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Started By
Message
What to do once cars are paid off?
Posted on 2/5/25 at 9:37 pm
Posted on 2/5/25 at 9:37 pm
Wife and I will both have vehicles paid off in about 12 mos. Will free up about $1000/mo
Already maxing out Roth IRAs.
Have about $620k in retirement accounts.
Have about 5-6 months expenses in an High Yield Savings Emergency Fund.
Options...
High Yield Savings to save for future vehicles or whatever else we need it for.
Put more into her 401K. Putting 8% now.
Put more in my Employers Simple IRA. Currently doing 3.5% to get the match
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
Finally get that TD premium membership?
Other ideas?
TIA
Already maxing out Roth IRAs.
Have about $620k in retirement accounts.
Have about 5-6 months expenses in an High Yield Savings Emergency Fund.
Options...
High Yield Savings to save for future vehicles or whatever else we need it for.
Put more into her 401K. Putting 8% now.
Put more in my Employers Simple IRA. Currently doing 3.5% to get the match
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
Finally get that TD premium membership?
Other ideas?
TIA
This post was edited on 2/5/25 at 9:41 pm
27
Posted on 2/5/25 at 10:21 pm to ItzMe1972
Kids ain't happening 
Posted on 2/5/25 at 10:45 pm to SG_Geaux
Hookers, blow, and VOO...in the opposite order
Posted on 2/5/25 at 10:50 pm to SG_Geaux
If you are comfortable with your retirement numbers, I recommend having a stash for expected future expenses, separate from the emergency fund.
If you’re about to pay off both cars, odds are you’ll have to replace one of them soon which will be at a much higher interest rate. My future expense fund is the only fund I’m pretty aggressive with investing wise.
If you’re about to pay off both cars, odds are you’ll have to replace one of them soon which will be at a much higher interest rate. My future expense fund is the only fund I’m pretty aggressive with investing wise.
Posted on 2/6/25 at 4:29 am to SG_Geaux
Paying off the cars is giving yourself a raise essentially. I wouldn’t touch the mortgage since rate is so low. Id max the 401k for starters and put the rest in a brokerage account in something like vti, voo, etc.
Posted on 2/6/25 at 4:48 am to SG_Geaux
quote:
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
Pay it down.
Posted on 2/6/25 at 5:43 am to SG_Geaux
Take a nice trip.
Posted on 2/6/25 at 6:34 am to SG_Geaux
quote:
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
This is just me. I’d probably put away that $1K for two years into t-bills, then recast the mortgage to lower the payment. Then over the next three years take that extra money and put into t-bills or CDs to save up for the next car you’ll eventually have to buy.
Or you could open a brokerage account and buy VOO or bitcoin or whatever.
Posted on 2/6/25 at 6:54 am to SG_Geaux
Take a vacation then increase the 401k
Posted on 2/6/25 at 7:04 am to SG_Geaux
Well done! 
Here's a novel thought: Spend some of it on yourselves. Have fun. You have a great start. Live a little. Take some nice trips.
And...
Dollar Cost Average (DCA) in that account a monthly contribution you're comfortable with into a solid growth ETF like SCHG for example.
Here's a novel thought: Spend some of it on yourselves. Have fun. You have a great start. Live a little. Take some nice trips.
And...
Dollar Cost Average (DCA) in that account a monthly contribution you're comfortable with into a solid growth ETF like SCHG for example.
Posted on 2/6/25 at 7:27 am to SG_Geaux
quote:
Kids ain't happening
That's a shame.
Posted on 2/6/25 at 7:46 am to SG_Geaux
Start putting some of that money aside for the next vehicle? It doesn't have to be the full $1000, maybe $500 a month in an account or money market for the one you need. Two years from now you'll have $12,000 saved up and you can use that and a trade in, if it's even longer then even better!
Posted on 2/6/25 at 7:48 am to Fat Bastard
No better feeling to me than being debt free. Even if it’s not mathematically the precise answer. Very freeing feeling. Worth the small difference.
Posted on 2/6/25 at 8:14 am to SG_Geaux
Buy a boat
Posted on 2/6/25 at 9:24 am to RedlandsTiger
quote:
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
Pay it down.
Why? He could do better in a three month Tbill at 4.22%, and he doesn't decrease his mortgage interest deduction.
Posted on 2/6/25 at 9:28 am to SG_Geaux
I would leave mortgage as is with a 3.3% rate.
How far are you from retirement? In 10 years your 401K retirement will be around $1.7 million, assuming you getting around $10,000 a year from you and employer contributions. If you quit contributing it would be around $1.6 million.
15 years that jumps to $2.9 million based off a $10,000 ($850/month) or $2.5 million doing no more contributions.
Are you doing a brokerage account at all, for fun money?
How far are you from retirement? In 10 years your 401K retirement will be around $1.7 million, assuming you getting around $10,000 a year from you and employer contributions. If you quit contributing it would be around $1.6 million.
15 years that jumps to $2.9 million based off a $10,000 ($850/month) or $2.5 million doing no more contributions.
Are you doing a brokerage account at all, for fun money?
Posted on 2/6/25 at 10:00 am to DarthRebel
quote:
How far are you from retirement?
Me about 15 yrs.
Wife about 10 yrs
Posted on 2/6/25 at 10:10 am to SG_Geaux
What any self respecting baw would do. Buy a new top of the line truck and SUV at 7% APR for 84 months
ETA:
ETA:
quote:Is 3.5% the maximum match? If not, I'd increase to whatever the match is for sure
Put more in my Employers Simple IRA. Currently doing 3.5% to get the match
quote:Probably wouldn't be in a rush to pay off 3.3% mortgage unless Trump gets inflation reigned back in to 2%. You'd make a better return investing in ETF's than you'd save on interest for a 3.3% loan
Pay more towards principal of mortgage. Interest rate is 3.3% Balance is about $234k. Equity is about $105k. Note is about $1500/mo
This post was edited on 2/6/25 at 10:14 am
Posted on 2/6/25 at 10:20 am to Tiger Prawn
quote:
Is 3.5% the maximum match? If not, I'd increase to whatever the match is for sure
Yes, I am putting in up to what they match. I could certainly put in more.
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