Kill The Debt
All in all, my wife and I owe over $84,000, our student loans being the biggest driver of that.
So far I have been able to payoff my $14,500 car loan, that I’ve had for four years. So that has helped us significantly. I am now onto focusing on my credit card debt, which is around $1,800. From there I will focus on my loan, because it is the lowest. Then from there, my wife’s loans. Obviously, I am using the snowball effect.
Increase Assets
We currently have a Roth IRA for each of us, and we have Teacher Retirement System accounts with the state of Texas. I am saving to open a index fund with Vanguard(need $3,000), and once all debt is paid off, I will focus on contributing as much as possible to all those accounts.
I am not interested in any other types of investments, especially real estate. I am super lazy and do not want to deal with the stress of managing properties. There’s more than one way to hit millionaire status.
Increase Income
I like being a teacher, and so does my wife, even though it is a super hard career, especially in Texas. So I am not thinking of switching jobs up anytime soon. But I have been blessed with a high paying side hustle, that is averaging $2,000 a month in profits.
This side hustle or side business, has helped my family and I out significantly. It helped me payoff miscellaneous debt I had on my credit report. It is also helped my pay down my car loan faster(that and stimulus checks). And now it is giving me confidence to pay down my big debts. Super blessed to have this asset.
All great things take time, but I am focused and on track.
Best of luck!
E
Emilio Gargano 