- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Roth IRA vs Debt "Snowball"
Posted on 2/28/11 at 12:55 pm
Posted on 2/28/11 at 12:55 pm
Here is the situation:
Debts:
Car loan @ 6.5% - balance $6700
Car loan @ 4.5% - balance $22000
Mortgage @ 4%
2010 Roth contribution - $2000
2011 Roth contribution - $0
Company matched 401k, etc.. are maxed to the match.
I can spare $2000 per month. Suggestions on where this 2k should go?
Debts:
Car loan @ 6.5% - balance $6700
Car loan @ 4.5% - balance $22000
Mortgage @ 4%
2010 Roth contribution - $2000
2011 Roth contribution - $0
Company matched 401k, etc.. are maxed to the match.
I can spare $2000 per month. Suggestions on where this 2k should go?
1
Posted on 2/28/11 at 1:04 pm to jmtigers
Max out the roth then hit the 6.5% car loan.
You could essentially almost pay off 75% of your debt and max out the Roth on $2k a month.
You could essentially almost pay off 75% of your debt and max out the Roth on $2k a month.
Posted on 2/28/11 at 1:22 pm to John Merlyn
Agreed. With $2K per month you could do the 6.5% loan and max the Roth with no trouble.
Posted on 2/28/11 at 2:00 pm to foshizzle
You're in excellent shape. I agree with the other guys. Of course you know you can put another $3,000 into your Roth before April 15th and it will go on the 2010 tax year. Then, I would start with the 6.5% loan and pay that sucker down to 0.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News