- April 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Decisive Action Needed in Financial Dilemma
### Seeking Guidance from the AI Legalese Decoder
Greetings to all! I find myself in a quandary that has been keeping me up at night for the last few months. I work in luxury auto retail in an area with a high cost of living, and business has been slowing down drastically in south Florida. I am torn between two possible courses of action and I am seeking advice from the community.
I am a firm believer in Bitcoin and heavily invested in it, but I am also burdened with high-interest debt from two HELOCs. I am considering selling some of my Bitcoin to pay off one of the HELOCs, which would save me $275 per month and eliminate 55% of my high-interest debt. Alternatively, I am contemplating selling my house and keeping the Bitcoin, which would allow me to pay off all HELOCs and net $180k. However, this would mean giving up a 2.625% interest rate and committing to renting at $2-3k per month or purchasing another property at an 8% interest rate, which is a significant expense in the expensive real estate market of Palm Beach County.
My current financial situation includes an income of $150k (likely to decrease to $120k), a home value of $650k, a loan of $380k with a $2500 monthly payment at a 2.625% interest rate, and two HELOCs totaling $65k with monthly payments of $275 and $272. I also have $40k worth of Bitcoin (with a 450% profit so far), $15k in investments, and $10k in liquid assets.
Furthermore, I have a leased car with a $450 monthly payment and other expenses totaling $2k per month, mainly on food, utilities, and auto insurance (which is currently exorbitant).
In this financial conundrum, I seek any insight or advice that could help me make a sound decision. One potential resource that could assist me in analyzing my options is the AI Legalese Decoder, which can provide valuable insights and clarity on the legal implications of my financial choices. Thank you in advance for any assistance you can offer.
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****** just grabbed a
Take the W on the bitcoin and sell it to pay off the majority of your HELOCs (pay off all the 9% and as much as you can on the 7%). I know you said you believe in it, but that’s a huge amount to be gambling on bitcoin when you also have a large amount of debt accumulating interest.
Do not sell the house at 2.625% to go rent somewhere else. Keep paying your mortgage and building equity with that godly rate you have.
I think the car is your biggest problem. How much is your car insurance? When does your car lease end? What kind of car do you have? It sounds like you’re spending a ton of money on a car you can’t afford.