Was the son out of state with the car in his new location? Sorry but nobody is going to be able to help you if you don’t give the full story. If you loan a car to a friend and they crash it the car is covered by your insurance. Insurance covers the car. From all your posts either the mother is not giving you the full story or you are not giving us all the pertinent details. Insurance will try and cut corners and they may push back on some claims but for them to outright deny like this - suggests critical details are missing.

Yeah it sounds like the OP isn’t aware his family had no insurance not the kid.

So many answers and degree of comfortability. Generally though you want higher risk earlier in your career (when young) and more balanced as you get close to retirement. But it’s such an open ended question, not even clear if you are talking stocks, retirement accounts etc.. ?

I would say listen to this + Contranovae. There are a lot of union jobs that pay well from commercial drivers to even USPS (they are hiring in a lot of parts of the country). Even a state/fed job would be a good option.

As to retirement as Contranovae said it’s very easy to retire in other parts of the world.

So yes it’s a bit foolish to cash out. Focus the time towards new job opportunities.

I think you are missing his point. It’s more like:

OP - I want to protect my money.

Commenter 1) - Keep investing

OP - I don’t need investment advice.

Commenter 2 - You do need investment advice since you can’t figure out the safe funds which are specifically labeled. I.e. Mutual funds. This is literally a 10 second google.

OP - I just want to protect my Money

Commenter 1, 2, 3 - Keep investing you already took a huge amount of pain.

It sounds like he is just trying to figure out how much to save on a heloc or construction loan paid early. would sya house but it seems to cheap for housing these days.

Yep no disagreement. That it’s nuclear. Which is why the specialist. He is at nuclear territory. his monthly interest is basically 33% of his net. He’s at nuclear territory the real question is how to structure everything. I know what SF costs to live, I haven’t seen a budget yet but reality is I doubt he is even paying his interest per month. This means his debt is increasing….

Yep he’d hav to stay put for 7 years for sure. His current landlord likely won’t kick him out i he is paying on time but it’s a risk. But his debt ratios are so bad for his income. And the interest alone is going to kill him. There is a reason I’m saying he need sto talk to a specialist. Bankruptcy has it’s risks but I don’t see him climbing out any other way.

Some people will hate this but I put every single bill imaginable on a credit card. Then I just have the cc set up for autopay alongside the mortgages. I like my points so more on cc is good.

There really is no advice to give here other than talk to therapists. The reality is you shouldn’t be buying anything or eating out at all. Your path is on a trajectory for ending up homeless. You’ve gotten some forbearance on your rent but believe me your landlord is not going to be nice when he can finally evict you as you are costing them money.

So yes talk to a therapist asap.

This is even more critical with the increased scrutiny on taxes soon. I’m expecting S Corp to be a fun target for audits.

TimeValueofMOney posted the correct answer. At your income level I can’t think of a reason to not declare bankruptcy but you really need to go see a specialist in this area. Unless you somehow are living rent free I can’t think of a single way you will climb out of debt without doubling your income. Which is the other way to tackle this

Auto loans fall under different loan requirements than an RV. RV is classed as a luxury item, higher rates and they look far more closely at DTI because the drop in values on RV is far higher than car - in other words banks don’t care about the cars because for the most part with a down payment they know they can sell the collateral easy. Not the case for the RV.

Banks definitely go higher than I am comfortable with on DTI and they can be predatory. But I also feel like people take so little responsibility in their own financial planning also. Case in point the OP has no business buying a RV. I would venture he probably isn’t contributing a lot to retirement either and I’d be curious about CC debt given a 675 score.

This. I doubt he’ll get approved but DTI of 40% looking to buy a $35k RV on that income -the op really shouldn’t be applying for the loan in the first place

Tomayto , Tomahto - it’s the same effect. I was pointing it out as acting like you aren’t hurting yourself by putting it in savings is a bad idea. Also while you want an emergency fund, just sticking money in savings and not investing is a very bad idea for long term wealth.

You still lose money in bank accounts. To inflation….

What happens when you miss rally? There are articles on this but most of hte big gains you see in stocks or investment accounts are from big single day rallies, those days where markets jump 3 or 5% after a string of losses.

You are literally trying to time the market. If it were that easy we would all be millionaires because everybody would buy stock when it is going to jump again. I literally lost a max year contribution 2 months after contributing it in 2022, I get it, But the point is we are young and you shouldn’t be looking at it that way. 401k is something you need to look 30 years down th e road. By not contributing not only are ou missing out on the match but you are missing out on compouning. So no it’s definitely not better to wait until post recession. Take a look at compounding articles and videos people really need to understand it. It’s why so many want out of SS.

Not enough info to really say the “right” number. And its not clear if you are living in the house and/or some of the other items. But a $600k loan is going to be about $2900 a month. You don’t say where you are tax wise but tackle on another 1200-1500 a month for that. you obviously can afford a $4500 a month payment.

Means you need $900k or so down payment to get into the ballpark.

You seem to be missing that somebody with $150k salary probably spends more day to day than $40k. Generally speaking the goal is to have the same, or better, lifestyle in retirement.

Solo 401k - is an awesome option. But long story short you have more options for retirement than most.

What are you investments? You mention saving but what are you doing with what you are saving? What investments accounts? Do you have eal estate? Do you own or rent currently at home?

3.25% is cheap and we won’t be seeing those kind of rates for awhile again. I would not be in a rush to pay it off.