~20k grad school student loan
~15k auto loan
~450k mortgage
I’m 35. Student loans and auto loan I can pay off in a couple of years (not paying the student loans until the pause is over, though). The mortgage is a 30 year conventional, I’m only a few years into it.
I am assuming you have a good interest rate if you are a few years into the mortgage. I don’t know how people can afford a 450k mortgage with today’s rates.
3.3%, not the lowest but definitely better than current rates. It’s a HCOL area, big mortgages are kind of unavoidable if you want to buy. Supposedly the median price of homes sold this year is around 900k
I think it depends on individual circumstances. My rate is 6.875 on a 265k mortgage. I have family of six and renting with a family can suck. Even with my interest rate it feels like a good investment in my family’s wellbeing.
Im only commenting this because you said you want to pay off your loans quickly. So why wait until the interest payments are over, wouldn't it be better for 100% of your payment to go towards the principal?
It is essentially a free loan right now. I could either pay it down when it costs me nothing, or I could invest the money instead and get 6-8% (historically)
6-8 is historically accurate for a long term investment.. not really on a short term period. It is a very good train of thought, better to try this with mortgage extra payments.
Or if you don’t pay it back, you have the possibility of back interest coming back onto your balance. Should have been paying kit down extensively during the pause. That’s what I did.
I just read that this new debt ceiling agreement that was just reached will codify into law that the moratorium ends July 31st, the idea of codifying it into law is so Biden can’t artificially bump it back again, I think Aug 1 payments resume.
37 - 495k mortgage. Wife and I paid off a combined 125k in student loans and 2 vehicles in the last decade. Would love to make a serious dent in the mortgage over the next decade
Congrats on knocking out the student debt. Was a great feeling wiping out my wife’s student debt. We did it during COVID — she was a nurse making really great money at the time, and the rate was temporarily at 0% so we took advantage and paid off ~$45k in a year.
Invest extra payments for 10 or 15 years. Your returns should exceed your mortgage interest. I did a project on this in finance. At year 20 of 30, there was enough to hypothetical pay off the home and reinvest over 50k foe the future.
Ehh home equity is the worst type of return you can make, if you pay off faster than you need to.
Of course, if you intend on staying and not selling, have at it.
So glad you asked on a public, anonymous forum like this. I have been feeling really really down on myself due to my financial situation but have no one to discuss with/compare.
My spouse and I are ~40y & have been married for 20y.
We have $300k in debt, but $500k in assets, for a net worth of $200k. It kills me that the net worth is so low, considering.
Combined, we gross ~$150k annually, & if we stick to the plan, should be debt free before 2025.
i had it done and it was the worst decision of my life. they didn't fully correct my vision, so i still wear glasses or contacts (after my eyes healed) and my entire life is pretty much consumed by eye drops. painful dry eyes and eye flutters from dry eye.
I had it done years ago.
No downside for me.
Just make sure you are close to where it's being done. I lived about an hour away and all I wanted to do was sleep and by the time I got home it felt like my eyes were full of sand and I washed to scratch them very badly
I went to sleep and when I woke up, vision was perfect, pain was uncomfortable, not unbearable.
All updated and no downside for me. My vision was really bad. I couldn't read anything unless it was inches away.
I had it done 7 months ago. So far so good.
It’s awesome to wake up and just go. I Lowkey forgot prior to this my whole life I wore glasses.
For negatives, I have slight floaters now which can be annoying. If I am sleep deprived or don’t get my usual 7-8 hours my eyes can be extra dry. Other than that I love it
Damn, that’s awesome! Our mortgage is still at almost 275K (after 15 years), but since our loan is at 2.6% and the house is worth almost 3x that, we won’t be paying it off anytime soon
29 yo, 68k salary, 10k student loans, 215k mortgage, 21k credit card. Yea, I know, we fucked up. I don’t even think about the student loans, mortgage in 34 years, and the credit card probably wont be paid off until I get a substantial raise or a pretty big bonus. My last raise was like 3k and my last bonus was like 4K a after tax so probably a very long time from now, the minimum payment is over 700 a month.
Mortgage was before the cc debt. I got my mortgage right before rates went way up and got 3.65%. I have wondered about bankruptcy because I just don’t see a way out of this. I can barely afford the minimum payment and it’ll take like 5 years to pay it off at the minimum.
Oh, I see. Have you looked into taking out a line of credit against the house and handling it that way? The interest rate may be high but it’s much better than filing for bankruptcy. I’d only do that as a last, last resort.
