If my income is 38k yearly and my debt is about 15k + 10k for my automobile... How does a 27 year old guy get out of debt and into his own home...? I haven鈥檛 had anyone to teach me this and would really like to learn... please, anything you have to say will be greatly appreciated.... 1. you need to stop using credit cards, debt is too high, pay only w/cash from now on
2. you need to start saving money (even if it's a little bit per month)
3. if you're happy w/your job that's great, you can still budget yourself w/that income and make it work. but, if you've consider changing jobs, then start looking for better pay (you won't believe how even a little xtra income helps)
4. if you decide to stay w/your present job, then consider a p-t job (temporarily) to pay off one of your debts. pick whichever debt is smaller so you can pay it off quicker, and once you've paid it off it'll give you a great incentive to continue w/paying off your next debt
5. again, concentrate on saving (not spending, many times we spend frivolously, on things we don't even need), learn to stick to a budget, and be a minimalist, buy only what you absolutely need
6. once you're debt free, continue saving (have two savings, one for a backup in case of emergencies, and one to use in the future --to purch a home, etc)
7. once you're ready to purch a home, prob the most affordable would be a condo, and think about location and a good community
best of luck! 15K is credit card debt? Sounds like you spend way too much. You may have bought more car than you can afford also. Stop frivolous and impulsive spending. Stick with that car for at least 6 to 8 more years. Look for lower rate credit card rates and transfer. Pay down as much as possible. The only way to make a big difference is to increase income. Think about a pert time job. Depends on your location, start with a small fixer (not major because plumbing, roof, etc. will take more than you can afford to put into getting it fixed). It may not be what you want, but something that you can live in while you fix things would be a good start.
Can you put $3,000 or so into making an offer? See if there are any 'bread and butter' houses in your area. What's that? 2b/1b or 1b/1b condo might work, as long as they are in a neighborhood of working folks. Stay out the 'hoods'...you want to find where people have jobs and need decent housing. It doesn't have to be pretty, remember you're building this to make money and get your feet wet as an investor.
I do know of a couple courses you can try, I got started this way (and truth be told, so did a whole bunch of cash poor, credit stable people).
The links below may help you make a decision. Welcome to the world of 'oh, dang! Tenants!;) Entrepreneurs!
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