Hi All,
I'm new to the forum here, but have been poking round MMM for about 6 months now. I'm looking for assistance on how I can turn my financial life around, and directly turn my overall life around.
I've made quite a few large scale financial mistakes, and I'm only 24 years old. The most ironic aspect being my career is in accounting. I was hoping others here with much greater experience could review my current situation and help assist me in getting out of this financial mess.
Currently I have $170K of student loans (including capitalization of interest, as I'm 6 credits away from having my masters) with $90K of it being through a private lender, 37K through a parent plus loan and the remaining all from financial aid (loan in my name). Shockingly, my previous company paid for the majority of my masters, so most of this is from my undergraduate degree. I've paid down about $5K in total over the past year and half. The parent plus loan is the only one that has enetered repayment, as the others will start up in June 2017. I'm looking at a monthly bill of about $1571 in total for my loans.
My other debts are :
1) 2013 Subaru impresa (bought new) $10,289 left at 8.9% (315.00 a month for another 36)
2) Motorcycle (2nd mistake) $11,231 left at 8.9% (238 a month until loan is paid)
I currently have about $3K in a IRA ( rollover from 401k at previous job) and about $1K in a roth I started a while back. I have $1500 cash in my savings account as well. I'm currently making $50K a year, or about 33k net of taxes(2600 a month). I'm renting with friends ($450 a month) to help cut costs. My co-signer on my car loan, went through bankruptcy, so the car loan got called in, and I could potentially give it up.
In total my monthly expenses are about $1400 for my bare essential. I have been using all spare cash to pay for my remaining courses, which is why I have stopped putting away in my retirement accounts or savings.
I was hoping the MMM community would be able to assist me in the best course of action, I'm really dedicated to doing anything it takes to fix the mess I have put myself in. I'm deeply worried about not just paying all this off, but being able to make the monthly payments.
Thank you,
JMB