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Started By
Message
Need some direction
Posted on 4/8/15 at 3:17 am
Posted on 4/8/15 at 3:17 am
Hey guys I'm looking for some opinions as to what direction I need to get my money involved into to let it start doing some work for me instead of it being stashed away into my savings account where it is not doing anything for. I'm waiting to meet with my parents financial advisor here within the next week. My current situation because I know most of yall want to know since I read these boards just about everyday to try to gain some knowledge but I'm 27 still living at home. No rush in getting out until the gf gets done with school which is atleast another year an half. Currently have little over 60 saved up in my bank account. I have been contributing to my 401k for a year and 4 months or so since I was officially hired with my current company. I have about 20 last I looked in my 401k , company does match certain percentage. No Roth account yet I know I need to get one. Only debt I have is my truck. Still owe 20 on it but thinking about selling it. Only bills I have are my truck , insurance and of course gas. Just wanting some direction as what percentage of my money should I think about putting towards investments that I have saved up and what investments I should look into other than the things I am invested into my 401k to have some what of a idea to talk to my parents financial advisor next week. Thanks any advice appreciated!
This post was edited on 4/8/15 at 3:20 am
Posted on 4/8/15 at 8:59 am to LSUSLU106
What is the interest rate on the truck loan?
Posted on 4/8/15 at 9:20 am to LSUSLU106
Sounds like you are in a good position.
What's loan rate on truck? If you sell it what will you buy to replace it? Will it be a jalopy honda accord or Toyota Camry? Or a brand new expensive car?
What's loan rate on truck? If you sell it what will you buy to replace it? Will it be a jalopy honda accord or Toyota Camry? Or a brand new expensive car?
Posted on 4/8/15 at 1:16 pm to eng08
3.9% and I already have a commuter car for work that I use. I rarely use my truck don't think I will have a hard time selling it.
Posted on 4/8/15 at 2:03 pm to LSUSLU106
quote:
3.9%
You should pay it off with the 60k sitting in the bank.
20k in 401k after 16 months is good. Def make the Roth IRA contribution. (if you have not filed your 2014 taxes you can make a contribution for 2014 still)
Posted on 4/8/15 at 2:34 pm to BoatSchoolTiger
quote:
20k in 401k after 16 months is good. Def make the Roth IRA contribution. (if you have not filed your 2014 taxes you can make a contribution for 2014 still)
60k in the bank is great, but not doing you any good.
I would drop $5500 in a roth before next thursday 4/16. If you're setting up a roth I would pick one (Vanguard is popular here) and drop the money in a money market fund before picking a fund long term.
Also, make your mind up on the truck. If you want out of it you could probably trade down and keep some of that cash you're sitting on. That can help fund your Roth, an emergency fund, house downpayment fund (safer bond fund or even CD's).
You're in pretty good shape just need to act more strategically with your dollars.
Lastly, create a budget.....
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