Life Situation: Single 27 y/o, 15,000 debt, mostly Student loans. No living expenses for 5 months. Temporarily live in Delray Beach Florida with Parents as of September 14th. High School Education. Goal is to pay off debt and move to Washington to attend school and reside there after.
Wages: No Income (Looking for work)
Pre-tax deductions: None
Other Ordinary Income: None
Qualified Dividends & Long Term Capital Gains: None
Rental Income, Actual Expenses, and Depreciation: None
Taxes: Just Income tax, I believe.
Current expenses:
Credit Card 1: 25% APR with $250.66 Balance (Pay off first)
Credit Card 2: 0% APR for 5 more months $1,681.63 Balance (Used to cover all expenses and then total is zeroed out at the end of every month from checking)
Debt 1: $148/ $50 monthly payments. (Pay off 2nd)
Student Loan 1: $2,001.08 / $61.33 Monthly. Rate of 6.55% (Pay off 4th)
Student Loan 2: $3,400 / $50 monthly payments. (In collections, stopping me from getting Grants/Loans for school) (Pay off 3rd)
Student Loan 3: $6,800 / $200 Monthly. (Pay off last)
Unsure of the Interest Rate of Loan 2 and 3.
Total Debt: $14,282.09
Cell: 110$ Monthly/ Verizon. 2 year contract started this month. Looking into returning it.
Car Insurance: Progressive $134 Monthly
Audible Account: $15/mo
Amazon Prime: $10/mo
Accounts are for Books, Audio Books.
Gym: $25/mo
Dance Class: $62/mo $13 per class 1 day a week.
Gas: $50/mo
Toastmasters: $139/year
Food: Generally covered by family. Contribute 50-100$ a week.
Total Expenses: $467-507/Mo Roughly
Debt + Expenses: $828.33 + $75 (Rough credit card estimate)
Total: $903.33/mo
Assets: None
Specific Questions:
Ok, so what I would like to know is;
What is the fastest way to eliminate my debt?
Create a solid foundation by developing what skills that will allow me to relocate in 5 months? (I.e) Learn website development? Get a Real estate licence?
I don't know the time frames for the return on these skills.
What flexible skills are worthwhile and what should I avoid?
i.e. If I find something to blog about how long till I see a return on my time investment.
Can I go to school and use these skills to make money at the same time?
I believe paying off my debt is my number 1# Priority as it will give me more money to work with. (Afford a place to live)
I have been gifted 5 months with no living costs and I dont want to fuck it up!
I apologize if I missed anything I tried to be as thorough as possible.
Thank you so much for any advice and help!
Thank you for the replies everyone. Just confirmed my plan, so I feel good that I was on the right track as far as reducing cost of living and debt.
I'm really interested in the type of skills worth acquiring though. My plan is to learn web development because of its overall usefulness in today's society.
Does anyone have experience in web development or blogging ect and can give me a time frame and resources they may of used to become competent at
blogging/web development or related skills?