Ready to be punched right in the face
Income
ME: 103,805 Gross Wage(6200 bonus, 6200 OT) 73219 NET + 11800 from Rental
GF Just started working this January
2014 Expenses
Groceries 3926.32
Booze 3396.55
Conv. Store 2435.51 (mainly Smokes)
Dining Out 2082.54
Cash Withdrawal 3055.50 Used mainly for groceries, booze, smokes and fuel Im pretty sure (no reciepts)
Stuff 8428.11
Fuel 2927.00 Road trips over 1600KM Round trip a few times, Dont drive to work
Wal*Mart 2875.00 Think mainly groceries but some other stuff I guess.
Truck Maint. 378.19
Travel 733.00
Games/Ent. 771.32
Bills 3511.12 Cellphone, Power, Gas
Truck Payments 14605.82 Why yes its a Ford F-150 (includes two extra payments of 1000)
Mortgage 10514.92
Rent 10850.00 Yes I pay Rent too, Moved away for this job in 2013 and have been renting my house to pay my rent here.
House Ins. 1048.18
Truck Ins. 2164.46
Property Tax 1812.33
Utilities Bill 636.70
My Employer Puts 7% of Annual Salary in RRSP and I put in 4% Comes right off pay
Put 3000.00 In RRSP myself
So I got 12000 Total in Personal Investments and 15000 with Employer
No Credit Card Debt
Getting to the questions now
House owed is 163 000 @4.19%
Truck owed is 45 531 @4.75% Now, this is an upside down loan, started as a 2009 Corolla and divorce payment, then turn into a 2008 Ford f350 Diesel
Then into a "fuel efficient 2013 f-150 in 2013) So this is my worst debt, pretty sure the truck is only worth 23000
My Kinda goal is to pay down truck very aggressively and get it close to what its worth and then sell it and buy some sort of car (used)
But my main question is... should I sell my house? I paid 3000 off principal and 7000 in interest last year.... But talking to Real Estate agent and he said that Im gonna lose pretty big (my house is in a bad market) .. Would it be better to sell at a loss.. lets say 20,000? And owe that then keep the house and continue renting it? It's a pain for me because I moved 350KM away from where the house is. Renters have been good but I know that is rare. Also, I see where I need to save money and am already on Day 10 of no Smoking haha.