Life Situation: Not married, 23, female. Living in NC, working in SC. Living with roommate so housing expenses are my half. Potential for long-term significant other to move in and combine expenses next year or two (roughly same salary).
Gross Salary/Wages: $60,000
Pre-tax deductions: None. Company does not offer 401k. Hoping to maybe convince them to set up a Simple IRA (less than 100 employees)
Other Ordinary Income: None
Qualified Dividends & Long Term Capital Gains: None
Rental Income, Actual Expenses, and Depreciation: None
Adjusted Gross Income: $60,000
Taxes: $16,190
Current expenses:
Rent: $515
Electric: $22 - $50 (Just moved so this is an estimate, has not gone above $40 yet)
Internet: $18
Phone: $0 (Currently on Ringplus, will have to switch to a $10 paid plan)
Gas (car): $100
Car maintenance: $100 (Estimate for yearly expenses for an older 2003 car)
Car insurance: $25
Groceries/eating out: $175
Entertainment: $50
Clothes/Biking equipment: $30
Pets: $30
Health/hygiene: $50
Misc: $50
Total: $1193
Expected ER expenses: $20k-$30k minimum, hoping to start a business and/or animal rescue so would like a bit more
Assets: None, unless my $2500 car counts
Liabilities: Only student loans, $134/month payments due soon. Just graduated in May 2016.
$3700 @ 4.66%
$5500 @ 4.29%
$190 @ 4.29%
$5600 @ 3.86%
$2250 @ 3.86%
$3560 @ 3.40%
Total $20,800 - after having paid off $6200 in the past four months. I am now paying around $2500 a month on my loans. Started slow because of moving expenses with my first job in August, buying a fancy bike, and major car maintenance.
Specific Question(s): I was originally going to pay off my loans before investing anything, but is this a stupid plan considering my interest rates? Should I stop feeling like my hair is on fire? I have an irrational fear of losing my job for whatever reason, so I really wanted to be debt free as fast as possible. Plus, the satisfaction of just being debt free while my classmates are buying a house or new sports cars (One even has three cars, quite a few have two cars). I know nothing about investing except for reading MMM. I would like to reduce my taxable income as much as possible and stay in the 15% tax bracket in 2017. I definitely will be this year because I started in August and will have only made $20k in 2016. I have no IRA yet. I could theoretically contribute $3500 or so in an IRA before the year is over.
Edit: I have $30k in credit cards for emergencies but otherwise keep very little in my bank account. I use these for regular expenses and pay them off every month, minus one that has no interest until 2018 (keeping a balance of only $1000 though).