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re: Received an inheritance now how to plan for future retirement?
Posted on 2/12/15 at 11:23 am to LSUFanHouston
Posted on 2/12/15 at 11:23 am to LSUFanHouston
quote:
Am I correct in assuming that the $2K/month is your current debt service?
Correct that is roughly what the current home and auto note run. At the moment our company does not offer any type of retirement. The way i was looking at it the money isn't making 4% sitting there so paying off the house and paying myself back is attractive.
3
Posted on 2/12/15 at 11:45 am to bayoudude
You really should look into a financial advisor. They will help you look long term.
At 34 you need to invest to make that money last your life time. Letting it sit and earn cd rates is a big mistake. Your time horizon for the money is so long that you should have some risk based assets in your portfolio. I find that most investors do not understand risk well enough to define what their risk tolerance is.
Find a fee only RIA to help you. I am glad to recommend some if you are interested.
At 34 you need to invest to make that money last your life time. Letting it sit and earn cd rates is a big mistake. Your time horizon for the money is so long that you should have some risk based assets in your portfolio. I find that most investors do not understand risk well enough to define what their risk tolerance is.
Find a fee only RIA to help you. I am glad to recommend some if you are interested.
Posted on 2/12/15 at 11:58 am to bayoudude
You are going to get a variety of opinions on this board, mostly based on the personal experiences of the individual posters.
The thing about personal finance is, what works for one person might not be the best for another person. That's why I recommend you sit down with someone who does this for a living.
You said you had your emergency fund saved up, so that's a great start. I can't imagine it makes any sense to keep all the money in a CD - unless you have some major thing coming up in next few years that will require a lot of money.
So then, do you take the guaranteed return on your money based on paying off the debt (your return is basically the int rate of the debt less an adjustment for any interest you actually get a real tax deduction on) or do you let that ride and save more for retirement now? A lot of that depends on your assumptions of time value of money, growth rates, etc.
The thing about personal finance is, what works for one person might not be the best for another person. That's why I recommend you sit down with someone who does this for a living.
You said you had your emergency fund saved up, so that's a great start. I can't imagine it makes any sense to keep all the money in a CD - unless you have some major thing coming up in next few years that will require a lot of money.
So then, do you take the guaranteed return on your money based on paying off the debt (your return is basically the int rate of the debt less an adjustment for any interest you actually get a real tax deduction on) or do you let that ride and save more for retirement now? A lot of that depends on your assumptions of time value of money, growth rates, etc.
Posted on 2/12/15 at 10:50 pm to bayoudude
You need to do some reading first-I recommend:
Common sense of investing
Become your own banker
Common sense of investing
Become your own banker
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