[Karin]

How am I doing?
Age 36.
160k Salary.
Divorced twice.

30k 401k pretax. (Had to start over)
I own two single family homes plus a duplex.
200k, 100k and 70k equity.

23k personal loan.
30k Credit Card debt.

I have no car payments but own 4 cars.
I’ll purchase my next property in 10 months.

[Smith]

Sell 3 vehicles and pay off all your debts. It’s way too high for your age.

[Melody]

Sell some cars and get your personal debt (personal loan & credit cards paid off) especially before you get another property and then put more towards savings.

I’d not get married again or if you do get a prenup.

[Krissy]

Have only one car and use other 3 cars to pay off personal loans and credit card debt. If the cars are not worth the amount to pay off the loans and credit card debt.

Start using all extra cash flow each month to pay off the personal loans and credit cards before you purchase another home (smallest balance first pay off then to the next and the next and the next) The interest on these two are just like burning money

[Katie]

This is just my opinion….
1. Quit getting married.

2. Sell 3 cars. They are a waste of money.

3. Use money from car sales to pay off personal loan, CC debt and any mortgages that are at current rates (6-7%).

4. Cut up CCs, and do NOT open another account.

5. Heavily invest in retirement savings either via the market or more rentals as long as they are good money makers.

[Bre]

1 continue to increase salary via bonuses and pay raises
Work on self and your part in the divorces before jumping into a another relationship, it could be as deep as even the partners you choose that are choosing to divorce you or why are you igniting divorces or is marriage even right for you

If you are not making money on the properties find a way to make money on them

Sell two cars keep two cars, that way you always have a back up in the event you have trouble with one and need to get to work
Pay off cc and personal loan

Max out 401k
Overall finically it’s not that bad but make your fire goal and then follow the plan

[Dew]

The credit card debt is a non starter. I’m guessing the personal loan also has a pretty high interest rate? You need to pay those down like yesterday.

[Douglass]

Why do you have 4 cars lol I suggest paying off the high interest debt before buying another property

[David]

Too much high interest debt. Good salary but it’s being pinched by the high debt.

I’d sell some cars and consolidate the rentals to hold only ones I owned outright.

Then I’d start investing heavily. That’s me though and I abhor debt

[Bereket]

One thing I would suggest is tracking your progress over time. You can pick the variables that matter most to you, but the best comparison is to your past self.

Nothing is more intoxicating than the feeling of progress, no matter how small.

[Michael]

I suggest not getting remarried unless that’s part of your wealth building strategy. Hard to tell if you’re making a profit or loss off that.

Congrats on your 4th property.

[Brianna]

Not doing fine. Extremely behind the curve. I would suggest moving back in with family and maximizing all the retirement buckets.

Start a backdoor Roth IRA, Maximize 401K, start a brokerage account and find 50k a yr in and pay off CC debt.

[Katie]

One thing I’m not seeing asked – what are your goals? How you’re doing is entirely subjective on where you want to be.

And hard to say without knowing your expenses.

I’d recommend a financial audit to have a better idea.

[Rachel]

Intetest rate is high so pay off the 30k CC debt first, wait a little longer for lower mortgage rate to buy new property.

In my opinion you are doing so well financially at 36 years old even after 2 divorces.

Many middle age men in their late 40s and 50s don’t even own a home and are drowning in debts plus being alcoholic.

[Aimee]

I would focus on paying down the debt first, before buying the next property.

Find a therapist who will help you identify your relationship patterns.

Find some good to do in the world, that’s the true meter of how you’re doing in life.

[Kevin]

Doing ok, but not great. At 36, I already had a couple of million in networth at a lower salary point.

You need to stop it up with your 401k & Roth IRA. Also pay off that loan ASAP.

Strict budget for 4 months until that loan is paid off. Then max 401k and ROTH IRA.

[Sade]

I know divorce can set you back, but you have massive debt and not enough retirement savings.

I went through a high conflict divorce that cost me 6 figures. So, I get it, but it’s time to prioritize you and your financial health.

1.) Don’t get married again

2.) Go rent a room somewhere for $600-1000 a month. Agressively pay down that credit card and personal loan.

3.) Then max out your 401K and Roth IRA every single year and rebuild emergency savings.

You got this. You could be debt free in under a year.

[Jay]

Seems like you’re doing pretty good overall. You have about 350k in assets.

Need to pay off the cc debt as they usually have high interests.

With your salary at your age, you will be able to FIRE in 50s

[Adam]

You’re a little behind on # of divorces at 36. I’d try and catch up by 40 and you should be all good!

Otherwise, what is the debt interest rates? Properties are cash flowing?

Also definitely re-evaluate the # of vehicles. The carrying cost of the for insurance etc can be pretty high.

[Melissa]

You get to remarry if you want. I met a guy who was married four time and still looking. I would learn from your past mistakes first though.

You also get to stay single for the rest of your life if you’d prefer that.

[Author]

Posts