Author Topic: Liquidated business. How to allocate/insurance options/engagement  (Read 443 times)

zoochadookdook

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  • Age: 29
Hey all, so i worked through college with a small llc pulling in around 30-35k/year.

I liquidated all of the inventory under the assumption I wouldn't have time to pursue it aside from weekends with a full time job. I now make $22/hr with no benifits (around 3000/month takehome). Searching for another one in the mean time.

This leaves me with the following scenario:
Liquid/liquitable (I have around 1600 of this in stocks/bitcoin which I can sell whenever)
$68,750
Roth IRA
--$26,300 (1800 contributed 2019, 4200 still to do)

Debts
5500 in credit cards which will pay off mid this month
13200 in student loans that interest starts accumulating in july 4% (I plan on paying off with 3 credit cards and getting another 2400 off in reward cash back)
$2500 2018 taxes (I owe about that, hope to submit this weekend)

This puts me at around $50,000 cash/$26000 ira after all debts are paid down.

My living expenses:
$1200/month (mortgage, taxes, insurance, utilities).
$200 Assorted, gas food etc.
Roth ira contribution $580 or so

I have several issues I need to address. One is refinancing my mortgage to a fixed rate. My income AGI the last few years has not been enough but between 2018/2019 should be. Currently it is a private loan with a variable rate in line with the prime rate -.5% of so against my fathers 401k. I own around 110k total, purchase price was $141k, house is worth around 180-190k in the current market.

The next issue is health insurance. I was previously on medicare but now need to search out new hc. Any "more affordable" options out there? Hoping for this to be temporary as I am career searching for better benifits right now.

The last issue is I may be engaged soon and have wondered about keeping seperate accounts/ retirements etc. I handle all the house finances currently and she doesn't have a ton of interest in the math and such so I'd prefer to keep it that way.

Any advice on allocations as they currently stand/other issues?

Thanks