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re: What to do with $6,400.00 that I wasn't expecting to have?
Posted on 1/13/17 at 8:14 am to VermilionTiger
Posted on 1/13/17 at 8:14 am to VermilionTiger
quote:
Interest rate is 4.2
Good Lord. That's atrocious.
Posted on 1/13/17 at 8:18 am to Fat Bastard
quote:
if all u have is a 401k u need another investment vehicle preferably tax free
Yep. You need to be saving at least ten percent of your income, preferably more.
If you invest that and don't put anything ever again in savings, it's going to be worth $36,000 at a modest 6% interest. That will at least buy you a car when you retire. Congratulations, you just won a car thirty years from now.
Posted on 1/13/17 at 8:38 am to Fat Bastard
quote:
so you really think a very young man under 30 should be in a damn annuity? really?
Over a ROTH IRA? The guy said he wanted a RIRA not an annuity.
Fair point
Posted on 1/13/17 at 8:58 am to VermilionTiger
quote:
Just under $30,000.
Interest rate is 4.2
Put it all towards the truck.
Posted on 1/13/17 at 9:28 am to VermilionTiger
Pentagon Federal Credit Union usually has really good rates. I'd suggest them.
Posted on 1/13/17 at 12:25 pm to VermilionTiger
I have a similar take to many. I would have a less expensive vehicle. If you are married to the idea of an expensive ride, I would refinance through Penn Fed. Use the 6,500 as equity and lower your loan length. At the same time I would open a Roth IRA and start putting in SOMETHING every paycheck. When you get salary increases, increase the contribution. Make it part of your life and watch it grow.
If you don't currently have 3 months of expenses in savings, then that trumps all the other suggestions.
If you don't currently have 3 months of expenses in savings, then that trumps all the other suggestions.
Posted on 1/13/17 at 8:18 pm to nogoodjr
Refinance the damn truck with a credit union and get a 2% interest rate.
Posted on 1/13/17 at 9:25 pm to CE Tiger
That OP thinks "I can handle it," with a 4.2% rate on a $30k auto loan...OP, I don't know you from Adam, but that's a staggeringly dumb decision you're scoffing at us pointing out. It's scary you're 26 years old and:
A.) Aren't smart enough to see how CRAZY/DUMB that note is.
B.) Don't have someone in your circle that cares enough about you to tell you A or that you respect enough to listen when they tell you A.
Regardless, you're asking the wrong questions here. The questions you should be asking are:
1.) How quickly can I exit from a dumbass decision I made to buy the $30K auto @ 4.2%?
2.) What made me think that was smart?
3.) Where can I find a mentor about big purchase decisions and how to improve my decision making with respect to them?
Seriously...there's a reason everyone here is saying the same thing about a car note rate in excess of 4% on a $30K principal amount...
A.) Aren't smart enough to see how CRAZY/DUMB that note is.
B.) Don't have someone in your circle that cares enough about you to tell you A or that you respect enough to listen when they tell you A.
Regardless, you're asking the wrong questions here. The questions you should be asking are:
1.) How quickly can I exit from a dumbass decision I made to buy the $30K auto @ 4.2%?
2.) What made me think that was smart?
3.) Where can I find a mentor about big purchase decisions and how to improve my decision making with respect to them?
Seriously...there's a reason everyone here is saying the same thing about a car note rate in excess of 4% on a $30K principal amount...
This post was edited on 1/13/17 at 9:27 pm
Posted on 1/13/17 at 9:28 pm to GFunk
I mean I don't care if the dude bought an expensive car. A year out of college I bought a 30k car and had a big note. I just don't understand with today's rates how he couldn't get lower than 4%
Posted on 1/13/17 at 9:33 pm to CE Tiger
If you don't think there are better places to put that money then we just agree to disagree. Especially at that rate, which ironically we do agree about.
Posted on 1/13/17 at 10:38 pm to GFunk
I'm also 26 years old. I financed $17,000 at 2.89% on a vehicle and I felt like that was a borderline wreckless decision.
Sounds like OP might not have a great credit history.
Sounds like OP might not have a great credit history.
Posted on 1/13/17 at 11:43 pm to VermilionTiger
quote:
Just under $30,000.
Interest rate is 4.2
Posted on 1/14/17 at 11:27 pm to LoveThatMoney
quote:
Good Lord. That's atrocious.
yeah, when i said that was a low rate i was still thinking about mortgages. my bad.
still though, he SHOULD be able to get better returns on investments higher than that note rate he has.
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