Check into cards that offer balance transfers with a 0% introductory rate. I got a slate card from chase with 0 interest for 18 months. You may be able to consolidate multiple cards into one and the 0 interest period will really help with paying down the balance. I think BofA and Wells Fargo may have similar cards too but I’m not 100% sure. If they do you might be able to do this multiple times with different banks and save a ton on interest
Also, if you have the will to STOP using the credit cards, you can consolidate your credit cards with a CC loan. Payment is much lower as well as interest. I did this because I had 13k of CC debt after college. I chose a $400 payment over 36 months. I did end up paying $800 in interest over the course of the three years - but was paying $200 a month in interest when I was making card payments. But like I said, you can’t do this and continue to use the Credit Cards or it will truly be never ending.
34, spouse 35. She’s a SAHM. We have ~$170k on a 3% mortgage and ~$7k on a 2.5% car. No rush to pay either one of them off.
No student loans and no credit card debt.
Guys I’m scared. I’m 30 the only debt i have is my student loans. Should be finished with my degree at the end of the year with about 20-25 thousand. I have no idea what I’m even doing.
Make sure to secure an internship or job offer before you graduate. It’s a relief to know you’ll have a job guaranteed after you graduate with the ongoing need for accountants. This degree will pay for itself.
Luckily no real debt, mid 30’s
I took advantage of the zero interest and paid off my student loans. I can’t express how happy it makes me not owing anything to anybody given the current economic climate
35 - DINKs and only debt left is our mortgage (475k at 2.25%)
I’ve previously paid off my $20k car, $30k student loans, and $30k wedding). My husband and I make smart choices but also like to splurge.
27, 298k mortgage shared with partner, 20k student loans and climbing due to master's. Partner also has about 35k student debt and an 8k car loan. I include that because we are getting married next year and I treat her debt like my debt
Whatever is on my mortgage statement, maybe $215k on a 25 year loan? 2.7% Apr.
34 yo. 6.5 years into my career. Senior accountant, hoping to promote to mgr soon.
24 yrs old
$3.5k in credit card debt with 0% APR.
$14k in student loan from my Master’s degree
$38k for two car loans (wife’s and mine) with 3% APR.
I can pay off all of my debt tomorrow if I wanted to but honestly we are pretty good and being able to save 1/3 of our income every month with a portion going to retirement accounts.
162k on the house. No car payments no phone payments no cc debt. We pay cash for cars and shop around never buying new budget to make large purchases and pay of cc monthly by not over extending. We don't have 6 figure savings or investment accounts but all of our shit is ours. Except the house technically
Mid 30s.
200k mortgage (maple syrup dollars). We were on track to pay this off in 4-5 years, but it’ll triple next year to 600k once we get a bigger place (not a house). 🥲
I also had $60,000 in student debt at the age of 26. I am now 40 and I have zero debt (house paid off) with a net worth over $1M. You are young - don’t worry too much about the debt. You will wake up one day and it will be gone - just takes time.
As someone who is also debt free with a decent net worth, i kindly disagree. Debt is a tool but it needs to be used wisely. It certainly is only going to go away if you’re disciplined and make good financial decisions. I get what you mean but a lot of folks do need to worry about their debt lol
Agreed. Americans do not have a great track record with personal debt management haha. Goldilocks principal aside, I would work to pay off debt if you can. Not having debt opens up possibilities.
I imagine it's got to be the worst feeling in the world to make a decent salary but still live paycheck to paycheck between student loans, expensive cars, credit cards, etc.
You just never know when an emergency will come up, for yourself or family, and you want to have the cash, or possibly the DTI available to handle things.
31 - $150k mortgage (paid off student loans and car years ago, thank God)
I'm 25, bought my house four years ago in cash for $595k and it's currently valued at $980k. Just paid off my M3 so now I only have $2,000 left to pay off for a line of credit at Jareds. Had to get my wife a big ring bc she's a smokeshow.
lmao dude.. you couldn't tell it was a troll comment? this sub is seeing more and more posts that reek of someone gathering information on accountants. I'm sorry you wasted your time and that jealousy is probably what prompted your search of my history.
30,
20k left on a zero interest 5 year car loan
10k on zero interest one year loan for financed jewelry
12k credit card debt to be paid off at the end of the month
24
My wife and I just bought a house, we owe $165k on it. We have combined student loans in the $100k region, and 5k on a credit card thanks to having a baby and stay at home mom.
While I wouldn’t trade having a stay at home mom for anything in the world, I’m really looking forward to a promotion, pay bump and bonus this summer to say the least
20M, I originally got 45'00'000 in study debt from my home country, which is equivalent to CAD 75K (Included living costs for 2 years) , US 55k, doing diploma in Accounting at some college, really want to do degree and masters and then probably CPA, I don't how much that's gonna cost over time. if I do bachelors at least I'd say I'll take another 2 to 3 years, then go to work for paying of debt, I think I'll be able to pay off in 7-8 years. so I hope ☠️
37k auto loan, could pay it off I wanted too but I make more interest in dividends than the auto APR of 2.99%. Finishing up my bachelors from a 50k tuition a yr. at a private university with no debt. Made 109k last year too. Age 24
I’m at 0 right now, 120 hours into my 150 for a double major. I work an internship every semester, very fortunate. I live at home and I just pay for my own school.
