No. of Recommendations: 0

Is there any hope of becoming a Fool from the bottom of a pit like this?

We're glad you found TMF. I hope you have taken the time to read through the Fool school,, and educate yourself. Please don't get discouraged about starting late. In this case, better late than never works well. Recognizing you have a problem and determining to solve it helps you alot.

TMF recommends you to get rid of your debt before you make added investments, except in the case of a 401k where you have matching employer funds. In your case, decide the maximum you can afford to pay consistently on a monthly basis towards your CC debt and pay this. This will help you budget your monthly expenses.

Regarding your house purchase, you didn't indicate whether you have a 15 or 30 year mortgage. Remember that Social Security won't provide more than 30-40% of your base salary, so you need to make sure can pay that mortgage if you still have it when you retire.

Of course, you can always do the drastic thing and move into a cheaper house.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.