Topic Title: Reader Case Study - Advice to growing up financially
Life Situation: 32, Single, 0 dependents, Michigan, USA.
Gross Salary/Wages: 60k - Paid 2x per month
Pre-tax deductions: 401k - 9% + 6% company match, insurance - 158$ month
Other Ordinary Income: N/A
Qualified Dividends & Long Term Capital Gains: N/A
Rental Income, Actual Expenses, and Depreciation: N/A
Adjusted Gross Income: This should equal the additions and subtractions above.
Taxes: Federal - 15.71%, state/local - 4.2%, and FICA - 8.3%
Current expenses :
Internet -39$
TV - 66.80 ( Can't cut the cord ill family member loves tv)
Phone - 66.80
Car Insurance - 149
Car - 606 - Leased
Student Loans - 200 (Finish school in 2 weeks this will jump to 493 in 6 months) - 49,386.29 (Total Balance)
CC Debt - 5799.57 - Minimum payment - 126$ - Variable APR - 15.43% - 21.43%
Gas - 200
Dating / Dining - 200
Dog - 90 - Looking into cheaper high quality food
Clothing - 69
Spotify - 10 - Cancelled
Plex - 5 - Cancelled
Haircut - 30 - Going to great clips
Total - 1857.60
I'm currently in the benefit of having groceries and rent / utilities covered as I take care of an ill family member.
Assets: 401k - Rollover IRA - 12,015.38 (VOO- 8603.29 VMGRX- 3090.77) Work 401k - 6776.25 (VPMAX- 70.83% GTSVX- 19.31% Midcap Index Fund K - 9.86%) - Savings - 1568.38
Liabilities:
Student Loans
1-05 Direct Loan - Unsubsidized
$863.04 6.800% No Due Date
1-07 Direct Loan - Subsidized
$2,646.98 6.800% 04/01/2016
1-12 Direct Loan - Unsubsidized
$2,110.25 6.800% 04/01/2016
1-08 Direct Loan - Subsidized
$3,447.83 6.000% 04/01/2016
1-09 Direct Loan - Subsidized
$3,507.18 5.600% 04/01/2016
1-13 Direct Loan - Subsidized
$1,000.00 4.660% No Due Date
1-14 Direct Loan - Unsubsidized
$2,505.76 4.660% No Due Date
1-15 Direct Loan - Subsidized
$4,259.00 4.660% No Due Date
1-16 Direct Loan - Unsubsidized
$4,854.20 4.660% No Due Date
1-17 Direct Loan - Unsubsidized
$3,483.38 4.290% No Due Date
1-18 Direct Loan - Unsubsidized
$2,740.60 4.290% No Due Date
1-01 Direct Loan - Unsubsidized
$2,650.67 3.860% No Due Date
1-02 Direct Loan - Subsidized
$4,535.67 3.860% No Due Date
1-03 Direct Loan - Unsubsidized
$2,120.32 3.860% No Due Date
1-06 Direct Loan - Unsubsidized
$2,475.64 3.860% No Due Date
1-04 Direct Loan - Subsidized
$3,524.44 3.400% No Due Date
1-10 Direct Loan - Unsubsidized
$1,533.76 2.320% 04/01/2016
1-11 Direct Loan - Unsubsidized
$1,127.57 2.320% 04/01/2016
Specific Question(s):
I've never been good with money and I had that moment a couple of months ago that I realized I needed to grow up. I have been very dumb and could have been taking advantage of the rent / free
groceries for a few years instead I have just done whatever I wanted. I've never been very good with saving money and want to change that. This benefit will be coming to an end soon so I'm
trying to make up for it while I can. I know I need to kill the CC debt first and foremost and I'm throwing all my spare money at it. Where do I go from