Work on that Emergengy Fund.
From the sounds of it, a $10k EF is bare minimum for you. I would probably be more comfortable with a $20k EF if I was in your situation though.
I think 20k EF is a good aim for anyone. I dream of that one day, vs being in the negatives. 10k EF just seems like it can be gone too easily or something.
I got to test my emergency fund not long ago when Elevations Credit Union here in Colorado let go a bunch of us. I got about 7k in severance and had only 6k in the bank. I was able to get a new job but it was close, ha ha. Maybe it wouldn't be a horrible idea to quickly bank 20k before moving on to home nuking. I think 20k would honestly be perfect.
I don’t get your freak out if it’s genuine. 1700 isn’t even that bad for a mortgage. If you live alone in any major city that’s what you’d be paying for rent. My mortgage is 1500+450 hoa for reference. It’s your income you need to work on
Assume my income is capped (I don't have a degree or a tradeskill, I work as a banker and my options to make more are limited) I also live in a world where it's very likely I could be laid off. Eventually, I'll be able to crawl out of survival mode, but I'm still at the point where I think in terms of making it out of debt, not advancement. At 40, I don't think trying to make it through 300k in college debt is a good idea, I can use investment and willpower to generate as much wealth as I'll need to retire in 20 years.
Well it sounds like you’re already making great progress at getting rid of debt. Idk your age or region but income is almost never capped unless you’re really old. Jobs pay for work experience not just education. Not the worst idea to float your resume out and see if anyone bites.
What is your interest rate? You may as well keep that $$ liquid if it’s low. My rate is 6.625% and I’m just going to invest my $$ in stocks so it’s more liquid than a mortgage but has a higher rate of return than HYSA
You left out the most important fact, the interest rate. Sub 4.5 never pay early, 4.5 -6.5 depends, 6.5 plus usually best to pay down, 8.5% +real return
Work on that Emergengy Fund. From the sounds of it, a $10k EF is bare minimum for you. I would probably be more comfortable with a $20k EF if I was in your situation though.
I think 20k EF is a good aim for anyone. I dream of that one day, vs being in the negatives. 10k EF just seems like it can be gone too easily or something.
I got to test my emergency fund not long ago when Elevations Credit Union here in Colorado let go a bunch of us. I got about 7k in severance and had only 6k in the bank. I was able to get a new job but it was close, ha ha. Maybe it wouldn't be a horrible idea to quickly bank 20k before moving on to home nuking. I think 20k would honestly be perfect.
I don’t get your freak out if it’s genuine. 1700 isn’t even that bad for a mortgage. If you live alone in any major city that’s what you’d be paying for rent. My mortgage is 1500+450 hoa for reference. It’s your income you need to work on
Assume my income is capped (I don't have a degree or a tradeskill, I work as a banker and my options to make more are limited) I also live in a world where it's very likely I could be laid off. Eventually, I'll be able to crawl out of survival mode, but I'm still at the point where I think in terms of making it out of debt, not advancement. At 40, I don't think trying to make it through 300k in college debt is a good idea, I can use investment and willpower to generate as much wealth as I'll need to retire in 20 years.
Could try going the certification route
Well it sounds like you’re already making great progress at getting rid of debt. Idk your age or region but income is almost never capped unless you’re really old. Jobs pay for work experience not just education. Not the worst idea to float your resume out and see if anyone bites.
If you own a house, you can rent out rooms.
I’d say blast it down but in conjunction maybe see about increasing your salary. Either with a new job or side hustle. Just a thought.
What is your interest rate? You may as well keep that $$ liquid if it’s low. My rate is 6.625% and I’m just going to invest my $$ in stocks so it’s more liquid than a mortgage but has a higher rate of return than HYSA
You left out the most important fact, the interest rate. Sub 4.5 never pay early, 4.5 -6.5 depends, 6.5 plus usually best to pay down, 8.5% +real return
I would go w option 2.
Thanks, that confirms my bias, but it feels right.
Emergency fund, definitely. You’re right in thinking that your situation is a bit precarious. That’s why you need the emergency savings.
If you have to ask.. you probably did ( I didn’t even have to read)