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Started By
Message
How would you prioritize long term notes vs saving and investing?
Posted on 7/6/23 at 4:39 pm
Posted on 7/6/23 at 4:39 pm
I have five places I'm directing extra money lately:
Car payment
Student loan payment
Short term saving for house / investment properties
Long term saving for retirement
Building emergency fund
The car is on a six year note that I'd like to finish in under four years.
The student loan payment is on a longer plan than the car despite being much less; the intent is to redirect most of the car money toward that once its paid.
Emergency fund I'm slowly growing to be six months expenses in high yield savings
Housing money I keep in SPRXX and SPAXX. I have no real goal for this, but I want to keep pumping this higher so I can buy the right property at my leisure.
Long term investments are mostly VTI, VOO, QQQ.
Basically each month after all my bills are paid (including car + extra principal and student loan) I have 1-2k extra that I can do what I want with, and then currently I get quarterly commission anywhere from 5-20k that I can also do anything with.
If you were looking to pay off or grow all the things I mentioned, where would you prioritize the extra funds.
Car payment
Student loan payment
Short term saving for house / investment properties
Long term saving for retirement
Building emergency fund
The car is on a six year note that I'd like to finish in under four years.
The student loan payment is on a longer plan than the car despite being much less; the intent is to redirect most of the car money toward that once its paid.
Emergency fund I'm slowly growing to be six months expenses in high yield savings
Housing money I keep in SPRXX and SPAXX. I have no real goal for this, but I want to keep pumping this higher so I can buy the right property at my leisure.
Long term investments are mostly VTI, VOO, QQQ.
Basically each month after all my bills are paid (including car + extra principal and student loan) I have 1-2k extra that I can do what I want with, and then currently I get quarterly commission anywhere from 5-20k that I can also do anything with.
If you were looking to pay off or grow all the things I mentioned, where would you prioritize the extra funds.
3
Posted on 7/6/23 at 5:00 pm to Thundercles
Without any other info, I’d prioritize emergency fund and car note. Sounds like you just financed a new vehicle so maybe concentrate solely on emergency fund (pay minimum on other obligations while doing this) and then start knocking down that car note as fast as you can while still putting money in to your long term investments up to any company match you may receive.
Without more info it would be hard to give better info than that.
Without more info it would be hard to give better info than that.
Posted on 7/6/23 at 9:32 pm to Thundercles
You failed to mention any pertinent info such as the interest rates, investment percentage, type of investment account and any match, income and your tax rate.
Posted on 7/6/23 at 9:46 pm to Thundercles
the .gov is wasting and devaluing trillions of dollars, do you really think they'll stop now?
may as well borrow more.
may as well borrow more.
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