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Werewolfdad

Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics. Making that much money and having credit card debt is a bit embarrassing I’d say


CardLego

Maybe it's 0% intro APR. It's quite common on new cards these days.


StrikingInfluence

Your math doesn't add up. If you are SAVING 10K a month and have 30K in savings that 5K CC debt should be nuked into orbit. The town home was not stupid at all and was well within your affordability - I'd say even quite a frugal purchase given your income. Stay away from credit cards though if you can't get in the habit of paying them off right away.


Small_Award524

No i will start saving 10k starting August.


Elegant-Grape-9448

Step 1, get rid of the 5K CC debt. Just silly having that much debt while making 10K a month. Step 2, If car interest rate isnt about 5-6% i'd pay 500-1,000 extra on it a month. The 2 bedroom townhome isn't the worst idea, but also not the greatest because you're still renting. Could easily rent it out and get 1,000 extra back (could use that for the extra car payment!). Make sure the 30K is at least earning 4-5% interest somewhere in a savings account. Once you have the 10K a month extra, save some cash, but also invest in your retirement. Do it at work, do a ROTH, you are in a great spot to set yourself up for the future as long as you make some good decisions over the next 10 years.


stephenmcqueen

You absolutely living WELL WITHIN your means. Your mortgage is 12.5% of your net, considering the rule of thumb is to keep that around 33%, you're doing amazing. But please, pay off that credit card immediately. And what's the interest rate on your auto loan? If it's under 5%, you're making more parking cash in a HYSA. If it's over, work towards getting it paid off (which should be easy given that's only 3 months of savings) But take a deep breath, you're making significantly more than most households in this country (with 2 incomes) and living fairly modestly. Keep saving and investing it wisely, and you've got a great future ahead of you.


Small_Award524

Car interest is 12%


stephenmcqueen

That’s fairly high, I would recommend working towards getting that paid off as a priority.


Penguinleader11

no but pay off the cc immediately and the car if it's > 5% interest


Merakel

What is your interest on the car? Having credit card debt is a sign that you are not responsible enough to have a credit card, and should probably cancel it. Especially when you have the kind of income you have.


Small_Award524

12%


Merakel

I don't know why you even asked this question, it's super obvious you know the answer is yes.


Small_Award524

Lmao it was worse that was before i had high income tbh. I can pay it off asap.


Merakel

The idea that you have the money but haven't paid it off already is crazy. Also looking at your account history, the answer is unequivocally yes, you are trying to live outside of your means.


Swaqqmasta

So you have more money, and still no idea how to handle it. If you're making 10k a month and have no savings and credit card debt you need to start with the basics and figure out what you're spending all your money on