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Started By
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So do I fund my IRA and my wife's Roth or pay off debt?
Posted on 3/6/09 at 2:24 pm
Posted on 3/6/09 at 2:24 pm
(no message)
Posted on 3/6/09 at 2:27 pm to SFVtiger
neither, buy corn, soybean, chickens (12), pigs (2m 2f) a couple goats, some tobacco seeds and the pieces to a still.
eta: I assume u already have guns and ammo.
eta: I assume u already have guns and ammo.
This post was edited on 3/6/09 at 2:28 pm
Posted on 3/6/09 at 2:27 pm to SFVtiger
how much debt?
interest rate(s)?
any other investments?
any emergency fund?
interest rate(s)?
any other investments?
any emergency fund?
Posted on 3/6/09 at 2:28 pm to T Ba Doe Tiger
quote:
neither, buy corn, soybean, chickens (12), pigs (2m 2f) a couple goats, some tobacco seeds and the pieces to a still.
no bullets?
Posted on 3/6/09 at 2:30 pm to Cash
quote:
no bullets?
I as editing as u were typing.
Posted on 3/6/09 at 2:30 pm to Cash
i've got a home equity loan plus some credit card debt (hey i know, i missed 6 months of work)which i can pay off for less than the max on the IRAs; emergency funds about $75K; no other investments to speak of.
Posted on 3/6/09 at 2:37 pm to SFVtiger
You have 75k in cash and you are paying on a credit card?
I'd say its pretty obvious you should pay off all credit card debt immediately
I'd say its pretty obvious you should pay off all credit card debt immediately
Posted on 3/6/09 at 2:38 pm to jmtigers
i don't consider it cash--it's in life insurance. i do consider it emergency funds, though.
Posted on 3/6/09 at 2:38 pm to SFVtiger
I'd pay off the debt. Take what is left plus however much from your emergency fund needed to max out you and your wifes Roth. Unless there is some reason you need a $75k emergency fund such as an expected job lose or a kid/spouse that has a medical condition.
$75k is a pretty stout emergency fund for most people.
$75k is a pretty stout emergency fund for most people.
Posted on 3/6/09 at 2:41 pm to SFVtiger
quote:
i don't consider it cash--it's in life insurance.
Cash value of a whole life policy?
Posted on 3/6/09 at 2:44 pm to SFVtiger
I'd recomend term life insurance instead (much cheaper) and invest the difference.
Posted on 3/6/09 at 2:47 pm to Cash
my age is making term not so attractive anymore. i have plenty of term plus the whole life policy (total death benefit about $1,000,000). i had other reasons at the time to go w/ the whole life policy.
Posted on 3/6/09 at 2:51 pm to SFVtiger
I almost through in a caveat about age/health but didn't. You are right, at a certain point term is cost prohibitive and if you have whole life in place it can make sense to keep it.
All that being said, I'd pay off the debt then get aggresive about retire. Good luck.
All that being said, I'd pay off the debt then get aggresive about retire. Good luck.
Posted on 3/6/09 at 2:53 pm to Cash
thanks. i just don't have the heart to fund the IRAs anyway. rather get leaner/meaner.
Posted on 3/6/09 at 9:47 pm to SFVtiger
quote:
my age is making term not so attractive anymore. i have plenty of term plus the whole life policy (total death benefit about $1,000,000). i had other reasons at the time to go w/ the whole life policy.
I will tell you if this policy is over 5 yo have it looked at. You could have cancer and your 2000 me rates would be lower than 1980 tables. A little exageration but not that far off. 2000 tables vs 1980 tables was about a 33% decrease in premium. Go somewhere get an inforce illustration I'd bet 100:1 you're over paying if you took it out pre 2003 as the 2000 tables became mandatory only last year.
Posted on 3/7/09 at 1:27 am to Cash
quote:
Unless there is some reason you need a $75k emergency fund
unexpected gambling debts?
seriously, who needs that much spare cash? Do you have kids that sell drugs or something?
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