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re: What to do with $6,400.00 that I wasn't expecting to have?
Posted on 1/12/17 at 11:42 am to VermilionTiger
Posted on 1/12/17 at 11:42 am to VermilionTiger
quote:
I'm leaning towards this or putting it all towards my truck note principle. But I'm trying to figure out which one would net me more money
look i am ALL FOR PAYING shite DOWN AND OFF however you are very young. you can pay shite off in 30's or 40s.
start putting away all u can for retirement! i started in my 20s. sounds like you already have the right mindset and a headstart. Milk that truck note low rate for awhile. maybe when your payoff is down to 10k or 5k u can finish it off if you want. if all u have is a 401k u need another investment vehicle preferably tax free.
1
Posted on 1/13/17 at 8:18 am to Fat Bastard
quote:
if all u have is a 401k u need another investment vehicle preferably tax free
Yep. You need to be saving at least ten percent of your income, preferably more.
If you invest that and don't put anything ever again in savings, it's going to be worth $36,000 at a modest 6% interest. That will at least buy you a car when you retire. Congratulations, you just won a car thirty years from now.
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