Looking for some coaching on building my wealth, as someone who grew up poor in nyc
Hi there ! I took a leap of faith last year and opened my own business that is doing very well at the moment. Ive managed to pay all business debts before the first year. & now Im starting to see the fruits of my labor. Ive been paying myself a very humble salary as a single member (S-corp), but now that I have a good savings for the business, I want to compensate myself a reasonable salary & bonus. Currently paying myself 4,200, my business profit margin is around $37,000 a month.
I have a about 17K in personal debt 806 credit score. I'm very good at living within my means.
Student Loans - $4,028
Car loan 11,700
CC $1,900
I really haven't contributed to my 401k maybe 3K most, I put most of my savings into this business.
What would you do, should I just pay off all my debt and then start investing ? I grew up somewhat poor single mom really showed me how to work and thats it, so I'm so scared when it comes to money and no one ever taught me, Ive just worked really really hard since I graduated high school, I'm now 31 no kids or husband.
My business has an emergency savings of $32K at the moment
My personal savings is around 8K
I have a very low cost of living, I was passed down a CO-OP and pay very little HOA.
Where do i start ?
Posted Aug 11, 2025, 9:09 PM UTC