An 24-year-old who graduated back in 2017 with a $35,000 loan after completing their education. X took a job with a $58,000/year salary, lives about 40 minutes from their family members, and is about a 15-minute commute from work. X has one roommate in a 2-bedroom apartment.

Over the past few years, X has begun to pay down the college debt by making the minimum payment each month. X bought a 2-year-old used Toyota Prius for $15,800 when they started their first job in 2017 and over the past two years or so has paid off $9,600; X now has $6,200 left to pay it off. In addition, X has accumulated credit card debt of about $12,000 through paying for personal travel expenses, home furnishings, clothing, and other miscellaneous personal items. X has not yet contributed to any retirement saving plans, but has a savings account earning 15% APR to which they contribute $50 a month.

By what age will X be able to pay off the debt, with the plan you are proposing?

Cost Spending Category Property Tax Vacation Car Maintenance Cell Phone Plan Entertainment Fuel Groceries Insurance - Auto Insurance - Health Insurance - Renter's Internet & Cable (Bundle) Rent Savings Streaming Services Utilities Frequency Annually $ Annually $ Biannually $ Monthly $ Monthly $ Monthly $ Monthly S Monthly $ Monthly $ Monthly $ Monthly $ Monthly $ Monthly $ Monthly $ Monthly $ 300.00 1,200.00 150.00 50.00 200.00 80.00 225.00 115.00 180.00 20.00 100.00 800.00 50.00 25.00 150.00 + Frequency Spending Category Student Loan (Federal) Student Loan (Private) Capital One Credit Card Costco Visa Credit Card Gap Visa Credit Card Auto Loan Cell Phone Amount Owed $4,300.00 $31,000.00 $5,500.00 $2,200.00 $1,050.00 $6,200.00 $720.00 Interest Rate (If Applicable) 4.53% 6.80% 24.99% 16.74% 27.49% 4.00% 0.00% Monthly Monthly Monthly Monthly Monthly Monthly Monthly Payment Payment Type Amount Minimum $80.00 Minimum $610.00 Minimum $290.00 Minimum $59.00 Minimum $43.00 Full $300.00 Full $30.00 Your 2019 Estimated State Income Tax: $2,740 Your Income Taxes Breakdown 2019 Taxes Tax Type Federal Marginal Tax Rate 22.00% Effective Tax Rate 10.23% $5,935 FICA 7.65% 7.65% $4,437 State 4.72% 5.50% 0.00% 0.00% 22.61% Local Total Income Taxes Income After Taxes Retirement Contributions Take-Home Pay $2,740 $0 $13,112 $44,889 $0 $44,889 * These are the taxes owed for the 2019-2020 filing season