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Personal Finances / Credit Cards and Consumer Debt
|Subject: Debt vs emergency fund||Date: 10/24/2013 6:09 AM|
|Author: sparkliingone||Number: 307394 of 309665|
I need advice.
I hope someone can help.
I currently earn about 90k per year.
My monthly expenses are easily 4k.
I have 47,000 in savings which is earmarked for emergency.
I have 183,000 in deferred compensation.
I have at least 40-60k in equity in my coop.
I have about 9500.00 in stock.
I have about 20,000 in credit card debt.
3k left on my car loan
2nd car worth 6k - husband drives.
Husband is in school, brings in no money.
I live in one of the most expensive areas in the nation.
I am retiring from my job in 100 days.
My pay will be cut in half, possibly to 44k.
I do plan on going back to work. I am only 45.
I have an MA and I have a paralegal certification and
I consider myself very employable so I am not horribly
worried about getting a job - somewhere.
I just don't want to do all this under extreme pressure, which
comes when one doesn't know what one is doing.
(or can't find their butt with two hands)
Clearly, I am not prepared. So I have to get prepared.
I know I have to cut down expenses. I have the LBYM board for that.
I read that I should pay off the debt. But my question is...taking such
a large paycut and bei