All Forum Posts by: Skye Anderson

Thank you @Heidi Kenefick! Great point about investing versus paying off debt.

That's fantastic, @Caleb Heimsoth! Best of everything to you on your journey!

Good points, @Joe Splitrock! That's funny about the wheel falling off. Assuming no one got hurt that is! Thank you for your insight!

Love your insight @Gareth Fisher! I definitely have a lot to learn. I have been tracking my net worth for the past 2 1/2 years and managed to bring from a -$65K to a small yet positive number during that time. So I'm not financially illiterate. That said, I for sure have a lot to learn and I love your suggestion about getting some experience with small, less risky stuff to master the principles. Thank you! :-)

Good recommendations @Caleb Heimsoth! Definitely working on that. Thank you. :-)

Thanks @Redgy Saint-Germain! I appreciate you sharing your recommendations. 

No need for petty arguments folks!

My car is reliable (2014 Ford Edge with low miles) and not worth what I owe so it may or may not make sense to sell. For my current situation (single woman with a full-time job I commute to everyday and not mechanically inclined) I’m not sure I’ll be “hauling stuff” around anytime soon and would prefer not to spend my time, money and energy on vehicle maintenance, so you have a point @Aaron Hunt. Yet I do see your point @Steve Vaughanabout the mindset of the young and broke versus wealthy minded individuals. For me it’s more about reliability than how I am perceived by others. 

Thanks for the suggestions on the cc debt @Steve Vaughan and @Shiloh Lundahl! I have had some success already transferring balances to low or zero introductory rates. Not too long ago my balances were over $20k. So YaY me. 

Thanks everyone for the feedback! Here's a bit more info @Steve Vaughan.

First off, this is hypothetical at this point. I haven't yet made the $20K. But here's the scoop. Earlier this year I purchased the car I was leasing (mistake probably) and I owe $24K at 4.24% interest. I have about $13K in credit card debit yet the majority of it is between 0%-5.5% interest (these are introductory rates and will go up at some point). And finally I have about $40K in student loans, some at 3.03% and some at 6.55%. Because of the plan I'm on, it would not be as beneficial in monthly savings to pay off the students loans, even the ones at 6.55% interest.

My goal is to replace my current income with passive income. And my initial intent was to begin acquiring rentals. Yet this is not going to help me pay down my debt quickly. So I've been talking with someone about partnering on a flip. He suggested I could possibly make $20K but when I told him I might use it to pay off my debt he said I wasn't thinking like an investor, that I should reinvest it.

But from my perspective, if I paid off my car loan, I would eliminate a payment of $379/month, which is likely more than I would get in cash flow from a rental property I put $20K down on.

If you were to make $20K on a real estate transaction would you use it to pay down existing debt such as a car loan or credit card debt, reinvest it into another deal, or a combination of both?

I've been binging on BiggerPockets podcasts lately, learning as much as I can. I also recently started looking at ways to bring in some extra cash to accelerate my wealth building results. Fantastically, I found a way to combine the two together and make money while I'm learning! 

Twice a week I donate plasma and get paid while I listen to BiggerPockets podcasts. This month I'll get paid $310 to learn more about real estate! And the best part is, in addition to getting paid to learn, I'm providing a service that will help someone who is sick. It's awesome!