How does a payday loan work
So, I would put that at about 150 a month, give or take. Scott:So how much total are you spending on food other than groceries?
I hear 250 a month eating out, 460 a month on takeout, 100 a month on fast food. That seems really low for the Southern California market. I think you said you paid 350, 360 for your current house? Do you want your kids sitting in the back of a car versus having a higher mortgage payment to payday loans lakewood co live closer, how does a payday loan work which is, we struggle with. Jeff:No, it is going to be one off ramp away that we will move and the cheapest we could probably find is 750. So, we are talking about those strategies but our goal is to try to do this in two years. Because if I could do one or two of those, I could sort of maybe flip my way up to an affordable house? So, that would be something we could look into as well. Do we have any other major expenses coming out of your position right now?
How much does the car in total cost yet on a monthly basis between the payments and the gas and the insurance? Oh, and we have two dogs, and so, those dogs between dog food and vet is 175 a month. Jeff:The big ones, unless you wanted less likely, I have an HOA which is 170. Scott:Give me a sum of the miscellaneous stuff, like how much total are we missing from your spend of the smaller stuff? And I think like your current situation is quite reasonable. What you choose to do in the future will have a big impact as a big fixed expense. Scott:And you have maintenance, at least one of the cars for those. And then, how does a payday loan work with just our normal expenses, the utilities for the house.
Which is why you need an emergency fund and a reserve fund for your rental properties. I asked you if you track your spending in the application and you said yes recently and it was eye opening, but life happens and so do big expenses that derail us. And I want you to know that that is every single person I talked to.
But when you do it the Mindy method, it is in your face. The first time, the first of the month, mortgage payment.
For me and some other folks that works because, guess what? Jeff:The rental properties and everything like that. Earn more, spend less, invest in income producing assets, and start a business. I think your food budget is the first thing that how does a payday loan work could be a huge win is just to try and figure out like meal plan.
Scott:So, I think that that allows you to fairly take up the defensive role in the household and map those things out. And so maybe, what she picks with that is her car lease, right, and the gas associated with it, because gas is a necessity no matter what car you drive. Because with your fixed expenses, your grocery bill, I bet you, that grocery bill can stay at 1000 bucks, and you can eliminate nearly all of that 800 bucks.
And it also goes back to with the amount of money that I have in the stocks right now, I could eliminate a lot of it loans for bad credit in michigan now. If I took care of the car payment and HELOC, that 700-ish, that would be gone. So … Mindy:And you would have to pay capital gains on those stocks when you sell them. This is more fun, I think, than best online loan the spending stuff because td home repair loan the spending stuff is boring.
Mindy likes doing this, but very few people like doing this, you got to do it anyways. Is that a fair assessment of your general net worth? One, you should cut your expenses, it becomes two months, just by cutting your expenses.
But I think you need a significantly higher liquidity reserve, personally.
And I think you need to build out that reserve for your rental business as well.
So, when you have that rental business, I would like to see like a 15. We just had a similar situation on episode 170 the how does a payday loan work other day or week, I guess. But I would really grind out your financial position and deleverage on those HELOCs over the next year or two. Build out that cash reserve for both your personal life and your business and begin accumulating cash that you can invest in each new property from a position of financial strength, capitalizing each business independently and not taking on a new HELOC debt out. But I do think that I would not continue down this path of using that leverage like that to purchase these properties.
And I would instead think about how do I buy these positions from a position of strength and create a freedom position for myself? So, right now, you need to get that freedom, I think, is your top priority for the next six months to a year. And then, I would begin slowly allowing these debts to get out of your life, get that car payment out of the life. Your income is so high that the tax advantaged accounts are probably a good move here as well. We also, with the car payments, we drive a lot and with my side job I drive. It helps at the end of the year, even though we pay out every month, so. The way to shelter that from how does a payday loan work taxes is to max out the 401k. Can you max out the 401k after you hit a certain income … Jeff:Right. But your debt is killing your freedom and your options in life right now.
So, stop taking out more debt is number one, even if it is at this low interest rates. And then I would say, a couple of these are going to get knocked out payday cash loans online like your car loan is probably going to get knocked out over the next year two or three, I imagine, right? Scott:Knock out a HELOC or two because I would think about this like, I took out a HELOC to buy an investment property.
I would like to look at ways to reduce some of this spending. There are people who are of a million dollars in net worth, and a family of your size, that are done, right, and free.
And what is the point of getting to five, one year earlier, when every minute of your life until you get to five, is horrible.
You guys make enough money that for her to have a nice car is not going to kill your budget. And having a non-confrontational conversation with your spouse is the best way to get them on board. What do you want your life to look like in 5 years, in 10 years? I just got married very recently, and me how does a payday loan work and my wife went on a honeymoon. And we just put it up on paper, and then we took some time, another hour or so. We just set some goals, what are some things we do over the next year to move towards that vision right away, right? Do I want to be commuting personal loan for vacation expenses an hour, earning a high income and treading water payday advance loans toledo ohio really from my freedom perspective?
Do you guys just want to not be working at all and want to be retired and living on a remote island somewhere, because with your wealth and a re-allocation strategy that is achievable at this moment in time.