On a scale of 1 to 10, how would you rate my finacial situation?

Question

I have:

Apx. 51K in debt, 23K of which is student loans, 25K of which is car i bought (lexus) and 3k of which is my old car which I gave to my mom (shes poor) and finishing paying off.

My bills come to apx 2600/month (400 is old car going away soon).
Rent: 625, Car, 580, Insurance, 230, Loans: 280, Medical: 250.

NO CREDIT CARDS whatesoever. I am a freelancer and I bring in from a minmum of 1600/check to a possible maximum of 4200/check (summer usually). My salary ranged from 80-100k/yr Im 24 and my job provoides no bennies, just cash.

I have apx. 23k in assets, including a 401k, 10k emergency account, and some other mutual funds.

Although I am in the hole 25k, how would you rate it?

Answer 1

I wouldn't worry about it.

You have what I called good loans. Student loans which you need and that's why you're making 80 to 100k.

You could spend less on a car and lower your debt but heck you only live once.

I say you would be about a 7 to 8.5, you need to have more money in your emergency fund to last you at least 6 months.

You're in a good position, don't sweat it. Just don't run up your credit cards.


El

Answer 2

I'd say a 6. As long as you can keep making 100k a year (what the heck do you do freelancing that pays that good?!?! Hook me up man!), keep paying your bills on time and not make any other big purchases till you get the 25k paid off, you should be all right. Just get your debt paid down (not sure how much interest you are paying) as soon as possible, that way you won't be paying extra in interest.

You should buy a small house or something, with the money you throw away on rent! That way you'd have equity in a house, just get a cheap house that you can re sell, or turn into a rental and rent out or sell as a rental. You can get a real estate agency to act as the rental agent for a fee, that way they deal with the legal stuff, people not paying rent on time, etc.

Answer 3

For Fenway Park-- Seats: 6.5. lots of the more moderen ones are very comfortable although the very old timber seats from some time previous in the day are particularly cramped. nutrition: 7. particularly sturdy nutrition, outstanding variety. no longer something like those Fenway Franks too =) centers: 6, parking might want to be frustrating to discover, restrooms are high-quality i wager. crew save: 8, the Yawkey way save has each and every thing purple Sox to boot as Bruins and Celts and Pats. I easily have an $`00 present card there that i have not spent yet because there is only a lot to go back to a decision on from! Bars: 9, The Cask'n Flagon is the proper, between the proper-popular baseball bars in the country. a lot of alternative large places too. The Bleacher Bar is in the outfield and also you'll look out the window see the game from there. activities: 8, they carry some different carrying activities at Fenway to boot as kinfolk activities, like Picnic in the Park. common environment: 9.5.

Answer 4

I think you are on the right track. The fact that you have no credit cards was the real boost. I will assume that the student loans are for schooling that has given you a profession - that is an investment in your future. I will also assume that the Lexus helps you look the part (looking like a successful what ever you are, and not a starving one of those). You are looking to your future with the 401K and you have emergency funding. Good for you! Do you want to marry my daughter?

Answer 5

I give you a 5, because you are making solid income. Overall, not too bad. You likely could have held off on the Lexus. Honda and Toyota both make high quality, fuel efficient cars. A used one would have been 14K or thereabouts. Now that you're out of school, remember to pay off your debt and try to never acquire debt again. BTW, you sound like a very caring son....nice job. Keep helping mom.

Answer 6

You are in pretty good shape actually. It sounded bad at first, but with a good income and an emergency fund, you're fine.

After you pay off the old car, I'd recommend diverting that 400 to build up your savings / retirement.

Answer 7

10 being the absolute worst i would rate you at a 3. Dont worry yourself silly. Keep up the good work, it seems that your education is coming in handy, so you should be out of debt soon. Keep cool, stay calm and you will get through it. Good luck man.

Answer 8

1 being lowest

Your are 2.5

Get rid of the car debt and school debt

put the max in a SEP IRA or other tax defered retirement account

Get back to us after that and I will put you at a 10

Good luck young Skywalker

Answer 9

easiest thing to do is to pull a credit report on yourself and see how your FICO score is. www.equifax.com will tell you.

Answer 10

I am checking my chrystal ball, will let you know in a minute.