Including student loans, car payments, Credit cart debt, repayments etc. What’s most concerning to your finances at the moment. Anything particularly anxiety inducing that may harm you from Achieving multimillionaire status
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About 3 hours of sleep debt / night. Idk if i can ever pay this off at this point
$200k+ from a law degree I don't use. IDGAF though. As long as I'm on IBR and my loans stay federal I can basically go on autopilot, pay the minimum, and still reach my goal of early(35-40) retirement. I currently pay around $1050 a month which is like 1/12 of my monthly income so I really don't care at all.
Honestly, if I wanted to I could just leave the country and use the foreign earned income tax credit to effectively reduce my payment to $0, wait 20 years for forgiveness, and then come back if I want to.
FEDERAL Student loans shouldn't stress you out one bit.
I'm deathly afraid of all other forms of debt that don't have the potential to produce income though.
And you said I have a Reddit tier mind for attending a T30 debt free? Lmao. Have fun with the IBR tax bomb. You’re also deflating your numbers on the repayment here, your position is not as rosy as you say.
Lmfaoo, I'll gladly pay $200k+ for "Yale Law" on my resume. As for the reddit comment, I actually said you have a "Low Tier Mind", which is demonstrated by your lack of reading comprehension. I can pay my loans off in one sweep if I really want to, crypto gains have been good, I'd rather use that that money to invest in my FI goals though.
Gotta save for that tax bomb tho
Side note, I do know a dude that dropped out of med school on his last year. He has like $450k+ in debt from undergrad and medschool combined and NO MED DEGREE to show for it. Those loans are federal as well I think, but that has to fucking suck regardless. If I were him I would just leave the country, work in asia or europe, and come back in 20 years.
You know what they do now? Goddamn that’s a lot of money.
Zero debt.
Nothing on credit cards, didn't go out for almost 19 months now.
All cars were used and I fix them myself. Combined mileage in the last two years probably less than 5,000 mls thanks to Covid.
My holidays are often extended business trips (of which there are zero currently).
I don't own any property and just rent with market returns. Easier than getting into the real estate headache and I move around all the time anyway. so would have to buy/sell RE all the time then.
My gf has a good job, so no need to finance her either.
Damn, you really have it all
The one big reason why I am not in debt is the fact that we are not married and have no kids. That would ultimately lead to a house purchase, new (safer) cars, and college funds that need long-term savings. If you then add additional insurances, costs of living and events... we would most certainly be in debt. I am a proponent of family life, so all the debt free time will end at some point.
I have 0. Super fortunate to only take out federal student loans freshman and sophomore year. It was such a small amount (8k) that I just paid it all off so I could forget about it and start my career debt free. (Probably not the smartest decision from a financial standpoint because the interest rate is currently 0 until the Covid loan interest thing expires but I wanted them gone and I’m sitting on a huge pile of cash right now)
Like 30k, don’t plan to pay it or at most make the minimum payments even though I could wipe it out. I’ll take my chances on some reform coming down the line and invest more into the market instead. It’s good so I don’t have to end up as one of these crabby old guys yelling “well I payed for it!!” (Even though they only really paid like 10k at most). Got to take advantage when you can.
I feel like student debt is just never going to be forgiven.
I honestly think there is a good chance at some point. It may be contradictory to our own lives in finance, but at some point there will be some major progressive power in office and current debt levels in the country are unsustainable imo. It’ll happen in the next 10 years I bet.
It's probably going to be wiped out under this administration. they just forgave all student loans for borrowers with disabilities.
Thankfully the way student loans work in the U.K. mean we basically have an extra tax (above a certain income threshold) to pay per year until we’ve “paid back” our subsidy from the government or until it’s forgiven 30 years later. Doesn’t show up on credit records anywhere either. And even if I were to care about the balance, being on the Scottish student loans plan (“plan4”) my interest rate is 1.1% so there’s no point ever overpaying.
Outside of that, I have £0 in debt.
~$1.7 million. Buying an nyc apartment was a huge mistake and this mortgage is a bear.
lol dude, that's secured debt. you have to present it on net debt terms. I have $600k of mortgage on a $1.1mm home, does that mean I'm $600k 'in debt'?
It doesn’t feel secured when no one has made an offer in almost a year and a half.
Mind sharing what age or level you bought the home at and why you regret it? I was just thinking about how since I foresee being in NYC for at least the next 5-7 years it might be worth buying an apt and then turning it into a rental or selling if the market value goes up if I ever leave
NYC is not worth buying in if you don’t plan on staying in the unit.
You will always be paying “rent” on top of your mortgage payment - prop tax, HOA (which is often sky high in any nice building), repairs/upkeep. You pay a mansion tax and absurd closing costs for no reason at all. If you decide to go the landlord route, tenants are flaky and entitled as fuck, as has been demonstrated during Covid, and you’ll probably end up having to pay for a property management service. Just not worth it imo
I was in my early thirties and as noted in this thread, there are a bunch of hidden fees. I think buying makes sense in only unique situations because there is really no where for apartment prices to go since it is already so high.
My advice would be to buy something in a suburb surrounding Manhattan where you can have space, schools and room for price appreciation.
Buying an apartment in nyc will make you consider voting republican very fast, even if you’re not white lol.
