem is at work. The break room is very far away and my car is closer. I work in retail... so a lot of the time I'll buy lunch at the store's deli or grocery section. Which isn't terribly expensive but it's unhealthy and overall it's cheaper to eat from home. I don't want to go back and reheat stuff. I like eating by myself in my car, I deal with enough people all day I need to recharge. But, I've been thinking of bringing a small crockpot to work with rice and beans in it and just heating that up for lunch.

I had to move here to take the first full time job that I could find and in this city rent is especially for its size. I was paying more per month in my 1 bedroom apartment than I am in my 2 bedroom townhome. I just don't know where money goes. I got paid today, paid the mortgage due Sept 1st (I don't get paid again until after) and car, put $200 into the credit card, paid the internet, I just feel like there's already nothing left for the next 2 weeks. I'm waiting on credit card rewards to be mailed to me as my screen door randomly shattered and I need a new one. Maybe I'll have more than I think when it all clears the bank, then I can put more money into the credit card. $200 is above the minimum payment but I definitely need to pay more than $400/month on that card.


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 21,453
Loc: city of angels Flag
Last seen: 13 hours, 27 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu] * 2
    #27435125 - 08/19/21 09:53 PM (3 months, 15 days ago)

Quote:

Enkidu said:
Eating out a lot can be a big money spender honestly. Especially with prices now days. $30 meal a day can add up quick.




Without a doubt, eating at restaurants/takeout has historically been my biggest discretionary spend.  Fortunately, I really like to cook, and if you can find the mindset for doing that yourself, you'll be amazed at the type of food you can afford to feed yourself at the market after being used to spending on (often sub-par) restaurant fare.  Don't get me wrong, I still love to go out and enjoy an awesome meal cooked and served to me without having to lift much more than my credit card... but cooking for yourself at home doesn't have to be ramen noodles (although I will definitely concede that a well crafted ramen is indeed a delicious meal!), you can eat really well and still save a bunch of money.


Case in point, I just whipped up some salmon for the fam an hour ago.  Three plates like this cost a total of $12 for the fish, $2.50 for an orange and mango, $1 for cilantro (we had green onion growing in the yard), $1.50 worth of broccoli, < $1's worth of bread and cheese and a tbsp of honey.  That's about $6 a plate for this epic meal that would probably have cost $20+ in a restaurant.

     


A few nights ago, we even rocked some crispy seared Chilean Sea Bass from Costco that was like $20-something/lb.  That fish in a restaurant would cost you $35 for a single portion and we had three solid portions for like $26!  We had some perilla leaves (sesame leaves you'll often see in Korean dishes in particular) in the garden that were an awesome addition to chow little bites of the rich garlic buttered fish on top of.

         


Carnitas?  Don't get me started!  I buy 5 lbs of port shoulder/butt for like $25, roast it for 3.5-4 hours with garlic, onion, orange slices, cinnamon and bay leaf, then portion it out into freezer safe containers.  All you gotta do is crisp it up to order and you have A LOT of delicious taco/nacho/burrito/torta/salad fare for very little money.

     


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 21,453
Loc: city of angels Flag
Last seen: 13 hours, 27 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27435134 - 08/19/21 10:00 PM (3 months, 15 days ago)

Quote:

Furosemite said:

I work in retail... so a lot of the time I'll buy lunch at the store's deli or grocery section. Which isn't terribly expensive but it's unhealthy and overall it's cheaper to eat from home. I don't want to go back and reheat stuff. I like eating by myself in my car, I deal with enough people all day I need to recharge. But, I've been thinking of bringing a small crockpot to work with rice and beans in it and just heating that up for lunch.




Practice the art of the sandwich.  Invest in some good crusty bread, get some meats you like (I'm partial to cured hams like the Spanish Jamon Serrano or Italian Prosciutto Di Parma), good cheese (I like a soft brie), crisp apple, some spinach leaves and fig jam.  Slap that together in the morning and wrap it up to take with you.  It'll keep just fine 'til lunch and it tastes flippin' sublime.  My only problem when eating these sammy's for lunch, is that it makes me want a glass of wine on the side. :biggrin:

     


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflineEnkidu
"No-Such-Person"
Male

Registered: 07/09/16
Posts: 9,113
Last seen: 13 hours, 33 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: geokills]
    #27435149 - 08/19/21 10:12 PM (3 months, 15 days ago)

Damn, that last pic of the taco is beautiful.

I'm the same way, I love to eat out but rarely do it, especially eating at a table, I like to tip good so if I can't afford a good tip I won't sit down.

One place I spare no expense is food. I spend a lot of money at the grocery store, but health is wealth. And compared to eating out, you can eat luxurious for cheaper at the super market.

I eat a lot of fruit, nuts, seeds, eggs, rice, (don't eat as much veggies as I should but I get them) and protein, usually fish, shrimp, then chicken, and rarely red meat.

That's one thing I was going to add.

On top of the advice, don't forget to take care of yourself, eat well, get outside, exercise, read, meditate, hydrate,

Don't stress the debt, with your income you're in a good position even with your high student loan payment. Slowly but surely

Just need to get rid of that credit card

For credit cards I only ever use them for purchases I make anyway. Food, gas, bills, all automatic payments that are paid in full every month.

I never use a credit card to buy a non essential item.

If I don't have the money for it in the bank, after all bills of course, then I don't buy it.

Damn that's a nice lunch Geo what the hell.

