I currently have been working as much as I can and am paying off 14,000 of credit cards. Dumb decisions but that is the situation. I am 26. Making just about 32000 a year.
David, congratulations on awakening to the slavery of bad debt. Spend some time here, read books, find a guy named Del Walmsley and listen to his podcasts. All these things are free.
Educate yourself on the correct course of action for you. This won't happen overnight, but also shouldn't take years either. If you pursue wisdom, it will change your mindset and entire world.
Having said that, I suggest you focus all possible income to pay off bad debt. Having zero bad debt will allow you to acquire good debt, which will itself produce value and income.
David, congratulations on awakening to the slavery of bad debt. Spend some time here, read books, find a guy named Del Walmsley and listen to his podcasts. All these things are free.
Educate yourself on the correct course of action for you. This won't happen overnight, but also shouldn't take years either. If you pursue wisdom, it will change your mindset and entire world.
Having said that, I suggest you focus all possible income to pay off bad debt. Having zero bad debt will allow you to acquire good debt, which will itself produce value and income.
Go Dave Ramsey on the debt. Sell stuff. Find ways to make money on the side. Buy clothes at thrift stores. You need the extra buying power you'll get by eliminating debt. Then house hack. Buy a 4 family if possible and live in it.
Learn to attract and engage private lenders and you'll have funding for more deals than you can find.
Meanwhile, explore ways to finish clearing the debts you want to get rid of. If you've been good about making your payments on-time (35% of your credit score), you should have a favorable credit profile. After that, what will work the most against you is your credit utilization and your debt-to-income ratio.
What percentage of your available credit does that $14K represent?
What percentage of your monthly income does the total of your minimum payments represent? ... and have you been paying more than the minimum?
Well you are young , 6 hours of sleep should do . Get 2 full time jobs 8 hours each during the week , deliver pizzas on the weekends . That leaves you 2 extra hours for travel time and to shower during the week . Now since you are working so much you wont have time to spend money . You will be out of debt in no time
Plan your REal estate life after debt is paid,, after you have accomplished this first goal, you will have set the stage to be successful at RE, By not finishing the first, how can you be sure you can finish any other goals. Banks love folks who "did it".
Focus all of your energy on paying off that credit card debt ASAP. Interest rates on CC are horrid, and they will only get worse as rates rise. Instead of going to the movies or the bars, spend your time reading and listening to pod casts for free, and start running the numbers on places. By the time you are out of debt and have a bit set aside for a down payment, you will be in great shape to make great decisions. And in the meantime, the REI market will continue to evolve. My guess is that in a couple of years, you will have an easier time finding that killer deal on a 4 plex than you will now. Good Luck!