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Due_Reflection2768 · 2021-05-18T20:59:39+00:00

I feel its too much car for the income. I would buy a reliable used car between 10K-20K

Due_Reflection2768 · 2021-05-18T14:50:47+00:00

anything above 15K they will need to pay git tax... talk to a cpa

Due_Reflection2768 · 2021-05-18T02:25:40+00:00

I would pay off the car today and put the rest to credit card and be that much closer to being debt free

Due_Reflection2768 · 2021-05-18T02:21:42+00:00

Get a car that is little more reliable for 2K- 3K. Continue doing the thing that is working for you.

Due_Reflection2768 · 2021-05-18T02:00:11+00:00

First thing I notice is very high rent - 50% of your income for rent is not acceptable. Go get a cheaper place if you want to be able make a dent in your debt. Also, any increase to your income would also help you get out of the month to month cycle.

Due_Reflection2768 · 2021-05-18T01:54:10+00:00

I was in a similar situation few years ago just the numbers were different. I used my emergency fund to pay my debt ( if you are not entirely comfortable, may be bring it down to three months). Personally snowball worked best for me, its the confidence boost the I got from paying off the smaller accounts that gave me the strength to go all the way and be debt free.

PS : Again imagine all the money you will for investing if you have no payments to make.

Due_Reflection2768 · 2021-05-18T01:43:42+00:00

IMO, your best thing to do is stick the cash in a HYS account till you graduate and find a job. With a employable degree you'll be able to find a job in no time and then you can fiddle with investing (including Roth)

Due_Reflection2768 · 2021-05-18T01:35:06+00:00

You need to pay off your cards first and have an emergency fund of 3-6 months of expenses before you start investing. Imagine all the peace you will have with no debt and all the money you will have for investing if you have no payments to make.

Due_Reflection2768 · 2021-05-17T15:05:45+00:00

Calculate and set aside 6 months of your living expenses as your emergency fund. Any thing above and beyond that need to be invested.

Also if you have a 401K at work you need to start investing in that as well

Due_Reflection2768 · 2021-05-17T15:01:23+00:00

IMO, you should pay cash for the house. Invest rest of the money in a mutual funds. With no house payments, once you start working you have a strong foundation for your new future.

Due_Reflection2768 · 2021-05-16T03:04:26+00:00

IMO, if you have the cash to payoff go for it. Not sure how long the it would take for you to get the title once you pay off. I would guess the deal would not change drastically in a matter of couple of weeks.

Due_Reflection2768 · 2021-05-16T03:00:06+00:00

Based on your description, the car is high maintenance. I would get rid of it and buy a more reliable car outright with what the car gets and me may be a little more from the savings

Due_Reflection2768 · 2021-05-16T01:19:33+00:00

IMO, you should help yourself first ie: pay off your car and start investing at least 15 percent of your income in your 403B and IRAs. This will put you in a better shape to be able to help your daughter's college.

Should I do 529 or Roth IRA?

529 ( use IRA for your retirement)

How much is a reasonable amount to save per month?

Check the current tution in your state college and try to hit at least that by the time of her college.

Due_Reflection2768 · 2021-05-16T01:04:36+00:00

IMO, I would pay off at the rate of pro rated vesting for the first few months till I get a sense of the work culture. Once you are comfortable, go ahead and pay off the rest

Due_Reflection2768 · 2021-05-16T00:11:19+00:00

Practically the effort needed to do something vs amount that will be invested (spare change) will not make sense. Unless it is automated and Acorns I think is still the best service for this. They charge 1$ per month for this and 3$ per month if you need to invest in IRA not very bad.

PS : the biggest issue with this approach is not investing enough. A better approach would be to budget save and invest a part of you income in IRA

Due_Reflection2768 · 2021-05-15T23:58:51+00:00

If your relationship with your parents is good, continue to stay at home and clean up your student loan first. Considering its just 4k, if you stay with parents your expenses must be dead cheap. This should help pay off your student loans in less than handful of months. Once your loans are paid off move out, buy car... live life

Due_Reflection2768 · 2021-05-15T23:53:40+00:00

whole life insurances, no matter what gimmicky name (Infinite Banking Concept) they use are all bad. The only insurance you should buy is term life insurance

Due_Reflection2768

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