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re: What to do with inheritance: updatedquote: what savings?  Reply • Back to Top |
| Well, assuming he doesn't have financial restraint (which he must have at least some of, or instead of coming here he'd be out getting an iPad2 and a new truck) doesn't it make more sense to put that money to a good use right away rather than have it sit around tempting him? The "hookers and blow" concern applies much more to $40 grand of found money than to his week to week paycheck. Reply • Back to Top |
| he can double his money if he follows my stock tips in 13 months. Reply • Back to Top |
| he can double his money in 13 minutes if he follows Austin Kinchen's roulette tips. LINK Reply • Back to Top |
quote: No it doesn't assume that at all; it assumes you use all the money to pay off the loan debt, and that's all it assumes. What you do with the remainder, assuming there is any, is a completely different scenario. So yes, the numbers do make cents, sorry bro. Reply • Back to Top |
| Ok so I see more information is needed.... I already own a home at 3.8 percent. Base salary is 85K, plus I get 15 percent bonus. student loans are 29K at 6.6 percent. No credit card debt. Nothing in saving or retirement yet because I've been paying off debt from college Small amount in medical debt. My vehicle is paid off, still owe on my wife's. I am 32. My thought was to Get rid of as much debt as possible, excluding house and vehicle, and start saving an emergency fund. Roughly 3-4 months worth. Then begin retirement savings and putting up some cash for my three kids. Thoughts?? This post was edited on 1/5 at 7:38 pm Reply • Back to Top |
| Absolutely agree with your plan. Reply • Back to Top |
| Sounds like a good plan. Reply • Back to Top |
| With 45k I would: a)Pay off the 29k in student loans b)Start a Roth IRA (can still be used for emergency fund purposes) and max it out at 5k c) Put the remaining 11,000 or so in a liquid fund since you have 3 kids. Reply • Back to Top |
| What he said, except pay off the medical debt too. Reply • Back to Top |
| yup Reply • Back to Top |
| Since your married, I guess no hookers but what about that blow idea. That's a doozy and should not be dismissed if you ask me. Reply • Back to Top |
Posted by Kolbysfan on 1/7 at 2:47 pm to LaBornNRaised quote: Haha been down that road and why I didn't graduate college till 30....... Reply • Back to Top |
| UPDATE: So I ended up with 65k. Roughly 10k taxable. My plan originally was stated above but I didn't feel I was getting my biggest bang for a buck. So here we go........ Pay wife's vehicle off 16k. That frees up 520/month at 4.5 percent interest. I want to put 15k aside for all three kids. 5k/ per kid. I want to put these fund in a interest earning situation. CD, savings bond, etc. I want to put 5k or so in savings I want to use the remaining 20-25k for my wife's college instead of taking out student loans. We could put up varying amounts set to mature based on each semester. How's that sound???? This post was edited on 5/14 at 6:21 pm Reply • Back to Top |
| I'd do a 529 for each kid (and your wife) instead of CD's/bonds. Reply • Back to Top |
| 529 are scary right now. Did some reading and many are LOSING money right now. Reply • Back to Top |
| I think student loans have lower rates now. If so, You should pay the old ones and get new ones. Anyone know for sure? Reply • Back to Top |
Posted by Kolbysfan on 5/14 at 7:20 pm to tigeralum06 I'm paying 6.8 I think. The wife 3 something. We were reading the the rates are about to sky rocket within the next school year.Reply • Back to Top |
quote: Who cares about right now? You're planning for probably a decade or more in the future, right? Reply • Back to Top • Refresh |
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