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re: Need advice
Posted on 6/18/15 at 10:21 am to tke857
Posted on 6/18/15 at 10:21 am to tke857
60k of my cash is allocated to down payment. the rest I plan to keep in bank for emergency fund. Unless someone has better advice. I am really inexperienced with money and have no idea. I grew up poor so I never have been exposed to financial rights or wrongs.
1
Posted on 6/18/15 at 10:45 am to birdieman
1. With rates as low as they are you shouldn't be in such a hurry to pay it off. Especially if you itemize tax deductions, your real interest rate will probably be in the range of 3% or so. Paying that off is not a particularly good rate of return, it's only a percent or so above the long-term rate of inflation.
2. If you don't have a Roth, get one and start maxing that out. One great feature about a Roth IRA is that if you need to you can withdraw up to the amount you put in without any penalty, but your earnings are tax-free. That is a much better way of stashing extra money than sticking it in a taxable savings account.
2. If you don't have a Roth, get one and start maxing that out. One great feature about a Roth IRA is that if you need to you can withdraw up to the amount you put in without any penalty, but your earnings are tax-free. That is a much better way of stashing extra money than sticking it in a taxable savings account.
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