For the average late twenties American, I’m doing pretty well on the debt front. Twenty-somethings are carrying $45,000 in debt on average, whereas I have about $10,500.
That debt is:
- $8,000 in federal student loans from undergrad (I was lucky enough to get a full scholarship and living stipend for graduate school).
- $2,500 in personal loans from two relatives. I’m incredibly fortunate to have two family members who are willing and able to allow a further lengthening of my already slow loan payback in order for me to make this move.
My assets are not impressive. My net worth is still negative. By the time I leave for Johannesburg, I will have:
- A little more than $6,000 in retirement savings.
- A cushion of one month’s salary plus close to another month’s salary in payment for unused vacation days.
- $760 from the return of my security deposit
- $250-$500 from selling my furniture on Craigslist
- $2,500 in emergency savings
All told after moving expenses, I should land in Johannesburg with $1,500-$2,000 in my checking account and $2,500 in emergency savings.
So my projected financial snapshot looks like this:
Fingers crossed that all goes according to plan!