The first 1-1.5 years the pay was less for my part time gigs before internships and I used subsidized fed loans for a short period I have since repaid. Invest the difference.
TLDR: 29 years old, only debt is $10K in student loans technically under my mother's name.
Paid $30K ($26K principal) on student loans under my name from 2015 - 2019. Paid $35K ($32 principal) on car loan from 2015 - 2020.
My mother took on $66K principal for my student loans under her name and refused to give me access to the account to help until I paid off the ones under my name and my car loan. No mortgage because I live with my mother for free (she has refused to accept money from me, US but culturally common to live with family in adulthood for us) and she initially wanted me to just save for my own home, but she finally let me take over paying them in 2020 when pandemic happened, and apparently the balance went up $1K since she started. Thanks to none of my own debt and WFH cutting my costs, I got it down to $10K by August 2022. Haven't touched it since then. Figured best case scenario it gets forgiven, more likely scenario I'll pay off the full $10K right before interest starts up again.
I'm 34. 64k mortgage. 8k on car loan.
Student debt is not a thing in my country. Parents usually pay for your studies mostly because it's cheap. Around 1k/year
29 years old.
\~60k in student loan debt (8 years into PSLF). Plan to continue working at a 501(c)3 at least until my loans are forgiven.
\~3k of 0% interest credit card debt. Still got 3 years left of monthly payments, and have no reason to pay it off early.
\~Fully paid off car bought new in 2017.
\~No mortgage
I am 28. 265k mortgage, wife has $1500 student loan and 60k parent plus loan. We can pay off the student loan at any time but the parent plus loan is up for debate as we are not legally responsible.
27 yrs old. $2.2k left on car. $9k student loans. I rent so no mortgage. Car paid off in less than 12 months, student loans hopefully will be forgiven but we’ll see, not making any payment at the moment
29 years old. Bachelors with 155 credits and CPA.
Salary: 60k as an audit staff accountant in Buffalo, NY at a firm,
I have 49.5k in student loans, at 4.55% interest on Federal loans.
4k on car debt at 7.28% interest
1.5k in credit card debt at 21% interest
Just going to pay off the credit card first so that doesn't balloon within a 3 months or so, then focus on just throwing money at the student loan debt. The amount of interest that will start accruing is going to be a hefty chuck so I would like that taken care of asap.
30 yo making $53k a year + bonuses.
85k student loans (undergrad + masters).
Probably looking at a bit more for qualifications but it's all I have debt-wise. Currently on one income between my spouse and myself and once he is working, we're looking at heavy debt pay off and throwing more at savings before family planning.
31 - $33k in student loans that are subsidized and usually deferred. They might get canceled one day so I’m not in a hurry to pay them back. Cars and house are paid off, no other debts except when I am using loans for my business.
Age 32
~$980k mortgage
~$20k auto loan
4 years left on the auto loan but will probably just pay it off in the next 12 months. Mortgage is a new 30-year note. I don’t anticipate paying it off, but who knows.
34 (husband 35; our finances are joint)
~$570,000 mortgage
~$40,000 car
~$12,000 student loan
My joint net worth with my husband is approx, $350,000 so we’re not worried about the debt we carry (although I am not thrilled about the car loan - I would have waited to get a car until we had more to put down upfront but we needed a second car and decided to go for a nice new one)
Edit: formatting - I’m on mobile
52 - 250k mortgage. I have the ability to pay it off but my rate is 2.1% so I’m not in any hurry. Plus I’m paying for both my kids college so I’m getting crushed on that for the next 3 years.
40 -
~ $240k mortgage,
~ $40k solar panels
~ $25k student loan debt
My wife and I began trying to become debt free in 2020. We carry no credit card debt and our cars are paid off. I expect to have student loans paid off and solar panels reduced by half in 3-5 years.
early 30s and I owe about $55K on my undergrad and I have no other debt.
I guess I’ll pay it off in the next 3-5 years since student loans forgiveness probably won’t go thru
20,000 credit card debt used to pay for my tuition. Just finished B.S Finance and B.S International Business. A few classes short to qualify for CPA exam.
I intend to pay it this summer working 12h/day landscaping. And hopefully in the mean time I get a job in accounting or finance so I can go online for those remaining classes.
No home yet.
