🔺 r/personalfinanceuosteoferocious487·50 days ago
Rebuilding my life at 37
Hey there, Due to a series of unfortunate events, mostly brought on by my own idiocy in my 20s and early 30s, I am in quite the financial position. Here’s the tldr; 37M in CA Divorced w/3 kids Salary $250k+ year Debt $250k (law school student loans + car) Savings= $1,000 Retirement= $0 Investments= $0 Monthly take home after taxes= $12,000 Rent/utilities: $2,500 Car payment: $350 Fuel: $200 Insurance: $225 Child Support $4,100 (CA is high and ex only works part-time) Food: $200 (really only for my kids since I eat at work every day) Student Loan Payment: $1,000 (lowest possible) Phone: $150 (stupid device installment plan) WiFi: $100 Credit Cards $400 Misc expenses for kid activities: $400 (have them every other weekend so we try to get out and do as much as possible) Total expenses: $9,525 Net: $2,475 I have about $250,000 in invested equity at my job so staying there will help a lot. I can sell about $75k in 5 months. I also will receive a cash bonus of about $30,000 next year as well. My thought is rice and beans and just pay off as much debt as possible with a small emergency fund. I have life insurance for my kids $500k so if i get hit by a bus they have something small. To me…