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Another self help thread
Posted on 9/27/24 at 10:03 pm
Posted on 9/27/24 at 10:03 pm
I’m 38. I have a wife and a toddler. My dad passed a few years ago and was my adviser. Truthfully, until about age 31 idgaf about my financial future, but thankfully dad got in my head. I feel like I’m doing *ok* but being that dad is gone I lack the reassurances I sought from him. Wishing I could ask just one more question.
I’ve been aggressively knocking out debt. Also maxing a family HSA and contributing 11% salary to 401k and 200 a month to LA Start for my boy. I’ve only got student loan and mortgage left.
15,900 on student loan
125,000 on mortgage
I saved around 45k over the last 7 years. In May I decide to axe the truck loan (18k) and helped wife knock out her auto loan (2k). Sort of a rash decision but it feels great to not have those notes as my son enters PreK at a private school. I then stuck about 15k into etfs and have kept about 10k in cash savings. I view the 15k in the ETFs as an extension on my emergency fund (with the 10k cash savings)
I know this probably seems like a no brainer, but I’m struggling with making the move.
Knock out the student loan with the 8.25 rate or keep the ETFs and cash? I’m just arguing with myself with what is the best thing to do.
I’ve been aggressively knocking out debt. Also maxing a family HSA and contributing 11% salary to 401k and 200 a month to LA Start for my boy. I’ve only got student loan and mortgage left.
15,900 on student loan
125,000 on mortgage
I saved around 45k over the last 7 years. In May I decide to axe the truck loan (18k) and helped wife knock out her auto loan (2k). Sort of a rash decision but it feels great to not have those notes as my son enters PreK at a private school. I then stuck about 15k into etfs and have kept about 10k in cash savings. I view the 15k in the ETFs as an extension on my emergency fund (with the 10k cash savings)
I know this probably seems like a no brainer, but I’m struggling with making the move.
Knock out the student loan with the 8.25 rate or keep the ETFs and cash? I’m just arguing with myself with what is the best thing to do.
8
Posted on 9/27/24 at 10:40 pm to ChollyMac4
I’d probably just double the loan payments while laying off on the savings for now. I instead of expanding investments hunker down and knock out the loans then you’ll still have the time in the market and not have to pay the capital gains taxes either.
Posted on 9/27/24 at 11:29 pm to ChollyMac4
keep fighting the good fight 
Posted on 9/28/24 at 5:55 am to nugget
quote:This is good advice, if you've got the cash flow.
nugget
Posted on 9/28/24 at 6:19 am to ChollyMac4
quote:
Knock out the student loan with the 8.25 rate
Debt never takes a day off.
It’s almost a form of slavery.
Posted on 9/28/24 at 7:29 am to ChollyMac4
Can you forecast how quickly you will be able to backfill that 15,900 if you dumped it on debt?
Obviously you could funnel the cost of the loan into the backfill, but could you double that number? Triple it?
If you can claw that 15,900 back in 12-24 months and you don't have any big upcoming expenses, do it.
Obviously you could funnel the cost of the loan into the backfill, but could you double that number? Triple it?
If you can claw that 15,900 back in 12-24 months and you don't have any big upcoming expenses, do it.
Posted on 9/28/24 at 7:55 am to ChollyMac4
ETFs will grow faster than 8% most years and $15,900 isn't that bad. Throw every extra cent at the student loan so it's gone faster.
Posted on 9/28/24 at 8:02 am to ChollyMac4
quote:
student loan with the 8.25 rate
Woof. Any chance to consolidate or refinance for a better rate?
Posted on 9/30/24 at 8:53 am to ChollyMac4
Keep your investments, but start paying down student loan more aggressively instead of saving more. You could wipe out student loan in 3 years or so.
Posted on 9/30/24 at 1:56 pm to ChollyMac4
Read Dave Ramsey's Total Money Makeover. (usual disclaimer that it's not the perfect plan for everyone but can be a great guideline for folks looking to get started and get set up. Second disclaimer that no I don't believe in the $1k emergency fund, you get the picture).
Posted on 10/3/24 at 10:54 pm to thegreatboudini
I appreciate the responses.
Took a few days to digests the comments and think over my situations.
final decision: I threw 3k one time payment from cash savings and upped the monthly payment to 1k flat, (reduced my cash savings deposits). This should allow me to knock this thing out by Dec 2025. Bonus, found a way to send another 100 to my son's 529 and left my invested dollars alone in the ETFs.
Took a few days to digests the comments and think over my situations.
final decision: I threw 3k one time payment from cash savings and upped the monthly payment to 1k flat, (reduced my cash savings deposits). This should allow me to knock this thing out by Dec 2025. Bonus, found a way to send another 100 to my son's 529 and left my invested dollars alone in the ETFs.
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