Codecel age 24 living with his parents dealing with 100k in student loans and a 50k Tesla

John, 24, Massachusetts

Self-rated 4/10 financially

Personal Life:

• Started budgeting at the beginning of this year

• South Coast "near Cape Cod"

• Lives with Parents

  • Moved out for a couple months

  • Had a really bad issue with a neighbor which is why he moved back

    • "Walls were very thin and she was just like always yelling through the walls to like keep it down even though I'm like a pretty quiet person to the point where like there was a time I called the cops on her because she was threatening to call the cops on me for just talking in my apartment"

    • "they've actually had quite a few people leave because of her"

    • "In the week I left another tenant had already left because of her"

• Situation "much better than last year"

• "Lifestyle creep hit me hard"

• Went to a private university freshman year, lost scholarship because 2.99GPA

  • Switch to state school, lived on campus

  • Private Wentworth Institute of Technology in Boston

  • Went there without even seeing other schools

• Him and fiance looking to move in together at the end of the summer? (Not happening any more)

Career:

Site Reliability Engineer

• Remote

• $8'100 monthly ($97'200 net)

Debt/Expenses:

• Private Student Loan 79'623:

  • On Forbearance, starts up with federal ones

  • 7% interest

  • $924 payment a month

  • 10 year repayment

• Federal Student Loan $26'276:

  • Around a $250 minimum payment

  • Thinks it is 4.15 interest rate maybe?

• Car Loan (Tesla Model 3) $51'628:

  • 6% interest

  • $931 minimum payment

  • Was $56'000 when bought because it has full self-driving and auto acceleration boost

  • Has been trying to sell, but can't find anyone to buy it because nobody wants to pay extra for the software option?

  • "I work from home, I literally don't need the car"

  • Willing to sell for $30-$35

    • thinking about starting it at 40k?

  • "I've actually had 3 cars before this, so like I said my spending was unhinged last year, last couple years, cars are one thing I've really been into my whole life so I just ended up going through car after car so a lot of money was lost"

• Credit Cards

  • All paid off but sent in as example of spending

  • $2500 graphics card (3090 TI to play Counterstrike ), new Macbook

  • Reading through spending timestamp

    • Ton of eating out

Savings/Retirement:

• $1200 => 0 in one savings because he opened a high yield savings and moved money there?

• Savings $24'417, was his savings for a down-payment on a house, not sure if this is the high yield one

  • had an accepted offer for a house? Something weird happened there timestamp

• 401k $30'000

  • No Roth IRA