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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 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 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 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 1:13 pm to VermilionTiger
It would go straight to my vacation budget.
Posted on 1/12/17 at 1:42 pm to VermilionTiger
5500 in a Roth IRA
Invest in an index fund that matches the S&P500.
Invest in an index fund that matches the S&P500.
Posted on 1/12/17 at 1:52 pm to VermilionTiger
Put $5500 into a Roth IRA
Posted on 1/12/17 at 2:15 pm to VermilionTiger
Car note
Posted on 1/12/17 at 5:51 pm to VermilionTiger
I'll go against the grain and say VACATION.
Or into a Roth brokerage as play money on stocks. Neither of these if you don't have any cash savings
Or into a Roth brokerage as play money on stocks. Neither of these if you don't have any cash savings
Posted on 1/12/17 at 6:57 pm to VermilionTiger
If you decide to go ROTH I think you can invest the 5500 max as 2016 contributions then invest the other 900 as 2017. Could be wrong but someone will correct me if I am.
Posted on 1/12/17 at 11:06 pm to VermilionTiger
Do you have any kids? If so, I would suggest a 529 college savings account. If not, I'd put it in a Roth IRA. Compound interest is a beautiful thing
This post was edited on 1/12/17 at 11:06 pm
Posted on 1/12/17 at 11:34 pm to VermilionTiger
Engagement ring? 
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.
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