- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Assessing Financial Situation and Goals
I am currently 26 years old and working full time in Toronto. Last year, I made the decision to move out of my parents’ home and start renting my own place. However, I have neglected to seriously evaluate my financial situation, almost as if I have been intentionally avoiding it.
## Discovering Financial Challenges
Recently, I took the initiative to document my monthly expenses, which include rent, car expenses, groceries, student loans, lines of credit, insurance, and other essential costs. Upon comparing these expenses to my monthly income, I realized that I am operating at a net-negative. It is important to note that these expenses do not even account for any personal spending outside of these necessities.
## A Desire for Financial Literacy and Investing
Recognizing my lack of financial education, I now understand the importance of starting to invest and grow my wealth. Additionally, I feel the need to seek out better job opportunities, as my current position does not offer a high salary in today’s competitive economy. Moreover, I believe I should explore various income streams to improve my financial stability.
## AI Legalese Decoder Assistance
In this situation, AI Legalese Decoder can be a valuable tool in helping me navigate the complex world of financial jargon and legal terms. By utilizing this AI technology, I can better understand the terms and conditions of my loans, insurance policies, and investment opportunities. This will empower me to make informed financial decisions and take control of my financial future.
## Seeking Advice for Financial Improvement
With these realizations in mind, I am seeking advice on how to initiate positive changes and set myself on a better financial path. Any guidance or suggestions on where to begin or what adjustments I should make would be greatly appreciated.
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It might help if you break down your income and expenses in terms of numbers for us to understand better what you are making vs spending on these things.
There are 2 levers you can pull.
1. Income. Either by working more hours or get a higher paying job. You don’t necessarily need to have multiple streams of income to fix this issue, though it does help in the event 1 of them goes away due to job loss.
2. Spending. It’s possible you are spending on stuff you “need”, but spending way too much. Some people overspend on their car or food because its a necessity. but end up buying stuff they can’t afford and need to scale down.
Spending 60% net income on housing is unsustainable. There’s a reason the rule is 35%
I’m not in the US (in UK income tax is deducted before you’re paid), so not well versed in this but are you taking account of taxes in your numbers?
You need to raise your income, reduce your expenses, or both. A major change might be necessary.
I’ll probably get downvoted to hell, but pick up Dave Ramsey’s “total money makeover”. I’m not saying you need to follow the guy religiously like some do, but he does give a good holistic overview of understanding how to manage your financial life
In your expenses, I found you pay too much for rent for your small income. The common recommendations is to not pay more than 30% of income for housing. Solution: move to a shared home, ideally closer to job to reduce costs. Difficult step but impact will be each month for long term.
Second: the commuting costs should be under 10% of your income. Now you have car + insurance + gas + public transport -all together close to 1K. With your income you cannot afford the car.
Once you improve these 2 lines, there is room to pay faster the student loans. Maybe try to refinance /negotiate a smaller interest. Once debt is fixed, you can breath and see a better future.
And don’t forget: look after a better paid job. Or a second job temporary to pay that debts fast and breath after.
See the way this works is you have a job and get paid money and you can use that money to by goods and services. You can’t use more money than you get paid you have to trim some expenses. If that means no Starbucks or eating ramen 3 times a week that’s what it has to be. On a longer term cheaper rent less expensive car no streaming service. Grow up.