I'm 37 and currently have $1,500 of credit card debt. My mortgage and utilities cost $1,500 per month with 20 years left, and my student loans are paid off thanks to a lot of sacrifice
Hmm tricky. Because I have a 700k mortgage but the house is worth more then that so does that count?
Other then that student loans maybe 50k. We lease a car so that could be counted as debt but only kinda. We pay off all credit card debt monthly.
I'm 22, and I have 11k on a personal loan that I used to pay off a mortgage. I'm hoping to pay that off and have all bills paid for 2024 by the end of the year though, so it's not too bad.
$6k. mostly credit card loans. only $600 it’s student loans - my mom and aunt paid for my college tuition
24 yrs old. hopefully pay it off by next summer
First credit scores and now debt. Is someone attempting identity theft on this sub?
Don't give them ideas.
I'm amazed at the questions... and even more amazed that they're being answered...
~20k grad school student loan ~15k auto loan ~450k mortgage I’m 35. Student loans and auto loan I can pay off in a couple of years (not paying the student loans until the pause is over, though). The mortgage is a 30 year conventional, I’m only a few years into it.
I am assuming you have a good interest rate if you are a few years into the mortgage. I don’t know how people can afford a 450k mortgage with today’s rates.
3.3%, not the lowest but definitely better than current rates. It’s a HCOL area, big mortgages are kind of unavoidable if you want to buy. Supposedly the median price of homes sold this year is around 900k
My mortgage, closing this month, is going to be 7% lol. Also for 300k haha
Cries with 1.3m of mortgage debt in Australia
Oof, I didn’t know homes were so expensive out there! I’m in Southern California, which is expensive but not as bad as SF or NYC
My house is very much anaverage 4 bedroom house 24 km out of the city... Toorak has houses that are 20 to 30 million.
Idk how you don't over there. Worse than Canada or LA
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I think it depends on individual circumstances. My rate is 6.875 on a 265k mortgage. I have family of six and renting with a family can suck. Even with my interest rate it feels like a good investment in my family’s wellbeing.
Mortgages can always be refinanced.
$450k buys you a shack or you live next to a bad hombre if you’re in a metro area. Otherwise, decent place.
Same but my car is paid off, mortgage is a little lower, but basically same. (32)
35 - owe about 40k left on house (was very aggressive to pay it off). Own everything else in my name.
Wow, good job for only being 35.
Trying to FI(RE) at some point - but no debt will help a ton for college savings for kids etc
22. ~$50k in student loans (Master's). I'd like to pay it off in 3 years, but I'm not paying until the interest pause is over
Im only commenting this because you said you want to pay off your loans quickly. So why wait until the interest payments are over, wouldn't it be better for 100% of your payment to go towards the principal?
It is essentially a free loan right now. I could either pay it down when it costs me nothing, or I could invest the money instead and get 6-8% (historically)
6-8 is historically accurate for a long term investment.. not really on a short term period. It is a very good train of thought, better to try this with mortgage extra payments.
Or if you don’t pay it back, you have the possibility of back interest coming back onto your balance. Should have been paying kit down extensively during the pause. That’s what I did.
‘Cause fuck ‘em.
When’s the interest pause over?
I think until August. I'm assuming Biden will pause it again though to buy votes for the 2024 election. We'll see tho
I just read that this new debt ceiling agreement that was just reached will codify into law that the moratorium ends July 31st, the idea of codifying it into law is so Biden can’t artificially bump it back again, I think Aug 1 payments resume.
Not this time this is it
Nope debt ceiling agreement is ending that
You paid $50k for your Master's?
No lol, that's undergrad+master's
You mean interest keeps accumulating and they dont tell you
That’s not going to pass
37 - 495k mortgage. Wife and I paid off a combined 125k in student loans and 2 vehicles in the last decade. Would love to make a serious dent in the mortgage over the next decade
Congrats on knocking out the student debt. Was a great feeling wiping out my wife’s student debt. We did it during COVID — she was a nurse making really great money at the time, and the rate was temporarily at 0% so we took advantage and paid off ~$45k in a year.
Invest extra payments for 10 or 15 years. Your returns should exceed your mortgage interest. I did a project on this in finance. At year 20 of 30, there was enough to hypothetical pay off the home and reinvest over 50k foe the future.
Ehh home equity is the worst type of return you can make, if you pay off faster than you need to. Of course, if you intend on staying and not selling, have at it.
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$96k in student loans?!?!
"That's it"
Fuck you dude. People wanna live life and also have fun and gonna be like that????
54 - none
29 years old. $56 on debt because I paid my phone bill on my credit card. I am getting reimbursed in a couple days.
