M$D: 9/13/2038
Meet Lucy
Age: 34
Lucy’s main concerns, in her words:
Description: I’m a single, registered nurse. Currently, I have about $9,000 in credit card debt, $8,000 on my final student loan, I bought a house last summer ($112,000) and I lease a car. I approximate my 401k balance at $24,000 and have $1,000 in savings for emergencies. I recently became a travel RN and have doubled my salary ($57/hr, $80/hr after 40 hours). In just the last 2 weeks I have been able to pay off 1 credit card and have paid $2,000 towards the remaining cards. I’m working as much overtime as possible with the goal of paying off the credit cards over the next 3 months. My house needs some updates and I’ve been thinking about finding a used car somewhere that would consider buying out my lease. I currently have 3-401k accounts from 2 pervious jobs and my current job. I’m wondering if it would be best to roll them all into 1 account? Travel nurses work 13 wk contracts. To make the best $$, we often work with several agencies to help drive up offers. So there is the potential that I will end up with several more 401ks… not sure this is the best idea?
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.