New to this! I've been reading MMM posts for quite some time but this is my first time on the forum :)
Heres my info:
27/female, no kids
Income: $1350/mo
Student Loan: $8300 total...couple of smaller ones @ 2.9 and the larger one @6.8, I pay $150/mo on these, more than minimum
Car: 2005 Mazda hatchback, paid off
Car insurance: $50/mo
Cat: $120/mo max
Fuel: $200/mo max
General (food, drink, hygene): $200/mo
Savings: $5000 cash (at home)
No 401k or any sort of investment/retirement account
Will be getting an $1800 tax refund in Jan.
Heres my life situation:
I am currently living in my parents basement for free (including free groceries. im very thankful to have supportive parents to help me get back on my feet) while I save and make plans to move to another state (CA - inland area where cost of living is just slightly higher than where I am now) in March. Once there, I hope to be able to live close to work and ride a bike to most places. Right now I do not have a safe bike path to my work(very busy streets, not bike friendly, girl just got hit and lost a leg...scary!)
Up until recently I used the extra money each paycheck to pay off my CC. Now that its paid off(as of last month), I am putting $250-350 into savings each pay period, which I plan to use for the move and have extra rent set aside or use it for my idea stated in the next paragraph...
I've always wanted to dip my feet into real estate investing. I've thought about purchasing a $10,000-$25,000 mobile home w/ at least 20% down when I move and renting out some or all of the rooms. I've been doing lots of research and could have a profit within about a years time if I do it right. Plus I want to use it as an opportunity to learn/practice home maintenance & repairs. I know this is kind of an ambitious goal, but im ok with that.
I've come to terms with the fact that my fields of interest are low-paying. My goal is to eventually open my own retail store (antimustachian i know, sorry. but its been my dream since i was a kid and i have plans to do some good humanitarian deeds with the profits). I sell clothing online and use that money to put into a business account for future business expenses. Im hoping to combine this business with real estate investment to have a decent income. I have a worthless AA degree, btw.
So I guess my biggest challenge is that once I move, my expenses will go up but my income will only slightly increase, if at all. I feel that I do not have any room for investment. I don't even have health insurance(which will obviously have to change soon) or a 401k, which will be a high priority when I get a new job in March.
I feel a little stuck, like I'm in between situations and can't really do anything until I move. March is coming I know, but what can I do, if anything until then, to improve? Is living rent free and saving while paying my current expenses and being patient the best I can do? And what about after I move?
Thank you so much to anyone who wants to give me their thoughts.
11/4 I got a second job! The bad news is that it is minimum wage and on the other side of town (which was pretty much unavoidable). But the number of hours I get depends on how well I do and I know I will do very well. So this is a potential $300-600 extra a month. All of which I plan on using to pay on my student loans in addition to the usual $150 that I pay. Its going to be a very busy holiday season for me but I think it will be well worth it :) My goal is to have half of it ($4000) paid by Feb. 1. Ill let you all know how it works out!