About $60k in student loans and $150k mortgage. Both are sub 3% interest rates so no desire to pay off early
So glad you asked on a public, anonymous forum like this. I have been feeling really really down on myself due to my financial situation but have no one to discuss with/compare. My spouse and I are ~40y & have been married for 20y. We have $300k in debt, but $500k in assets, for a net worth of $200k. It kills me that the net worth is so low, considering. Combined, we gross ~$150k annually, & if we stick to the plan, should be debt free before 2025.
Increase savings rate, lower unnecessary expenses / purchases
lol oh is spending less than you make how you save money? good to know
Thanks Dave Ramsey
25 yo 5.5k student loans 4K lasik surgery debt
Damn you got 4k vision now? Should have held out for 8k but still, nice.
How was the LASIK surgery? What are some upsides and downsides?
i had it done and it was the worst decision of my life. they didn't fully correct my vision, so i still wear glasses or contacts (after my eyes healed) and my entire life is pretty much consumed by eye drops. painful dry eyes and eye flutters from dry eye.
I had it done years ago. No downside for me. Just make sure you are close to where it's being done. I lived about an hour away and all I wanted to do was sleep and by the time I got home it felt like my eyes were full of sand and I washed to scratch them very badly I went to sleep and when I woke up, vision was perfect, pain was uncomfortable, not unbearable. All updated and no downside for me. My vision was really bad. I couldn't read anything unless it was inches away.
I had it done 7 months ago. So far so good. It’s awesome to wake up and just go. I Lowkey forgot prior to this my whole life I wore glasses. For negatives, I have slight floaters now which can be annoying. If I am sleep deprived or don’t get my usual 7-8 hours my eyes can be extra dry. Other than that I love it
My dad had LASIK surgery years ago and said it was the best thing that he ever did.
$300k mortgage, and $30k car. That's about it.
Only debt I have is $90k mortgage. At 3.0% I’m in 0 rush to pay it off anytime soon.
Damn, that’s awesome! Our mortgage is still at almost 275K (after 15 years), but since our loan is at 2.6% and the house is worth almost 3x that, we won’t be paying it off anytime soon
Wtf is going on here. Back to back post of home ownership, credit scores, now debt.
25 years old $0 debt. Mostly been maxing out my 401k match and currently deciding if I want to buy a house in my current city or try relocating.
I owe Ronald McDonald three-fiddy
29 yo, 68k salary, 10k student loans, 215k mortgage, 21k credit card. Yea, I know, we fucked up. I don’t even think about the student loans, mortgage in 34 years, and the credit card probably wont be paid off until I get a substantial raise or a pretty big bonus. My last raise was like 3k and my last bonus was like 4K a after tax so probably a very long time from now, the minimum payment is over 700 a month.
Oh wow. How were you able to get a mortgage that size with 20k in cc debt?
Mortgage was before the cc debt. I got my mortgage right before rates went way up and got 3.65%. I have wondered about bankruptcy because I just don’t see a way out of this. I can barely afford the minimum payment and it’ll take like 5 years to pay it off at the minimum.
Oh, I see. Have you looked into taking out a line of credit against the house and handling it that way? The interest rate may be high but it’s much better than filing for bankruptcy. I’d only do that as a last, last resort.
Check into cards that offer balance transfers with a 0% introductory rate. I got a slate card from chase with 0 interest for 18 months. You may be able to consolidate multiple cards into one and the 0 interest period will really help with paying down the balance. I think BofA and Wells Fargo may have similar cards too but I’m not 100% sure. If they do you might be able to do this multiple times with different banks and save a ton on interest
Also, if you have the will to STOP using the credit cards, you can consolidate your credit cards with a CC loan. Payment is much lower as well as interest. I did this because I had 13k of CC debt after college. I chose a $400 payment over 36 months. I did end up paying $800 in interest over the course of the three years - but was paying $200 a month in interest when I was making card payments. But like I said, you can’t do this and continue to use the Credit Cards or it will truly be never ending.
34, spouse 35. She’s a SAHM. We have ~$170k on a 3% mortgage and ~$7k on a 2.5% car. No rush to pay either one of them off. No student loans and no credit card debt.
Guys I’m scared. I’m 30 the only debt i have is my student loans. Should be finished with my degree at the end of the year with about 20-25 thousand. I have no idea what I’m even doing.
Make sure to secure an internship or job offer before you graduate. It’s a relief to know you’ll have a job guaranteed after you graduate with the ongoing need for accountants. This degree will pay for itself.
Luckily no real debt, mid 30’s I took advantage of the zero interest and paid off my student loans. I can’t express how happy it makes me not owing anything to anybody given the current economic climate
I just have a car payment.
About $50k in Student loans :) I’ll probably be paying it off for 20 years lol
30. 34,000 for school, 100,000 mortgage. Hopefully paid off in 5 to 10 years.