I usually just do fruit and nuts and dark chocolate. Sometimes I'll do a wrap with some rice, chicken, tomato and cucumber

Pretty easy stuff and healthy.


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Extras: Filter Print Post Remind Me! Notify Moderator Top
OfflineEnkidu
"No-Such-Person"
Male

Registered: 07/09/16
Posts: 9,113
Last seen: 13 hours, 33 minutes
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu]
    #27435153 - 08/19/21 10:14 PM (3 months, 15 days ago)

Oh the only thing bad about ramen noodles is that packet.

It has like 5000% your daily sodium

I think those packets are a highly processed but been a while since I read the ingredients.

I wouldn't recommend them

And yeah man if I had that credit card I'd be trying to pay the entire thing off as soon as possible.

Like 1000+ a month. As much as I can possibly afford.

That interest is just bonkers.

The student loan personally I'd be paying the lowest possible and keeping my money for myself. But I owe like 30k in loans and im poor as shit.

Depends on your scenario but I wouldn't be paying $200 extra on my student loan if I had $300 in my bank.

I want at min a safety net for unexpected circumstances. I'd want a few thousand at min for my expenses and yours are higher than mine.


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Edited by Enkidu (08/19/21 10:22 PM)


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleFurosemite
Stranger
Registered: 05/18/21
Posts: 6
Re: Student Loans, Credit Card Debt and 401k [Re: Enkidu]
    #27435249 - 08/19/21 11:29 PM (3 months, 15 days ago)

Well I don't even use the packets, just the noodles. I make my own sauce with butter, garlic, soy sauce, brown sugar and red pepper flakes.

But yeah, all that food looks amazing up there.  I definitely need to do better with money... It just doesn't feel like I'm being all that irresponsible, I'm not going on vacation every week, buying new phones, doing this/that, I work a shit ton and when I'm not working I'm pretty much depressed at home not doing anything.


Extras: Filter Print Post Remind Me! Notify Moderator Top
Offlinematthewfoxx
Stranger
Registered: 10/08/21
Posts: 6
Last seen: 7 days, 4 hours
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27530811 - 11/05/21 05:46 AM (1 month, 5 hours ago)

Paying off the highest-interest-rate debts first is best, arithmetically speaking, but some people say that paying off the smallest debts first gives the debtor psychological reward/incentive. This article should help https://bricta.com/can-you-transfer-student-loans-to-another-person/ .


Edited by matthewfoxx (11/11/21 02:35 AM)


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleAhab McBathsalts
OTD Armchair Anarchist
Other User Gallery Ultimate Champion: Blackjack


Folding@home Statistics
Registered: 11/25/02
Posts: 32,485
Loc: Coast 2 Coast Flag
Re: Student Loans, Credit Card Debt and 401k [Re: Furosemite]
    #27532939 - 11/06/21 09:55 PM (29 days, 13 hours ago)

A quarter mil in student debt? Are a you a dentist or something?


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


Extras: Filter Print Post Remind Me! Notify Moderator Top
InvisibleTheFakeSunRa
your good friend <3
 User Gallery

Registered: 03/02/05
Posts: 15,235
Loc: Pelican Bay SHU Program
Re: Student Loans, Credit Card Debt and 401k [Re: Ahab McBathsalts]
    #27537342 - 11/10/21 06:51 AM (26 days, 3 hours ago)

Quote:

Ahab McBathsalts said:
A quarter mil in student debt? Are a you a dentist or something?




Did someone say “DENTIST”?

:naughty:  :geordinod:  :wink:  :naughty:  :waitthatsbad:


--------------------
Space is the Place


Extras: Filter Print Post Remind Me! Notify Moderator Top
Jump to top Pages: 1

Shop: Bridgetown Botanicals CBD Edibles   Kraken Kratom Kratom Capsules for Sale, Red Vein Kratom   Original Sensible Seeds Autoflowering Cannabis Seeds, Bulk Cannabis Seeds, Feminized Cannabis Seeds, High THC Strains, USA West Coast Strains   PhytoExtractum Kratom Powder for Sale, Maeng Da Thai Kratom Leaf Powder   North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Unfolding Nature Unfolding Nature: Being in the Implicate Order


Similar ThreadsPosterViewsRepliesLast post
* Credit card interest up 23%... fuck! Gr8fulJ420 1,955 3 06/24/06 10:21 PM
by downforpot
* Need help choosing a credit card
( 1 2 all )
daba 7,937 29 09/08/18 04:42 PM
by AroundtheSon
* Credit Cards, Should I?
( 1 2 all )
C20H25N3O 5,025 21 05/14/07 07:26 PM
by AaronEvil
* Just got my first credit card LethalX5 2,832 15 10/15/05 11:39 PM
by QuantumMeltdown
* Credit Card Tips
( 1 2 all )
novorua 7,571 39 10/13/05 12:01 AM
by Vvellum
* Credit card cash back? MrMaddHatter 2,956 10 06/03/06 02:18 PM
by Diploid
* Seemingly simple credit card question... VoidOfsPg 2,976 13 02/26/06 01:41 AM
by VoidOfsPg
* 2 credit cards paid off & CANCELLED! Gr8fulJ420 1,700 9 03/08/06 09:58 PM
by DieCommie

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, Asante, automan
979 topic views. 1 members, 1 guests and 0 web crawlers are browsing this forum.
[ Print Topic | ]
Search this thread:

Copyright 1997-2021 Mind Media. Some rights reserved.

Generated in 0.024 seconds spending 0.004 seconds on 13 queries.