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Case Study: Finally admitting I am an adult

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alltheccdebt:
So, not going full bore retire as early as possible, but I do need to pull my head out of my ass. I've been slowly moving towards that this year but I recently re-discovered this site and it has renewed my resolve. This thread is mostly just something to keep me honest.

Status: 29, single and no kids, dog and a cat

Gross Salary: ~$80k, varies slightly with OT and vacation time

Deductions: 3% to hit the max 1/2 match from my employer, $135/mo health insurance

Taxes: 1% city, ~3.5% state

Expenses (monthly):
Mortgage: $750 principal and $400 insurance and taxes, first payment in January so lots of time left
Car: Insurance $114 during the race season, $85 or so in the off-season, $329 payment
Fuel: $150
Internet/phone: $150. Definitely not getting an expensive phone next time around
Utilities: $95 in the current apartment, expecting higher in the new house but not sure how much yet
Food: $250, includes mine and the pets. This probably still has room for improvement. Need ~2500 cal/day with current lifestyle
Other: $200/mo for bars, fast food, shopping, whatever
Credit card minimums: $650

Total: ~$2750

This is where it gets stupid

Assets
Race car: conservative worth of $8000
M3: $12,000
Speed Triple: $5000
Commuter crapcan: $6000
House: $145,000
401k: $11,000

Liabilities:
Student loans: $14,000 @5%
Car loan: $7900 @ 0% ($329 x 2 years)
Credit cards: $29,000

Additional: $5000/yr racing budget (consumables are basically paid for through contingency, just paying for entry costs and travel)

So the worst of it... Credit cards were at $2000 about a year and a half ago, but I've had two big nasty injuries playing hockey in the last year (lower back and torn PCL) and prior to that, bought things for the race car. Obvious smart money says sell all but the daily crapcan and I agree and fully expect to catch a lot of shit for that. Not going to happen. The reasons are purely emotional but they are what they are.

The commuter crapcan is on the expensive side but due to my field and not wanting to live in the middle of nowhere, I deal with commuting 85 miles a day. On the bright side it's basically a forever car and gets 40+mpg average, 50mpg on the highway in the summer. I do live within 5 miles of everything I could ever want to do in the city so I will be biking for most or all of my other normal miles.

My plan is to save $500 a month to rebuild an emergency fund after buying the house, and throw $1400/mo at the credit cards. Once I have $6000 or so cash I was planning on throwing all excess money until the credit debt is gone. I think I should look into a personal loan to consolidate all the cards into a much lower rate, but I'm thinking I should wait a month or two to let the house/move/credit rating settle out (could use some advice on this one). I also have a friend who is recently divorced and trying to sell his house. We have tossed around the idea of him moving in when that happens so that would help out a lot but I'm not counting on it.

Basically shooting for eliminating all of the credit debt and the car debt in 2 years even, then maxing 401k for a while and finishing off the student loans. All while traveling the country racing cars and having a blast. To be perfectly honest, working till 55 in a career I enjoy while still racing until I'm 80 sounds like a life well spent. If I do win the big show this year the plan would be to just drive other peoples cars, which would decrease costs significantly. Not a very good Mustachian, but sounds amazing to me.

Bracken_Joy:
I.... will just start by leaving this here. https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

What rates are your CCs at?! $29k on credit cards is insane. INSANE. Deeply, deeply worrisome levels of insanity.

LifeHappens:
What is your net take home pay every month? Why are you aiming for $6000 in cash? And definitely do look at refinancing those CCs now before rates go up! See if you can get a 0% balance transfer for at least part of it.

ixtap:
One of us is missing the student loan payment on your monthly expenses.

You have 3 cars and a motorcycle? And none of them need any maintenance? I have an expensive hobby myself, but this seems a bit much.

All of that is to say: I am not convinced you have a handle on your monthly expenses, even before moving into the new house.

MDM:
The good news is the 50% match on the 401k is probably higher than the credit card interest, so keep getting the 401k match.

After that, why put any money beyond life essentials (however you define that) into anything other than getting rid of the CC debt (assuming that is ~18% or higher)?  As Warren Buffett said, "If you’re willing to pay 18% on a credit card, you will not come out well."

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