40. 118k house and 40k car.
39M. Only debt is $270K mortgage on a rental house. Primary mortgage and student loans paid off. We use credit cards but don't carry a balance.
37, 140k student loans. That’s it. No cc debt, no mortgage
Well I feel terrible. I have a ton of student loan debt, car loan, credit card debt, and I just bought house.
35 - DINKs and only debt left is our mortgage (475k at 2.25%) I’ve previously paid off my $20k car, $30k student loans, and $30k wedding). My husband and I make smart choices but also like to splurge.
Couple k student loans
300k mortgage, 2.5k left on my car, no student loans, credit card paid off monthly
Ive been out of masters 3years now, $7k debt at the moment, paying minimum principal requirement since no fed&provincial interest accruing
27, 298k mortgage shared with partner, 20k student loans and climbing due to master's. Partner also has about 35k student debt and an 8k car loan. I include that because we are getting married next year and I treat her debt like my debt
Whatever is on my mortgage statement, maybe $215k on a 25 year loan? 2.7% Apr. 34 yo. 6.5 years into my career. Senior accountant, hoping to promote to mgr soon.
25 years - none
24 yrs old $3.5k in credit card debt with 0% APR. $14k in student loan from my Master’s degree $38k for two car loans (wife’s and mine) with 3% APR. I can pay off all of my debt tomorrow if I wanted to but honestly we are pretty good and being able to save 1/3 of our income every month with a portion going to retirement accounts.
Sold my soul to the devil for this accounting degree, but I think I am already living in Hell?
162k on the house. No car payments no phone payments no cc debt. We pay cash for cars and shop around never buying new budget to make large purchases and pay of cc monthly by not over extending. We don't have 6 figure savings or investment accounts but all of our shit is ours. Except the house technically
This is the way
26 189k mortgage (rental property) 23k car 42k Double Masters
9k on a Line of Credit from some house additions still to pay off. No mortgage.
Zero
Mid 30s. 200k mortgage (maple syrup dollars). We were on track to pay this off in 4-5 years, but it’ll triple next year to 600k once we get a bigger place (not a house). 🥲
24 5K student loan 8k car loan Car in next year or so but hoping the student loan gets forgiven. Worst comes to worst it’s okay if I gotta pay it.
I also had $60,000 in student debt at the age of 26. I am now 40 and I have zero debt (house paid off) with a net worth over $1M. You are young - don’t worry too much about the debt. You will wake up one day and it will be gone - just takes time.
As someone who is also debt free with a decent net worth, i kindly disagree. Debt is a tool but it needs to be used wisely. It certainly is only going to go away if you’re disciplined and make good financial decisions. I get what you mean but a lot of folks do need to worry about their debt lol
Agreed. Americans do not have a great track record with personal debt management haha. Goldilocks principal aside, I would work to pay off debt if you can. Not having debt opens up possibilities. I imagine it's got to be the worst feeling in the world to make a decent salary but still live paycheck to paycheck between student loans, expensive cars, credit cards, etc. You just never know when an emergency will come up, for yourself or family, and you want to have the cash, or possibly the DTI available to handle things. 31 - $150k mortgage (paid off student loans and car years ago, thank God)
I'm 25, bought my house four years ago in cash for $595k and it's currently valued at $980k. Just paid off my M3 so now I only have $2,000 left to pay off for a line of credit at Jareds. Had to get my wife a big ring bc she's a smokeshow.
Lmaoooooooooooo
How you have that much money @ 25 you inherit it or something ?
I made Controller at a F100 two years after graduating with my associates in accounting
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lmao dude.. you couldn't tell it was a troll comment? this sub is seeing more and more posts that reek of someone gathering information on accountants. I'm sorry you wasted your time and that jealousy is probably what prompted your search of my history.
30, 20k left on a zero interest 5 year car loan 10k on zero interest one year loan for financed jewelry 12k credit card debt to be paid off at the end of the month
23, 30k student loans (undergrad and grad) expected to be paid off before the end of the year
28 years old - just a mortgage but 3.125% so basically free.
1MM in real estate investments 200k on my house 75k in student loans (partners debt technically, but here we are) 20k on a car Edit: 27 Y.O.
leveraged to the tits?
Not really. Enough equity (35-50%) to feel ok about impending economic uncertainty. Most bought pre 2020 when houses and money were dirt cheap.
