I (27) have a lot of financial anxiety at the moment that is kind of made worse by my financial advisor, who says I'm in a pretty good spot, but he doesn't want to see me take more money out of my retirement accounts.
Here is a breakdown of my current financials:
- $24k in a Traditional IRA and $55k in Roth with Edward Jones
- $5k in checking
- $5k in crypto
- $15k on a Chase credit card with high interest; $3k on another credit card, 0% interest until September; no other cc debt/student loans/car payments
- Own 2 houses (#1 bought for $310k; current mortgage is $283k and $2250/month; #2 bought for $325k, current mortgage is $285k and $2050/month)
I've been trying to sell home #1 to no avail - listed for $330k, dropped to $319k after 1 month, dropped again to $309k after another month. Only got 1 offer for $280k, which would have left me paying $20k just to sell the house, so I declined. We took the listing down after 100+ days to reset the counter and will relist in June. But now I'm wondering, should I have sold the house for 280k and just taken the loss as a hard lesson, and moved on? Or is it better to wait until a better offer comes through? I'm also considering trying to rent it as a furnished house for short/midterm rentals at a loss (~$300/month).
I know, rationally, that I'll be okay financially. However, I have been feeling crippling financial anxiety about not selling the house and having to take at least $15k out of my savings to pay off my cards. Any advice on moving through this anxiety, or reassurance from those who have had similar experiences?
Edit: To add more context, I'm in Charlotte, NC. The house I'm trying to sell is in an older neighborhood where comps have gone for anywhere from $260k to $350k. It's 10 min from downtown, and in an area where there is a lot of gentrification and redevelopment. I was making $120k salary until January, but was laid off; I've been on unemployment (a measly $350/week) and have been job searching, and recently gave up on the unemployment check and get several part time jobs all around $15-20/hour. The second house is rented, and I'm not looking to sell that one for awhile.
Edit 2: I'll try to break down my income and expenses as best as I can. House #1 was empty from January until May because my realtor said it was better to have it empty for selling. I was living in house #2 with roommates. Once we pulled the house off the market, I moved back to #1 and rented out my room in house #2. I will also be renting out one room at house #1 starting in June. The room rentals will get me about $4000/month. Expenses for both houses is roughly $4800 (including utilities). I have $500 or so in other expenses (car insurance, phone, groceries, gas, spotify). I have multiple part time jobs that should get me about $3500/month on average after taxes.
I have $5k in crypto because I used to work in crypto and it's just sitting in a stablecoin from like 3 years ago in an account I rarely check.