Just got approved for a second mortgage

[Anonymous No.15037621]

Be me, 28 years old. Yearly income for next two years is expected to be $120,000+. Last year I made 68k. Every year before that was 40k or less. I am an engineer in a niche field and had a long discussion with management and will very realistically make $60-70k pretax over the next 5 months the way my wacky pay scale is set up. Management has guaranteed me $110k in salary and bonuses over the next two years, I make about $11k tax free per year from the VA along with about $15-18k from renters.

Debts:
Mortgage: 216k @3.5% (1500/mo for principal, interest, taxes, insurance)
Student debt: 26k @ 3.85% ($360/mo)
5 year P2P personal loan from custody battle: 16k at 7.64% (400/mo)
3 year Personal loan from divorce: 16.5k at 5.95% (500/mo)
Credit card. 6300 at 0% for next 14 months. (130/mo)

Assets:
$49,600 in various cryptocurrencies
$39,000 in home equity
$6000 cash
No retirement

I got screwed in a divorce a few years ago and am paying an absurd amount in child support. I rent out extra rooms in my home and get $930 a month tax free from the VA.

I just got approved for a $255k 30 year mortgage at 4.125 percent (less than 1800/mo estimated mortgage for everything) and thought it might be a good idea to consolidate my debts except student loans into the mortgage and use the extra cash flow 50/50 toward the mortgage and then toward more crypto (dollar cost average) to dump on new investors after the next halving and speculative mania (I realistically expect the markets to 10-20x over the next two years, already up 3x in the past 6 months). My goal is to be completely debt free in two years, but right now with how my loans are I dont have much extra cash flow to put toward crypto or debts.

What do you guys think about refinancing my home and consolidating my $39k in debt from the divorce?

Thanks in advance.

Edit: I know this is a risky approach to finance, but I'm young and want to try to become completely debt free over the next two years

[Anonymous No.15037638]

>divorce and child support at 28

WTF is wrong with you burgers?

[Anonymous No.15037688]

>>15037638
and they look down on their Amish and mormons

[Anonymous No.15037963]

>>15037638
they get married at 18 after 3 months of dating and then they are all shock and awe the happily ever after somehow doesn't come as advertised

[Anonymous No.15037996]

>>15037621
dude, just transfer anything you have to a rathole as debt collateral, default on that debt, then declare bankruptcy and be done with it all for good

[Anonymous No.15038021]

>>15037621
>300k in debts
>100k in assets
>Should i get another 255k of debt?
This world is fucking lost.

[Anonymous No.15038054]

>>15037621
I think you have a good plan. Consolidating is a strong move to increase cash flow. (I know you know this) but consolidating only works if you don’t add anything. For your mindset rolling everything into the one payment will keep it focused, but I get that the student loan is a slightly lower rate, and can be kept separate. Do the math and see if rolling that into the consolidation will help increase money cash flow.

I paid off about 250k in debt with a similar income stream over a couple years. It’s about stringing days to weeks to months and keep in your finances tight. Your goal is 700 days. Just make a countdown and focus on that. Most people can do anything for two years. Hope make your goal anon, and stay away from the women.

[Anonymous No.15038057]

You make real money, but you clearly have no idea how to properly spend/save.

>Stop borrowing ALL money
>Close your credit card accounts immediately
>Start paying off your debts. Smallest first and save the largest for last.
>You Make way too much money to be taking out loans

[Anonymous No.15038532]

>>15038057
This deffo

Live within your means you’ll be happy as Larry in 24 months. And stop thinking that crypto will carry on the way it has been so far. Everything could change in a flash. Beside you’re crazy to come for advice here. Pay £200 for a serious session with a financial adviser, one that doesn’t work for a finance company. Best of luck anon