All Forum Posts by: Jordy Train

@Mark S. Funny you mention that i actually had two packets last night!

@Thomas Rutkowski that policy was created in early 2018 so i only have a couple hundred cash value on it. I was debating a personal loan on my car which is valued at about 6k and free and clear in order to pay down some credit card/the big interest student loan....but im also wanting to get in the rental property game asap so didnt want another new loan on the books. This is where im at a bit of an impasse with what I'm using my money for and what my financial goals are.

@James Triano the $300/mo into the mutual fund acts as my emergency/slush fund, which got liquidated in august to get the house so it started over in september.

The reason im keeping the life insurance policy is im locked in at their best rate for life until my policy lapses, and then the roth i started basically because I felt i needed to start SOMEWHERE as far as saving for retirement. My regular jobs dont offer any 401k matching.

@Mark S. Thanks for the reply. My big 66k federal student loan pile is at 5.75%, while my 10k student loan pile is half a 9.5% interest loan, and a 14.5% interest loan...both variable. Credit card is 23% interest. I pay the minimum on the student loans and then the rest all gets tacked on credit card...used to have a lot more CC debt but im paying it down between $500 and $1000 every month.

Hi all,

In August i purchased my first home, and since then I've caught fire on the REI subject line. Never really thought about it before but now I'm hooked. So this house i just bought is now a live-in rehab and I'm mildly house hacking by bringing in a roommate. This is all beside the point, as I'm trying to allocate some more money toward buying my first actual investment property but not sure what I can or should change. Here's a breakdown of my income/expenditures:

Income: $3500 from two jobs wages, plus rent brought in from the roommate.

Expenditures:

Roughly $900/mo (25%) in fixed costs (utilities, internet, gas, phone, car insurance)

$1750/mo (50%) going toward debt repayment (77k in student loans, 82k mortgage, 3k credit card) - note: if i paid just the min on everything it would be about $1170/mo but im trying to pay down the higher interest stuff

$500/mo (15%) going toward retirement/general savings, which i currently have as $100 purchasing a combo of whole life and term life insurance, $100 going into a roth ira, and $300 going into a mutual fund account which gives me a little bit of liquidity.

Then the remaining $350/mo (10%) is my discretionary budget.

Any comments or advice is appreciated. Also, first post on BP! Love this community and glad i found it