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how quickly can i pay off my debt? HELP
| opaque mind-boggling meetinghouse trust fund | 02/09/10 |
| peach toilet seat | 02/09/10 |
| opaque mind-boggling meetinghouse trust fund | 02/09/10 |
| Concupiscible Market | 02/09/10 |
| Multi-colored chest-beating friendly grandma wrinkle | 02/09/10 |
| Concupiscible Market | 02/09/10 |
| Multi-colored chest-beating friendly grandma wrinkle | 02/09/10 |
| dashing doobsian crotch | 02/09/10 |
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Date: February 9th, 2010 3:37 AM Author: opaque mind-boggling meetinghouse trust fund heres my breakdown
60k stafford @ 6.8 90k grad plus @ 8.5
10k in bank at grad
ALL monthly expenses = 1k/mo
salary = 85k
i wanna blitz through this shit |
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Date: February 9th, 2010 3:40 AM Author: peach toilet seat how do you only have 1K month total expenses? Where do you live? (http://www.autoadmit.com/thread.php?thread_id=1217181&forum_id=2#14063701) |
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Date: February 9th, 2010 3:45 AM Author: opaque mind-boggling meetinghouse trust fund cheap apt, car paid off, no cable (hdtv antenna), no internet (get someone else's). i will try to stay here until my debt is completely paid off. (http://www.autoadmit.com/thread.php?thread_id=1217181&forum_id=2#14063727) |
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Date: February 9th, 2010 10:11 AM Author: Concupiscible Market well, first you have to fight the urge to upgrade your life. This is more difficult than it seems.
Assuming you are single and living in NYC, you'll take home $55k after taxes. (If you live elsewhere, great, you'll probably take home more.)
I am going to assume your monthly expenses will also be more like $1500k/month - you have to be missing something, like health insurance or irregular expenses like travel/apparel/xmas gifts/etc. This adds up to 18k/year.
That leaves about 37k a year for you to pay down student loans. You're still looking at five years min. |
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Date: February 9th, 2010 10:34 AM Author: Multi-colored chest-beating friendly grandma wrinkle unless he's this dude, http://www.nypost.com/p/news/local/manhattan/park_avenue_battle_8tFR0ibXl20r1KTz9wAgpI, there's no way he's living in NYC with his total monthly expenses at $1000 (http://www.autoadmit.com/thread.php?thread_id=1217181&forum_id=2#14064424) |
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Date: February 9th, 2010 12:07 PM Author: Concupiscible Market Newsflash: a large proportion of the people in NYC get by with total monthly expenses under $1000/person.
He obviously is living very frugally - could be he's living in a shitty apartment in Harlem that he shares with 2-3 other people and subsisting on ramen from Fairway.
That said, I agree with you that he's probably not in NYC. But I used NYC numbers since that's about the upper limit for taxes and would figure the budget conservatively. |
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Date: February 9th, 2010 12:14 PM Author: Multi-colored chest-beating friendly grandma wrinkle i understand your point as far as stating a worst case scenario, but how do people live in nyc on $1000 or less a month?
8 roommates in queens? |
Date: February 9th, 2010 10:54 AM Author: dashing doobsian crotch i agree, five yrs
within a few more months I will have paid off about 150 thousand myself in about 2.5-3. My salary was higher, but so were my expenses (though I lived frugally as well).
I think you can do it, just stick to the plan, it gets easier the closer you get and the time will pass.
Plus you will get raises and shit hopefully, so who knows maybe 4-4.5 if you stay super disciplined. It's a nice bonus you already have 10,000 in the bank so you can really focus on your loans.
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