On a scale of 1 to 10, how would you rate my finacial situation?
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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?
On a scale of 1 to 10, how would you rate my finacial situation?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
On a scale of 1 to 10, how would you rate my finacial situation?I am checking my chrystal ball, will let you know in a minute.
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