Should I invest or get out of debt.?

I'm self employed and I just got out of school.I am $45,000 in debt.I owe $15,000 to relatives and the rest are loans which I'll be paying back very soon. In addition I own a condo which is killing me in taxes. I would like to start a Roth IRA.Also, I am going to need money to finance my new carreer. I was thinking about selling my place, putting my furniture in storage and living with a few roomates for a year while I open an IRA and invest in my career and pay back my relatives. Another option would be to use some of the money from my home to get out of credit card debt ($9,000).I am undecided about what to do.Is it better to buy another place right after I sell.I feel my mortgage is robbing me of enjoying life and if I would have used some of that money to invest in my career I would have been further along financially.I just don't want to make the same mistake again.Does Anyone have any ideas?Am I thinking straight or is there a smarter way to go about this?

So my question is should I invest in another mortgage and pay out my debt slowly while struggling to get the cash need to finance my career? Or should I use the plan I described to clear some debt in order to invest in the things I need to make my career successful?

You should get out of debt first, especially the cc debt. You have to make a moral decision whether to pay off the families or the institutions first. I would sell, live with some room mates and try to get out of debt and on your feet before you buy again. The only way that it might be worth it to invest is if you can get a higher interest rate on your investment then you are paying on your debt, but that is not likely. Good luck, Merry Christmas

Yea this is quite a prob you got here. I would reccomend you stop everything your doing and read some articles or info on how to handle these things moew wisely. here's one link where you can ead some related articles.
http://www.halooya.com/

put some into your IRA..That will save you on your taxes. Selling the condo and living with friends is a good idea unless you can find roommates for your condo and have that as a vehicle for appreciation. I would reduce your "enjoying" life for a year and get caught up. That will make it easier to relax in a year or so. Pay at least the mins but put the majority of your effort into the highest interest loans/credit accounts..usually the credit cards...and keep on paying extra into the highest remaining account.

Use the equity in your condo. If so you pull it out and pay on your loans. You need to invest now. Go ahead and start the Roth IRA. You can also get a smaller house with a smaller mortgage. You don't want to rent any where. Think about it if you get a smaller mortgage and pay principle and interest you are saving money. It's like you are putting money in a savings account when you paying principle in a mortgage payment.

I didn't read the whole thing, but the answer is not hard to find. Arrange all your debts and savings, and proposed debts and savings in order of interest rate. Almost certainly the negative interest of your credit accounts will be greater than the positive interest of potential investments, even including any potential tax breaks (and remember that an IRA is not liquid without big penalties). So pay off the debts first, in order of interest rate. Try to transfer debt from higher interest accounts to lower interest accounts.

If you can borrow money against your home at a substantially lower rate than you are presently paying on your credit cards, you should probably do it.

The decision of whether to rent or buy after you sell should be based on whether, after some number of years you intend to occupy the home, you would be further ahead. The tough part, of course, is predicting the housing market in your area. Good luck with that.

When you are already in debt that you aren't sure that you can handle, don't invest in anything high risk!

I would recommend seeking credit counseling, they will be able to look into the rates that you are paying, the benefits of investments, etc.

There is really no overarching "right" answer. It all depends on the situation.

As a general rule, I would say first things first, cut up the credit cards. CC carry high interest rates so that is what you should get out of first.

I would never get into an adjustable rate mortgage, those rates can shoot up and make it even harder to get out of debt.

As a personal rule, I would never borrow money from family. Money isn't everything, and I have seen it tear families apart. I would recommend that you get this out of the way next (but, again, you would be best off talking to a Credit Counselor who will be able to understand your situation more in depth. There are many non-profit organizations that offer credit counseling.)

I wish that I could offer you more information, but because I don't know your situation I will not give you any advice. I hope that this is informative, but it is not advice because I don't know your situation. Best of luck.

Pay off the highest interest rate debts first. This will probably be the credit cards. I don't know where your condo is, but today's real estate market is not a good one to be selling in, you will need to see what similar condos in your area are selling for before making a decision.

Sell the condo, get out of debt, and invest, invest, invest.