How I am doing???

[money blogger]

Wow! Paying off 17K in credit card debt is no easy feat! Congratulations.

I think it's time to start investing outside of your 401K. This would help balance your investments plus the government would not be able to touch everything.

Just a thought

[Savingmonster]

Welcome back, SavingMonster!

Believe it or not, but I remember you. (Hard to believe only because of my chronic short term memory. ) Yeah, I remember we were trying to talk you out of stuffing everything into the bank, and spread some out into retirement funding. So, very glad that you are making retirement contributions.

By the way, how are you getting $1000 a month rent in NYC? That seems rather low for the area.

Also, can you elaborate on the travel? Well, depending on what it is, you can probably save a lot there.

Anyways, just stopping by to say hello and am glad to see that you are doing much better these days.

Thanks a lot broken Arrow.. $1000 a month in Rent, well I do live in the Bronx.. You get nice spacious apt in the bronx and it's pretty affordable.. but it's climbing..

[Savingmonster]

Have you paid absolutely nothing on your school loans since you have been out of school?

How many years have you been out of school?

Do you really have your school loans formally in deferment, or are you simply not making any payments? Do you open the bills and statements that you are sent? How much did you own when you finished school? Has the amount you owe climbed over the years? What is the interest rate? Is it a variable rate? Is it a totally private loan, or was this government backed?

To me, it makes no sense to keep putting off that loan (I presume letting it get bigger and bigger) when you have more than enough money to easily make the payments or even to pay it off in one fell swoop.

Who would be giving you deferments on this loan (loans?) when you are employed, able to take vacations costing 15% of your income, contribute to a retirement fund, have money in the bank, no other debt, and no other extraordinary circumstances.

I used to pay it off, but I stopped.. I usually defer my payments.. I don't know why they keep agreeing to my deferments, but they do.. And I think it's a gift and a curse, but me defering the loans, it prob cost me about 2-3k a yr in interest, I am aware of this.

Don't worry man; I'll pay off the loans, that's the least of my worries, because like you said, I can pay it off it one shot! But I am kinder worried about ending up broke, I want to enjoy life a bit. But trust me, that loan will be paid in full in 3-5 yrs, I've been very discipline. Just exercising some options for now.

I listen to you guys and take the advice, this is part of the reason why I do not have bad debt.

[Savingmonster]

Joan of Ark...

I think you may have convinced me to Pay off my loans in full!!

I will seriously consider that..

[jIM_Ohio]

I few years ago, back in 2006 sometime I discovered this site and it helped me GREATLY!!!

I was like 16-17k in Credit Card Debt and NOTHING IN THE BANK, no 401k NOTHING..and more lost and confused more than anything else!

Today I am proud to say that I have NO (0) Credit Card debt becuz I snowballed my way out of it, it was Definitely Worth it!!!

But Now, i feel Like I am at a standstill for some strange reason, I just feel like I should do more.. I feel comfy, but I dunnoo what to do next lol.. Any Advice?

Here is my financial Break down.. And I live in NYC

Age: 32
pay:$65,000 yr
Rent= $1018
Car= None & I DONT NEED non in nyc..
School loans = 22k
401k = 25,000 (contrib 7%)
Savings = 30k (Capital ONE online account)

I don't have any major bills, I usually travel alot, spend maybe about 10-11k a yr total on Travling..

Any advice? At this point in my life, how do you think I am doing? And what else can I do?
Just curious what others on here think..

Get the 401k up to about 15%... if you are adding to savings regularly, consider a plan where 15% goes to 401k and 5% goes to savings (for travel and other needs).

[zetta]

Don't worry man; I'll pay off the loans, that's the least of my worries, because like you said, I can pay it off it one shot! But I am kinder worried about ending up broke, I want to enjoy life a bit. But trust me, that loan will be paid in full in 3-5 yrs, I've been very discipline. Just exercising some options for now.

I listen to you guys and take the advice, this is part of the reason why I do not have bad debt.

What did you do to accomplish paying off $17k in CC debt? It worked for you before -- do the same thing to pay off the student loans. If paying them off in one fell swoop makes you uncomfortable, make a plan to pay $7-$10k each year, and they will be gone in 2-3 years.

As for next steps, you've got a good EF in place, so how about these goals:

1) Increase retirement by 1% every six months until you reach 15%
2) Aggressively pay off student loans
3) Start saving for a 20% downpayment to own a condo or apt. In NYC this may take many years.

If you will describe the kind of vacations you like to take, the board can help you think of creative ways to enjoy similar travel for less money.

[jamesparker100]

Congratulations on releasing yourself from bad debt. My suggestion against your plan of increasing income would be to save efficiently after your utility bills and invest your savings in the the businesses that can give you maximum return against your input.