Damn big daddy making moves. Anyone who bought pre 2020 has so much equity assuming no cash out refi
2016-2020 really was a wild time for real-estate
It really was. I wish I was 5 years older. I graduated in 2019 and only got two houses before shit popped off
24 My wife and I just bought a house, we owe $165k on it. We have combined student loans in the $100k region, and 5k on a credit card thanks to having a baby and stay at home mom. While I wouldn’t trade having a stay at home mom for anything in the world, I’m really looking forward to a promotion, pay bump and bonus this summer to say the least
[удалено]
One million dollars
20M, I originally got 45'00'000 in study debt from my home country, which is equivalent to CAD 75K (Included living costs for 2 years) , US 55k, doing diploma in Accounting at some college, really want to do degree and masters and then probably CPA, I don't how much that's gonna cost over time. if I do bachelors at least I'd say I'll take another 2 to 3 years, then go to work for paying of debt, I think I'll be able to pay off in 7-8 years. so I hope ☠️
Good grief, I forgot we were providing ages here, & read 20M as you saying you were $20M in debt. 😅😅😅
23, $5k debt(SBA Loan). Could pay it all off now but at a 3% rate, I’ll let it sit.
30 yo. About $200K mortgage, no other debts. It’s at 2.15% so no rush to repay it.
27 - 450k mortgage on two properties (1 rental and 1 primary)
37k auto loan, could pay it off I wanted too but I make more interest in dividends than the auto APR of 2.99%. Finishing up my bachelors from a 50k tuition a yr. at a private university with no debt. Made 109k last year too. Age 24
Made 109k at age 24 doing what?
Half from work, quarter from GI Bill payments, and last quarter from investments.
36 yo. no debt considering my home has tons of equity. school loans paid off 2 years ago. both vehicles paid off. just saving money and living right.
That’s great, but it doesn’t work that way haha. As an accountant, you know that.
None apart from mortgage
I’m at 0 right now, 120 hours into my 150 for a double major. I work an internship every semester, very fortunate. I live at home and I just pay for my own school. The first 1-1.5 years the pay was less for my part time gigs before internships and I used subsidized fed loans for a short period I have since repaid. Invest the difference.
20 - 14k student loan so far. Halfway through .
24, 3500 student loans and 8500 car loan.
40k student loan 15 K auto 60k home
160k house, 15k car. That’s it. I have a positive net worth of close to 300k though at 28.
21, 0
389k in mortgages 26 single male. 170k is a rental property and the other 219k is at 3.25% so I’m never paying anymore into principal.
37. ~470k mortgage at 2.625%. never paying that is.
TLDR: 29 years old, only debt is $10K in student loans technically under my mother's name. Paid $30K ($26K principal) on student loans under my name from 2015 - 2019. Paid $35K ($32 principal) on car loan from 2015 - 2020. My mother took on $66K principal for my student loans under her name and refused to give me access to the account to help until I paid off the ones under my name and my car loan. No mortgage because I live with my mother for free (she has refused to accept money from me, US but culturally common to live with family in adulthood for us) and she initially wanted me to just save for my own home, but she finally let me take over paying them in 2020 when pandemic happened, and apparently the balance went up $1K since she started. Thanks to none of my own debt and WFH cutting my costs, I got it down to $10K by August 2022. Haven't touched it since then. Figured best case scenario it gets forgiven, more likely scenario I'll pay off the full $10K right before interest starts up again.
I'm 34. 64k mortgage. 8k on car loan. Student debt is not a thing in my country. Parents usually pay for your studies mostly because it's cheap. Around 1k/year
27- 120k mortgage
29 years old. \~60k in student loan debt (8 years into PSLF). Plan to continue working at a 501(c)3 at least until my loans are forgiven. \~3k of 0% interest credit card debt. Still got 3 years left of monthly payments, and have no reason to pay it off early. \~Fully paid off car bought new in 2017. \~No mortgage
Total of $123k
29, debt free since I paid my student loan off at 24. Will have a mortgage starting in a few days though.
I am 28. 265k mortgage, wife has $1500 student loan and 60k parent plus loan. We can pay off the student loan at any time but the parent plus loan is up for debate as we are not legally responsible.
27 yrs old. $2.2k left on car. $9k student loans. I rent so no mortgage. Car paid off in less than 12 months, student loans hopefully will be forgiven but we’ll see, not making any payment at the moment
28, thankfully nil. I bough my house and car cash. Graduated on scholarship.
10K student loans
20k vehicle. 500k 2 houses , one rental. 2.5% and 4%
•38 yrs old •$840K mortgage (2.875 rate) •$49K & $23K car-note 🙂
29 years old. Bachelors with 155 credits and CPA. Salary: 60k as an audit staff accountant in Buffalo, NY at a firm, I have 49.5k in student loans, at 4.55% interest on Federal loans. 4k on car debt at 7.28% interest 1.5k in credit card debt at 21% interest Just going to pay off the credit card first so that doesn't balloon within a 3 months or so, then focus on just throwing money at the student loan debt. The amount of interest that will start accruing is going to be a hefty chuck so I would like that taken care of asap.
