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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
Now that the kids are moved out, momma and I have worked to save a little money and not sure what to do next. Looking for some suggestions:
Kids are gone, married, and paying for their own college bills. Both are doing fine and don't need any further assistance.
We have saved $60,000 over the last 5 years and we have the following debt.
House = $54k at 4.2%. Monthly payment $730
Truck = $22k at 4.9%. Monthly payment $600
I am thinking about paying off the house and then working on the car. Or payoff the car and bump up the monthly payments on the house. Or invest the 60k now that interest rates are above my loans
What would you do?
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Joined: Sep 2016
Posts: 9,006 Likes: 1
14 point
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14 point
Joined: Sep 2016
Posts: 9,006 Likes: 1 |
Georgia Football..Acts like Bama but has a trophy case like South Carolina.
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Joined: Jan 2013
Posts: 20,341 Likes: 28
Freak of Nature
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Freak of Nature
Joined: Jan 2013
Posts: 20,341 Likes: 28 |
Now that the kids are moved out, momma and I have worked to save a little money and not sure what to do next. Looking for some suggestions:
Kids are gone, married, and paying for their own college bills. Both are doing fine and don't need any further assistance.
We have saved $60,000 over the last 5 years and we have the following debt.
House = $54k at 4.2%. Monthly payment $730
Truck = $22k at 4.9%. Monthly payment $600
I am thinking about paying off the house and then working on the car. Or payoff the car and bump up the monthly payments on the house. Or invest the 60k now that interest rates are above my loans
What would you do?
Pay off the house would be my first priority
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
Pay off the house would be my first priority
Yea I feel you... that was the whole purpose of saving the money. But now that interest rates have shot up I was thinking I should part it somewhere else. But I really just want the feeling of owning my house.
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Joined: Oct 2017
Posts: 2,840 Likes: 45
10 point
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10 point
Joined: Oct 2017
Posts: 2,840 Likes: 45 |
When you subtract inflation from gains from interest you're not making money. What other investments do you already have?
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Joined: Aug 2001
Posts: 81,844 Likes: 513
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 81,844 Likes: 513 |
House first. Trucks can be easily sold, wrecked, stolen, etc...
"Never Trust Government" -- Smart people.
"The Great thing we should Fear and the Weird Thing we Trust is Elon Musk" -- Me
"You can be broke but you cant be poor." -- Ruthie-May Webster
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
We have a Roth we max out. A rollover IRA from a previous employer and a personal investment account. Oh and a SEP account from when I had my own business. I am happy with them and their returns over the past 8 years or so.
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Joined: Jul 2020
Posts: 10,379 Likes: 72
Booner
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Booner
Joined: Jul 2020
Posts: 10,379 Likes: 72 |
What are 6 months of your expenses in $? Set that aside out of the $60K first. Then, make sure all your investment options are maxed out for the year. If you have $ left over, then pay down or pay off the truck first. It has the lowest balance and a higher interest rate than your house.
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Joined: Nov 2015
Posts: 2,102 Likes: 3
8 point
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8 point
Joined: Nov 2015
Posts: 2,102 Likes: 3 |
Truck first- then apply that payment to the house until you have enough cash to pay it off.
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Joined: Feb 2009
Posts: 4,447 Likes: 17
10 point
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10 point
Joined: Feb 2009
Posts: 4,447 Likes: 17 |
The house is an appreciating asset and the truck is a depreciating asset. I'd pay off truck first then start loading up on paying off mortgage. First thing I'd do is set aside a 6 month safety/emergency fund
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Joined: Aug 2015
Posts: 1,371 Likes: 9
8 point
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8 point
Joined: Aug 2015
Posts: 1,371 Likes: 9 |
Agree with above (ronfromramer) or sell the truck if the current value is high enough you can turn a profit and buy older one that you can payoff
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Joined: Jul 2012
Posts: 5,661
12 point
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12 point
Joined: Jul 2012
Posts: 5,661 |
Pay off the house!
Times get hard you could get a cheaper vehicle and still have a house free and clear.
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Joined: Jun 2015
Posts: 15,383 Likes: 77
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,383 Likes: 77 |
The question can’t be accurately answered because other details are MIA.
Age, income, job stability, do you have a 6-12month emergency fund, are you in good health, what’s the status of your retirement accounts
For myself, the debt is below the 5% mark, I wouldn’t prioritize either of those.
I would prioritize cash if needed and retirement accounts/brokerage account.
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
Should I be worried about an emergency fund if my house is paid off and I can pull out money against it if I run into a crisis? I could also sell stocks out of my personal investment account if I ran into a need for cash.
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Joined: Jan 2014
Posts: 2,546 Likes: 2
10 point
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10 point
Joined: Jan 2014
Posts: 2,546 Likes: 2 |
There are very few things in life better then being debt free. If you were debt free now you would save $1330 a month so over 5 years you would save an extra $80,000 to go with your $60,000 for a total of $140,000. That would buy some good hunting land.
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Joined: Dec 2012
Posts: 4,006 Likes: 12
10 point
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10 point
Joined: Dec 2012
Posts: 4,006 Likes: 12 |
Pay off the house. That way, come hell or high water, you've got a place to live. You can always walk or bum a ride.
Last edited by Turkey; 03/23/23 03:23 PM.
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Joined: Feb 2015
Posts: 2,314
8 point
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8 point
Joined: Feb 2015
Posts: 2,314 |
Mortgage payment has tax benefits , truck loans don't if that matters.
WDE
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Joined: Jul 2013
Posts: 746 Likes: 1
4 point
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4 point
Joined: Jul 2013
Posts: 746 Likes: 1 |
The house is an appreciating asset and the truck is a depreciating asset. I'd pay off truck first then start loading up on paying off mortgage. First thing I'd do is set aside a 6 month safety/emergency fund
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Joined: Mar 2013
Posts: 15,167 Likes: 7
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2013
Posts: 15,167 Likes: 7 |
Pay the vehicle off and dump the $600 a month payment into the house. Keep the rest in savings.
Would walk over a naked woman to get to a gobblin turkey!
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Joined: Jul 2013
Posts: 746 Likes: 1
4 point
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4 point
Joined: Jul 2013
Posts: 746 Likes: 1 |
Stickers has a good point about the tax benefit of the mortgage interest.
How many years left on the loan?
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