You don't agree fine, however, your ass comment applies well to yourself.

I rarely agree with scot politically, he ticks me off all the time but he's not an ass. Okay maybe sometimes but I'm not seeing it here.

 

Yes food and shelter and gas and phone and electric..... And you want to know why because they are morons. Dudes across from my grandmother has no electric and 7 kids but a ghetto fab caddy.

 

Want to hear about some irresponsible spending?

I'm 19, pretty much on my own, and I drive an S2000. Currently I'm living a little above my means, but I'll get back on track after the S2000 is paid for in about 1.5 years (will pay for an $18k car in 2 years).

 

Ok! I will be the brave one and ask for help.

I am 21 working fulltime making $45k a year while slowly getting my BS.
( I know I should not have an S2000, but too late now and its a lease )

So in the last couple years I have been foolish and somehow someway got into debt ( approx $20k ). Not all of the money was on foolish spending.
(unplanned family help and unsucessful try at new business). I am currently a bank employee and have nice APR on the cards and no fee for cash advances. Anyways, I have changed my ways. I seem to be tight on money every month with mortgage ( helping parents with half) car payment, insurance, and other bills.

The only smart thing I have been doing having 15% of my pay is going into 401k and stocks. I have about 10K in my retirement funds.

The question is should i take the money out and pay off half my debt or just budget tight and pay off slowly?????

Thanks for the advice and comments.

 

I was like that at your age, too. I had my first S2000 when I was 18 years old... back then it was a big chunk of my income to pay for the car.

Looking back on it now (at 22), it was probably a pretty silly thing to do.

But hey, you only live once!

 

Stop putting $ in the 401k unless you get a hell of a match and use the extra monthly $$ to pay off your debt.

Flame suit on.

 

They match 8%

 

Wow, I hope 8% is on the low side of things. I'd expect at least 50% from what I've heard.

Again, I'm a student, so I don't really know.

 

They match up to 8% of you salary or they put in $8 for every $100 you put in?

 

You will receive a match equal to 100% of the first 8% of plan-eligible compensation you contribute after you complete 12 months of service. The match is made in cash each pay period. If your deferrals fluctuate during the year, a true-up match may be made after year-end in order to ensure that you receive the full match. Matching contributions will be directed to the same investment choices as your own contributions