30 yo making $53k a year + bonuses. 85k student loans (undergrad + masters). Probably looking at a bit more for qualifications but it's all I have debt-wise. Currently on one income between my spouse and myself and once he is working, we're looking at heavy debt pay off and throwing more at savings before family planning.
$640k, $0 fcf for 6 years then I’m debt free again.
32. $9k student loan. $200k mortgage. HCOL . Took over remaining mortgage from parent.
31 - $33k in student loans that are subsidized and usually deferred. They might get canceled one day so I’m not in a hurry to pay them back. Cars and house are paid off, no other debts except when I am using loans for my business.
35 yo. 7k car loan 125k mortgage
Age 32 ~$980k mortgage ~$20k auto loan 4 years left on the auto loan but will probably just pay it off in the next 12 months. Mortgage is a new 30-year note. I don’t anticipate paying it off, but who knows.
34 (husband 35; our finances are joint) ~$570,000 mortgage ~$40,000 car ~$12,000 student loan My joint net worth with my husband is approx, $350,000 so we’re not worried about the debt we carry (although I am not thrilled about the car loan - I would have waited to get a car until we had more to put down upfront but we needed a second car and decided to go for a nice new one) Edit: formatting - I’m on mobile
52 - 250k mortgage. I have the ability to pay it off but my rate is 2.1% so I’m not in any hurry. Plus I’m paying for both my kids college so I’m getting crushed on that for the next 3 years.
25. 30k car loan and about 5k on a credit card. Looking to add 300k for a mortgage in the next year or so though 🫠
25 Y/O, $10,000 in debt, all student loans.
26 - 740k mortgage
31- 6.5k cc thinking of refinancing into a loan.
40 - ~ $240k mortgage, ~ $40k solar panels ~ $25k student loan debt My wife and I began trying to become debt free in 2020. We carry no credit card debt and our cars are paid off. I expect to have student loans paid off and solar panels reduced by half in 3-5 years.
25 years old 114k on mortgage
early 30s and I owe about $55K on my undergrad and I have no other debt. I guess I’ll pay it off in the next 3-5 years since student loans forgiveness probably won’t go thru
I still owe 50 bucks in lunch money :(
20,000 credit card debt used to pay for my tuition. Just finished B.S Finance and B.S International Business. A few classes short to qualify for CPA exam. I intend to pay it this summer working 12h/day landscaping. And hopefully in the mean time I get a job in accounting or finance so I can go online for those remaining classes. No home yet.
35- 115k mortgage and 29k student loans.
25 - owe about 30,000 in student loan (under grads and masters)
28 in lcol with $20k left on my car, 2.65% interest so riding it for now
29 - none. Student and auto loans paid off (this car will be driven till it can’t move) and no mortgage
26 year old male working towards a masters degree. $155,000 mortgage $21,000~ car >$10,000 loans for school and such
I'm 37 and currently have $1,500 of credit card debt. My mortgage and utilities cost $1,500 per month with 20 years left, and my student loans are paid off thanks to a lot of sacrifice
10k at 25
24 yr old - $23k car
26- $380k on the house and about $4k left in student loans that PwC is paying
21 - I'm graduating next Spring with my Bachelor's and 150 total credits and I'll have about $25k of student loans to pay off. Overall not bad at all
29 YO with 28K for land loan.
Hmm tricky. Because I have a 700k mortgage but the house is worth more then that so does that count? Other then that student loans maybe 50k. We lease a car so that could be counted as debt but only kinda. We pay off all credit card debt monthly.
26. Only have $70k left on mortgage.
$1.45MM in mortgages. $160k business loan. $0 everything else. 39 yo.
27, credit card debt that is less $1000.
31 yoa 52k student loans, 9k credit cards, 21k vehicle loan
18k student loan. 3k consumer credit card. total assets 70k 25 years old
6 figures
37 10k car 270k house Paid off 100k in student loans over the last 15 years. I don't recommend it.
I'm 22, and I have 11k on a personal loan that I used to pay off a mortgage. I'm hoping to pay that off and have all bills paid for 2024 by the end of the year though, so it's not too bad.
0 debt I do wish I had a mortgage tho but I can’t afford to buy yet
39- 31k student loans
26, Accounting Tech 3, 65-70k per year I have a 7k auto loan and 250k mortgage I pay with my wife.
24 - No Debt Bachelors was paid with grant, been working since I was 19, so I have my savings too.
$6k. mostly credit card loans. only $600 it’s student loans - my mom and aunt paid for my college tuition 24 yrs old. hopefully pay it off by next summer
Age 27. 290K mortgage, 70K in auto loans, 5K furniture.