Author Topic: Well here it goes, My life + Questions  (Read 1231 times)

MiningMoney

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  • Age: 32
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Well here it goes, My life + Questions
« on: January 21, 2015, 02:42:19 PM »
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.

ysette9

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Re: Well here it goes, My life + Questions
« Reply #1 on: January 21, 2015, 02:55:26 PM »
First: congratulations on day 10 of no smoking! That is huge. Best of luck to you in keeping that up.

Is there a reason why you don't just sell the truck now, suck up the loss, and move on with life? It seems to me that the longer you keep it, the longer you miss out on saving money by switching to something with better gas mileage. I don't know the first thing about trucks, but don't a lot of American cars depreciate faster than their Japanese counterparts? That could be another reason to get rid of that beast ASAP.

The house is harder. It looks like you are losing money on it each month but it is so hard to tell whether that could be offset by just waiting another year or two until the real estate market recovers a bit to sell. Have you put the question to a real estate agent? Of course no one can predict the future, but maybe you can get a sense of where the market is headed.

Personally I try to make all purchases on a debit or credit card so we can track things. Cash is almost impossible to trace and therefore harder to control, at least for us.
"It'll be great!"

MiningMoney

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Re: Well here it goes, My life + Questions
« Reply #2 on: January 21, 2015, 03:03:03 PM »
Never thought to do that, I guess that makes the most sense though. If I got a decent price I could easily pay off the remaining balance before summer

ysette9

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Re: Well here it goes, My life + Questions
« Reply #3 on: January 21, 2015, 03:04:32 PM »
Quote
If I got a decent price I could easily pay off the remaining balance before summer

And that would feel freaking awesome, wouldn't it? :)
"It'll be great!"