I'm having some trouble with personal finances and am not really sure how to get out of it. I'm in debt with student loans, credit card debt, car debt, and a mortgage.
I also have a lot of monthly fees that is really eating up my income. Some of the fees include
Cable, Gas/ele, garbage, cell phone, home telephone, internet, donating to hunger poor military cancer aids kids neighborhood city, bingo, gambling, pool cleaning, country club, time shares, eating out, insurance flood/earthquake/car/house, many different clubs, private schooling, volleyball/basketball practice, and a few others.
My mortgage is about 350,000 dollars, car debt is 15,000, credit card debt is about 80,000, and student loans are around 150,000. Which leads me about 595k in debt.
Monthly fees about 8,500 dollars a month.
I bring in about net 60,000 dollars a year which is great money and I should be able to do most things. That's 5,000 a month.
I'm not sure what is wrong here... But for some reason bills are piling up. I've asked my friends and they gave me a few solutions. Which one should I choose?
1. Sell 1 of my TVs and pay off some of the debt. Reduce going out to eat by 1 night a year. In 10 years, I should eventually take over my pool cleaning. And have a yard sale sometimes. That should reduce my monthly to 8,300 a month and my debt to 465k in debt over 10 years.
2. Sell some of the time shares to a friend, but keep it because I still need to go on vacation. Stop going to the 5 dollars slots, instead go to the 1 dollars and maybe cut a little out of bingo. Pay more into the overall debt. Should reduce it to 8,250 a month and my debt to 430k over 10 years.
3. Stop eating out completely. Quit donating my money. Sell my time share. Get rid of my home telephone, insurance, clubs, country club, bingo, gambing, clean my own pool, sell my car and take the bus, and sell a lot of assets to reduce the interest on the debt. And MORE. Basically ruin my life.
I can't consider option 3 so I say that's out. I mean I love my life style, why should I change? I think option 1,2 are great ideas and I could keep putting the monthly payments on credit cards or other loans. In 10 years, I reduced the current debt to 465k... Although someone said if I spend 8,300 a month, and only take in 5000, then 10 years I would have increase my debt by 400k... But that doesn't make sense so should I choose option 1 or 2?
PLEASE HELP
I also have a lot of monthly fees that is really eating up my income. Some of the fees include
Cable, Gas/ele, garbage, cell phone, home telephone, internet, donating to hunger poor military cancer aids kids neighborhood city, bingo, gambling, pool cleaning, country club, time shares, eating out, insurance flood/earthquake/car/house, many different clubs, private schooling, volleyball/basketball practice, and a few others.
My mortgage is about 350,000 dollars, car debt is 15,000, credit card debt is about 80,000, and student loans are around 150,000. Which leads me about 595k in debt.
Monthly fees about 8,500 dollars a month.
I bring in about net 60,000 dollars a year which is great money and I should be able to do most things. That's 5,000 a month.
I'm not sure what is wrong here... But for some reason bills are piling up. I've asked my friends and they gave me a few solutions. Which one should I choose?
1. Sell 1 of my TVs and pay off some of the debt. Reduce going out to eat by 1 night a year. In 10 years, I should eventually take over my pool cleaning. And have a yard sale sometimes. That should reduce my monthly to 8,300 a month and my debt to 465k in debt over 10 years.
2. Sell some of the time shares to a friend, but keep it because I still need to go on vacation. Stop going to the 5 dollars slots, instead go to the 1 dollars and maybe cut a little out of bingo. Pay more into the overall debt. Should reduce it to 8,250 a month and my debt to 430k over 10 years.
3. Stop eating out completely. Quit donating my money. Sell my time share. Get rid of my home telephone, insurance, clubs, country club, bingo, gambing, clean my own pool, sell my car and take the bus, and sell a lot of assets to reduce the interest on the debt. And MORE. Basically ruin my life.
I can't consider option 3 so I say that's out. I mean I love my life style, why should I change? I think option 1,2 are great ideas and I could keep putting the monthly payments on credit cards or other loans. In 10 years, I reduced the current debt to 465k... Although someone said if I spend 8,300 a month, and only take in 5000, then 10 years I would have increase my debt by 400k... But that doesn't make sense so should I choose option 1 or 2?
PLEASE HELP
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