Please login or register. Did you miss your activation email? Home Help Search Login Register. Net worth of k due to student loan debt Hi all, I am a 30 yo female working as a Physician Assistant. I currently live in Nevada. No money towards retirement.
I lease a new car. Basically my whole life is antimustachian. I have been using YNAB for the past month, which has been incredibly sobering. I feel trapped in a life I don't want. I am willing to do whatever it takes to turn this ship around, but am not sure where to start. My question is this- where do I start putting my money?
Then do I save for retirement or put all the money towards loans? Any advice would be much appreciated. Lews Therin Handlebar Stache Posts: Ottawa Used to be Canadian Ben. We'll need a lot more info, write a case study, and you'll be able to get detailed information on how to best get a handle on your finances. Cancel lease on car if you can and go carless, pay off credit cards ASAP. We need to know rates on student and private loans to give proper advice there.
You make a lot of money, so this is very doable. Post your expenses in a case study and you'll have a plan figured out soon. Agreed that full case study is needed Your chosen profession is awesome, as is your income.
You can essentially get a job anywhere you want. A lot of rural or under-served areas are hungry for qualified doctors
Students loans federal consolidating rates and tbh PAs. Many offer student loan repayment in return for a 5 year commitment. This isn't public service loan forgiveness, I'm talking make a deal directly with a hospital system, get it in writing. I would consider moving to a very low cost, rural area for at least 5 years to take advantage of student loan forgiveness programs.
Max out your k and IRA during these 5 years and put the rest of the money towards paying off Students loans federal consolidating rates and tbh credit cards and whatever loans won't be covered by your employer. Not as bad as it feels but you need to make some drastic changes. You have a ton of good options to get ahold of your finances. Just wanted to add -- the fact that you are bringing yourself to this awareness already puts you ahead of the game.
This would be a Students loans federal consolidating rates and tbh spot to bury your head in the sand, but you aren't. It takes time and effort and sacrifice and dedication but it is absolutely doable. A snapshot of your finances right now is going to look drastically different than a snapshot in five years if you take action now. It's not the easiest of roads, but it will be so worth it as your see your balances go down and then eventually go away.
Keep at it -- good luck! MishMash Pencil Stache Posts: Just a word of encouragement, I also had 6 figures in student loans when I started out in the 's range and a much lower income at first.
I still managed to pay them off so it's fully possible with some changes! Laura33 Handlebar Stache Posts: We can't really tell you where to put your money or cut back without more details. How long are you locked into that car lease for? Are you eligible for any public service loan forgiveness programs? With no other data, I would say: Knock out the credit cards ASAP. Make sure you have disability insurance. Check your loan terms to make sure they are discharged if you die -- if you have cosigners, they might be on the hook, in which case a cheap term life insurance policy would be Students loans federal consolidating rates and tbh. Do k match.
Knock out private student loans -- nothing good can come from them. First- thank you so so so much for your help and feedback. It gives me hope and courage on this journey!
Primary Care Physician Assistant in Nevada. My current employer also does not offer one or contribute a match.
I do not have any investments. I have not fully explored my options before I valued living in an overpriced city more than paying off my loans, tbhbut am now willing to do so.
Private student loan undergrad: The lease total is for 40 months- which will be on April 28, Am currently tracking in YNAB to get a better picture on where all my money seems to go My question is- which loans should I prioritize paying down first? Should I save for retirement too or just focus on paying my loans down? This is not an option for me until July 1, I know that luxury and personal growth spending really have to go.
The Happy Students loans federal consolidating rates and tbh Bristles Posts: Your first step it to learn everything you can about student loans and figure out what the best course of action is. RePAYE, refinance, consolidate, etc.
Your loans are your biggest expense by far, give them all your attention. Here is a good place to start.
Next, figure out cheaper transportation. Get Students loans federal consolidating rates and tbh from under this one and get a k used car that is new enough to be reliable as a PA you need a decent reliable car most likely, unless you can walk or bike to work but old enough to be depreciated a bit.
Next knock out that personal loan. Next start building your assets. At k I would do a traditional IRA. I find it unbelievable though that your employer doesn't offer some sort of retirement plan. If you get the money in by tax day you can call it a and take the deduction. Put your extra cash towards the highest interest loan and work your way down.
With rates like these, I'd focus on the debt before doing any investing. The luxury spending and personal growth spending needs to be cut quite a bit. For the books, try the library, most have a surprising amount of personal growth books. Can the rent be reduced? Seems a bit high for NV. Look into Republic Wireless for your cell phone if Sprint gets good coverage in your area.
It seems like you realize the car is a problem. If it's feasible to get out of the lease, do it. I'm surprised that so many people are suggesting to move to a low cost of living area. I don't think it's that simple. You get points for living in Nevada with no state income tax. I don't think you have to move. When it comes to rent, get a roommate. You will also have to shift your activities to free activities.
Many free activities in big cities. The most important thing for personal growth at Students loans federal consolidating rates and tbh moment is to pay down your debt to a manageable level. Your life just dramatically changed by finding MMM. The car is the second point, You are not in a good enough shape to go for a 25k car, start looking at a reasonable car at k max to buy. For the student loans, adding a 25k per year to your salary debt forgiveness is a huge bump in salary, and if you can find a position with anywhere close to your current salary or around 10k difference it will be extremely useful to switch to a position that would allow the forgiveness.
You need that reduction. You should not be saving anything apart from a small emergency fund, and I mean small since you have no matching funds from your company.