Luckily no student loans, my dad didn't attend college and made it his life goal to put us through. Cars all used (drove a POS 2000 Ford Taurus wagon for 2 years, fixed EVERYTHING myself, since moved up), don't go out much, long term gf so no need to impress / she likes casual lifestyle, rent a home that I got a hell of a deal on (1800/month 4br 3ba with a pool), GF has recently been laid off but will no doubt get back on her feet shortly (multiple nonprofit board positions), and keep my life simple. Hobbies include community sports, pool time, and enjoying nature.While I did get fortunate with the college thing, I also was able to save $20k after my 3rd month in full-time IB as I worked all throughout college (jobs and cash-only local startups), all throughout high school, and focused on savings as my personal goal.I'm trying to GTFO out of this industry and Co found a startup as soon as I can, so making personal savings my goal has aligned well with LT plans. Nothing against IB, just the hierarchical structure doesn't suit me and I like to be more operative.TL:DR - do things yourself, limit luxuries, delay satisfaction, bust your ass, and make a LT goal around the lifestyle you want to live.
EDIT: went to in-state public undergrad university, no grad school.
$110k student loans.
My wife and I combined have about $160K left of student loans from my MBA and her JD. Currently don't have any other debt. We'll pay it off over the next 1.5 years before buying a house in our MCOL city. We're currently maxing all retirement accounts while aggressively paying off the loans. Plan to put around $150K into the market while paying off ~$200k in loans over a 2.5 year period since my graduation.
Just curious everyone is different but why are you in such a rush to pay them down when you can refi under 3%?
Personal preference and risk tolerance. We have a growing family and IB is a high variance job. Eliminating the debt now while we have this great income just reduces risk and gives us more flexibility in the future. We're still investing a good bit so we're not going full Dave Ramsey. Full disclosure: I would probably view this differently if I didn't have a wife / kid(s).
Where can I refi at 3%?
0. Thank you Europe.
0, thank you scholarships at non target that still worked no problem for getting into an EB
Oh yeah, no chip on your shoulder.
Lmfaoooooo
ton of AP credits -> Community college -> working high paying job throughout school -> state school -> graduating early -> IB
zero.
45k; all from college debt
0K. Got a full ride at my non-target and have paid my CCs off in full at the end of the month without missing a payment. Also, have savings from my IB internship and the signing bonus will hit soon so that will help too. Joining a very high-paying group in an LCOL city so expect to continue to not hold debt until I buy my own house.
~$550k, all mortgaged between primary residence and a rental property. (Mkt value $715k). Blended interest rate is 2.6% a month so in no rush to pay off.
No other debt
How’d you get a mid-2s interest rate? Anything special other than having a high credit score?
Really just where the market is.
Anyone 760+ should be able to get 2.75% on a 30 year right now. I was able to get 2.50% because o have a significant relationship with this lender (all my investments)
About 20k in student debt, so I’m not terribly worried about it
Yeah totally manageable if your responsible
Have no debt other than a few hundred bucks on my credit card. Very fortunate for military college benefits and careful planning on my parents' part. Hope to put my kid in the same situation if I have one.
Thinking of doing a grad program for one year before starting FT (I'd graduate undergrad early). If I do this, I'm prolly gonna max out the unsub federal $20k loan limit and use it to enjoy my last year before banking.
$408k in med school debt @7%
2006 Honda and credit cards paid off tho
Camera: 4k @0%
Table: 1k @0%
Thats about it lmao
That's no IKEA table
$1.041M in mortgage debt and growing through my real estate investment business
$265K debt for my personal home
$17K in student loans which I refuse to pay off because Biden may wipe this out anyways (good or bad, this could happen)
0.
No college debt. Full ride scholarship.
Not buying house so no mortgage.
Enjoying my debt free life.
Probably $4k in credit card debt. Am fortunate that my parents paid for my college education in full.
0 cause i have a rich daddy, suck my schlong
9k in student loans- related question- do people think student loan forgiveness will be a thing or not? Curious to head people's opinions that know more than me. Obviously don't want to rush and pay this off if everyone's going to get some forgiven- waste of money
I highly doubt it, absolutely no way something like that passes Congress, especially considering dems are gonna lose a lot of seats soon. It's just way too controversial of a topic, I say get those suckers out of the way as soon as possible before the interest gets bad
Isn't the interest locked in? Hell, mine are 6.6% which is high anyways. You never know. It could pass. I'm taking the approach that I'll pay more than the minimum monthly payment and if the seat's change or Biden (or Kamala) is out by 2024, I'll pay it off.
Don’t pay it wait trust me
I ain't got the cash (or the desire) to splash down for a NYC apartment, so no mortgage. Or car. No student loans either. So I guess it's just whatever is on my credit card from my month's spending on Ubereats and Onlyfans.
Debt is $2mm on a nyc apt. Although on net I don’t consider myself in debt as that’s the only debt and assets > liabilities.
It's all about net debt. No reason not to carry a mortgage and some other loans because of how attractive rates are (0% auto).
About 50K. I work in a HCOL city at a bank that pays below-street base with okay bonus.
That one's a bit tough for me tbh. Hoping to lateral to a BB soon after hitting the 1-year mark.
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