brokescientist,
Yes ,my pants are on fire! That's why i'm calling the Mayday.
I have been pretty abominable(disgraceful) with my spending and i've now made a 180 degree turn.
Sold my porsche and my motorcycles, we're now a one-car family,
cancelled the cable subscription,
i ride my bike more now on commutes within 3 miles,
i've stopped buying the gadgets,
cancelled the 2 golf club memberships( and i've also stopped playing golf),
i stay at home now and read books and personal finance sites like MMM & others learning about saving and investing,
we've stopped eating out and we're cooking at home more.
so in a nutshell i'm re-conditioning myself from being the ultimate spender/consumer to try and be a saving machine.
These are my debt:
Mortgage
House A(where i live)- $300k left (15 years remaining) paying 2k per mth
Rental A - $68k left (7 yrs remaining) , losing $3k per year due low rental, paying 1k per mth
Rental B - $157k left (17 yrs remaining), making $2.8k per year profit from rentals, paying $700 per mth.
Credit Card - $5k owed.
Personal loan - $22k owed.
The only car left(BMW X3) - $30k owed.
Note: All in US dollars as i had to convert from the currency here.
The plan is to:
- sell rental A.
- use profit to pay off personal loan and credit card.
- invest the rest.
- sell the BMW SUV and get a smaller used car. Public transport here is bad and we still need one car.
So you reckon i shouldn't sell my rentals?
Appreciate the comments and criticism, i deserve it for being fiscally irresponsible.