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Message
What to do with $6,400.00 that I wasn't expecting to have?
Posted on 1/12/17 at 11:29 am
Posted on 1/12/17 at 11:29 am
Short story: Totaled my truck, bought new one, and got the email last night that I'm getting about $6,400.00 more for my truck than I expected.
I'm 26 and just graduated in May. Got a nice job right out of college and I'm already matching my 401K at work, +4% more. I know it's not a lot of money in the long game, but rather than it sitting in my savings account, I figured I could put it to use.
All I have is an apartment rent, truck note, and normal utility costs that go with everything (phone, internet, etc).
What would you suggest?
I'm 26 and just graduated in May. Got a nice job right out of college and I'm already matching my 401K at work, +4% more. I know it's not a lot of money in the long game, but rather than it sitting in my savings account, I figured I could put it to use.
All I have is an apartment rent, truck note, and normal utility costs that go with everything (phone, internet, etc).
What would you suggest?
This post was edited on 1/12/17 at 11:30 am
14
Posted on 1/12/17 at 11:31 am to VermilionTiger
quote:
What would you suggest?
even or odd
black or red
1 through 18 or 19 through 36
depending on wheels results last 25 to 30 spins.
NO zero or double zero though!
good luck!
This post was edited on 1/12/17 at 11:33 am
Posted on 1/12/17 at 11:32 am to Fat Bastard
Posted on 1/12/17 at 11:32 am to VermilionTiger
how much is owed on the truck note and what is the interest rate?
Posted on 1/12/17 at 11:33 am to VermilionTiger
ok all BS aside. open a RIRA. put it in that. 5,500
the rest hold for emergency.
the rest hold for emergency.
This post was edited on 1/12/17 at 11:34 am
Posted on 1/12/17 at 11:36 am to b-rab2
quote:
how much is owed on the truck note and what is the interest rate?
Just under $30,000.
Interest rate is 4.2
Posted on 1/12/17 at 11:37 am to Fat Bastard
quote:
ok all BS aside. open a RIRA. put it in that. 5,500
the rest hold for emergency.
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
Posted on 1/12/17 at 11:41 am to VermilionTiger
You laugh, but imagine how awesome you would be if you put it all on a roulette spin.
Option A: You lose and become a legend among your friends and have a lifelong story to tell
Option B: You hit and double your money and still become a legend
How could you go wrong here?
Option A: You lose and become a legend among your friends and have a lifelong story to tell
Option B: You hit and double your money and still become a legend
How could you go wrong here?
Posted on 1/12/17 at 11:42 am to Fat Bastard
quote:
ok all BS aside. open a RIRA. put it in that. 5,500
the rest hold for emergency.
This, unless you don't already have a decent savings account. Or pay off a year of that truck note. Either would be a good call.
Posted on 1/12/17 at 11:42 am to VermilionTiger
What is the interest rate on the truck?
Any credit card debt?
What is your age?
Sounds like you are young, if you are easily covering the note. I would put the 5500 max in Roth IRA and invest in low cost index funds.
Any credit card debt?
What is your age?
Sounds like you are young, if you are easily covering the note. I would put the 5500 max in Roth IRA and invest in low cost index funds.
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.
Posted on 1/12/17 at 11:48 am to UltimaParadox
quote:
What is the interest rate on the truck?
No
quote:
Any credit card debt?
No
quote:
What is your age?
26
quote:
Sounds like you are young, if you are easily covering the note. I would put the 5500 max in Roth IRA and invest in low cost index funds.
I am, yes.
Posted on 1/12/17 at 11:49 am to tlsu15
quote:
This, unless you don't already have a decent savings account. Or pay off a year of that truck note. Either would be a good call.
That's the call I'm trying to figure out
It's either going to my truck or in a ROTH
Posted on 1/12/17 at 12:00 pm to VermilionTiger
quote:
Just under $30,000.
Jesus, 26 years old with a $30,000 note at 4% on a car? God damn.
My suggestion is to buy a cheaper car next time. Also, 4% is brutal. Hopefully you can do better on the next one.
Posted on 1/12/17 at 12:09 pm to VermilionTiger
4.2 percent on a brand new car, ouch. Personally, I'd pay two months ahead on the vehicle, max out the Roth, and keep the rest as an emergency fund.
Posted on 1/12/17 at 12:20 pm to Teddy Ruxpin
quote:
Jesus, 26 years old with a $30,000 note at 4% on a car? God damn.
My suggestion is to buy a cheaper car next time. Also, 4% is brutal. Hopefully you can do better on the next one.
a lot depends on income but yeah. I bought a new car when I was 27 and we financed 15k, boy did those payments hurt. Our combined income was like $115k too.
Posted on 1/12/17 at 12:31 pm to Hawkeye95
quote:
a lot depends on income but yeah. I bought a new car when I was 27 and we financed 15k, boy did those payments hurt. Our combined income was like $115k too.
I just kind of freak out if the monthly payment is over $300 a month and my income isn't nearly as restrained as a imagine a 26 year old single male is. But I know I have different tastes in what I consider enjoyable, and some people enjoy cars for more than transport.
Posted on 1/12/17 at 12:51 pm to Teddy Ruxpin
I can manage it.
Posted on 1/12/17 at 1:00 pm to VermilionTiger
If you aren't making more than 4.2% on it, put it toward that new truck.
Posted on 1/12/17 at 1:11 pm to VermilionTiger
quote:
That's the call I'm trying to figure out
It's either going to my truck or in a ROTH
You won't go wrong either way. Personally I'd pay it towards the truck, but I'm very debt averse.
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