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[deleted] OP t1_jdt1exo wrote

Reply to comment by roarlikealady in Preparing to buy our first home by [deleted]

[deleted]

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roarlikealady t1_jdt2ynu wrote

Got it.

Can you list out the debts along with interest rates, from highest interest to lowest interest?

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[deleted] OP t1_jdt4cfj wrote

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an_untaken__username t1_jdt6ufx wrote

Jesus Christ. Stop. If you’re personal loan is 26% now please do not take out another one right now unless they offer the consolidation loan at like 7%. You’d be better off opening a new credit card with 0% XX months balance transfer promo.

I have perfect credit and no debt and I can’t buy a house right now. Realistically you’re probably 5 years out from getting to a point that makes sense. Pay the personal loan off. Pay the credit card off, and then pay the car off. After that start saving for a down payment. Over time your credit score will increase just from having the credit card open. You don’t have to use it.

Reevaluate purchasing after you a 5-10% down payment.

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roarlikealady t1_jdtf2je wrote

Holy heck. You need that personal loan and credit card balance gone. Like, now.

Rice and beans, cut every subscription, find things to sell. You need to act like your hair is on fire, cuz it is.

Edit: and that car loan is atrocious too. Yikes.

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jschligs t1_jdttepz wrote

He has $9k from options he doesn’t want to sell…that would immediately remove his two highest interest debts. Asks for advice, ignores it.

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[deleted] OP t1_jdu2uvj wrote

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deschloro t1_jdu8m5b wrote

You clearly have no clue what you’re doing when it comes to finances.

I sincerely hope you don’t have any emergencies come up while you’re waiting to cash in on this “investment opportunity”.

You’re very far away from being able to purchase a home given the information you’ve shared. You needed that debt gone last year.

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[deleted] OP t1_jdu94pt wrote

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deschloro t1_jdu9gjz wrote

Instead of gradually paying off high interest loans immediately you’re going to pay more by paying them off slowly with interest.

You’re literally just throwing money away by holding on to those loans when you do have the money to pay them off.

Sounds like your pride and ego is preventing you from pulling that trigger, but you do you.

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four_leaf_clover_ t1_jduj2te wrote

Your money in your investment account shouldn’t be considered both your “emergency savings” AND “potential down payment for a house” AND “an inbestment” Yes, it can be liquidated but 9k in investment won’t be 9k when you liquidate it.

I am curious to know how much you make

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[deleted] OP t1_jduk2v0 wrote

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four_leaf_clover_ t1_jduotje wrote

I make about 70k without overtime or bonus. I have a good amount set aside for emergencies, 20% down set aside to buy a house within a year, 2 retirement accounts and 60k in investment account.

That 60k is just gonna be there doing it’s main purpose and not be an emergency fund.

You need to delete all the posts you put on multiple subs and ask more appropriate questions of “i make this much a year with this much debt and this much spending a month. How should i divide up my monthly income to quickly pay off debt a, b and c while saving money for downpayment”

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No_Expression_411 t1_jdudf4x wrote

What if we’re right? We’re not trying to drag you down into the mud. There’s advice so time-tested that it has become ubiquitous in this community and you should consider that it might be valid.

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Cypher1388 t1_jdthpou wrote

At least sell some of the investment savings to pay off the personal loan... Jesus this is scary.

How the hell do you have an almost 10% car loan?!

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Coolyajets t1_jdt92u9 wrote

Bro you need to pay that shit off with the money in your "investment account." That's atrocious.

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LVucci t1_jdtvzj7 wrote

I’m sorry, but you should not be in the market for a house right now unless it’s a true necessity.

Pay of that debt first.

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