Anonymous wrote:Holy wow!!! That’s a lot of debt. How much do you make PP?

she said upthread: "43F, nurse, $15K in retirement and add about $400/mo, $65K salary, and about $90K debt including auto and credit cards etc."

unfortunately without knowing what housing/food/obligations are, and how much is left over it's hard to know how to start whittling down that debt load.

You're doing great! You have plenty of time, and when childcare drops off, that will make a big difference.

Holy wow!!! That’s a lot of debt. How much do you make PP?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what about me - 43F, nurse, $15K in retirement and add about $400/mo, $65K salary, and about $90K debt including auto and credit cards etc.

$400 a month into a good ETF- VOO, QQQ, VTI, VUG for next 20 years and you should be fine. You got to work extra shifts to get rid of the $90k.
Don't forget, retirement account will be taxed as ordinary income if you put the money in pre-tax. You should have the $400 invested inside of a Roth.

I am a nurse and it is directly taken out of my paycheck into 403(B) and I contribute like 4-5% every month which is $400. I am very concerned on how to get rid of this debt since my whole paycheck just go towards the debt and I usually go in negative every month.

Can you provide a break down of the debts and the associated interest rates? The general rule of thumb is to put any extra money at the highest rate debt until it’s paid off. Once the first one is paid off you move to the next highest interest rate

Are you able to pick up extra shifts?

I am the PP. about $49K of credit card debt, $18K of fixed income loan and $24K of auto loan. I have been trying to get extra shifts as much as possible. Going to school as well to become RN.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what about me - 43F, nurse, $15K in retirement and add about $400/mo, $65K salary, and about $90K debt including auto and credit cards etc.

$400 a month into a good ETF- VOO, QQQ, VTI, VUG for next 20 years and you should be fine. You got to work extra shifts to get rid of the $90k.
Don't forget, retirement account will be taxed as ordinary income if you put the money in pre-tax. You should have the $400 invested inside of a Roth.

I am a nurse and it is directly taken out of my paycheck into 403(B) and I contribute like 4-5% every month which is $400. I am very concerned on how to get rid of this debt since my whole paycheck just go towards the debt and I usually go in negative every month.

Can you provide a break down of the debts and the associated interest rates? The general rule of thumb is to put any extra money at the highest rate debt until it’s paid off. Once the first one is paid off you move to the next highest interest rate

Are you able to pick up extra shifts?

Anonymous wrote:In 403(b), you can't chose ETF and I don't think previous PP who is a nurse is so savvy in all this.

This PP could have some serious issues with money in her retirement. Paying off her debt would take her next 5 -7 years at this salary and then it probably going to be a little retirement with SS.

Anonymous wrote:

Anonymous wrote:my retirement account that was $0 when I was 40 is currently $700k at 50. as long as you can keep saving, you'll be just fine.

You saved $700k in 10 yrs? What’s your secret?

put away at least 8% but now the max into 401k with 8% company match.

OP is putting away $1200 a month, she should be fine by retirement.

In 403(b), you can't chose ETF and I don't think previous PP who is a nurse is so savvy in all this.

Anonymous wrote:

Anonymous wrote:what about me - 43F, nurse, $15K in retirement and add about $400/mo, $65K salary, and about $90K debt including auto and credit cards etc.

$400 a month into a good ETF- VOO, QQQ, VTI, VUG for next 20 years and you should be fine. You got to work extra shifts to get rid of the $90k.
Don't forget, retirement account will be taxed as ordinary income if you put the money in pre-tax. You should have the $400 invested inside of a Roth.

I am a nurse and it is directly taken out of my paycheck into 403(B) and I contribute like 4-5% every month which is $400. I am very concerned on how to get rid of this debt since my whole paycheck just go towards the debt and I usually go in negative every month.

Anonymous wrote:Make sure you plan for aftercare and camp, including for mid year breaks. School doesn’t “end” childcare if you have to work full time. Would but it did.

Thankfully I WFH and the bus drops the kids at my house at 4:15pm so I dont need aftercare. Ive been using my pto for christmas and spring breaks. Summer camp is $6k for 2 kids but much better than $25k for daycare.

Anonymous wrote:

Anonymous wrote:How long were you married? Your ex may have rights to half your retirement to date, and you to his.

+1. Answer this op. Is this before/after your spouse’s portion is taken out?

These numbers are after he gets his portion

Anonymous wrote:Yes, you will be fine. I am 50. Divorced at 39 with $6000. Close to $1m now.

how did you make a million dollars in 10 years?

Anonymous wrote:How long were you married? Your ex may have rights to half your retirement to date, and you to his.

+1. Answer this op. Is this before/after your spouse’s portion is taken out?

Make sure you plan for aftercare and camp, including for mid year breaks. School doesn’t “end” childcare if you have to work full time. Would but it did.

Yes, you will be fine. I am 50. Divorced at 39 with $6000. Close to $1m now.