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re: What to do with $6,400.00 that I wasn't expecting to have?
Posted on 1/12/17 at 1:13 pm to VermilionTiger
Posted on 1/12/17 at 1:13 pm to VermilionTiger
It would go straight to my vacation budget.
0
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 2:11 pm to ELVIS U
Probably a dumb question. But lets say I don't have a Roth IRA right now and wanted to get one. Where should I start? Have a 401k through work.
Posted on 1/12/17 at 2:15 pm to VermilionTiger
Car note
Posted on 1/12/17 at 2:31 pm to JamalSanders
quote:
Where should I start?
V
A
N
G
U
A
R
D
Posted on 1/12/17 at 2:43 pm to VermilionTiger
quote:
Just under $30,000.
Interest rate is 4.2
We need a whole other thread about this decision.
1. Sell the Truck.
2. Use money as a down-payment for a 15k or under vehicle.
Sort of related, out of my 6 really good friends, 3 of them make 200k or more a year and drive 6 - 10 year old beaters. the other three are in a new tahoe, new z71 truck and a Porsche SUV. None of those guys make more than 75k a year.
I make an EASY six digits a year and drive a 99 Camry.
My advice to you would be to get serious about building wealth. You can do it and the sacrifices are not even that difficult. The 40 year old you will be forever thankful.
Posted on 1/12/17 at 2:53 pm to Teddy Ruxpin
quote:
I just kind of freak out if the monthly payment is over $300 a month and my income isn't nearly as restrained as a imagine a 26 year old single male is. But I know I have different tastes in what I consider enjoyable, and some people enjoy cars for more than transport.
i have a strong distaste for any regular monthly payment, regardless of what it is.
reality is that I am one cheap bastard.
Posted on 1/12/17 at 5:28 pm to Hawkeye95
I would at least look at refinancing through Penfed. Should be able to get the interest to around 2-2.5%
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 7:10 pm to TrebleHook
quote:
I'll go against the grain and say VACATION.
THIS
dude, youre single and 26. get some hot chick that likes to put out and live it up a little. In the grand scheme of this, $6,400 is nothing, but you might not ever have this opportunity again.
Also, you may die way before this investment pays off. a vaca with a hot chick will be remembered forever.
Posted on 1/12/17 at 7:28 pm to Hawkeye95
quote:
i have a strong distaste for any regular monthly payment, regardless of what it is.
reality is that I am one cheap bastard
me too, no matter what we make I always think we're living on the edge. I also was pissed because a situation similar to OP just happened to me. Was getting close to paying off my car and got totaled, so I'm back on the monthly payments again. I drove the car my dad bought me when I was 17 until I was 30, so buying 2 cars in 3 years is making me nauseous.
Vacation isn't a terrible idea. I wish I traveled more when I only had one schedule to worry about. Sure, it's also a "waste" to some, but you live life once and material objects never did it for me really anyways.
This post was edited on 1/12/17 at 7:33 pm
Posted on 1/12/17 at 7:39 pm to I Love Bama
quote:
Sort of related, out of my 6 really good friends, 3 of them make 200k or more a year and drive 6 - 10 year old beaters. the other three are in a new tahoe, new z71 truck and a Porsche SUV. None of those guys make more than 75k a year.
Sounds about right from observation
Posted on 1/12/17 at 10:41 pm to Teddy Ruxpin
I'm 24, single, have a decent job. I bought a 30,000 suv, financed 18,000 at .9%. I regret it every month. I thought the $300 payment would be easier than it is. I would much rather put that money to my Roth.
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 11:15 pm to JamalSanders
quote:
Probably a dumb question. But lets say I don't have a Roth IRA right now and wanted to get one. Where should I start? Have a 401k through work.
See a financial advisor who knows how to find the best returns, or research it. NSS Life Preferred 5 is returning 3% right now which is about as good as you'll find for a fixed annuity this year. It locks in at 3% for 5 years, so even if the market dips you'll still get it.
Jackson products will return about 5% for the first year and no more than about 1.5% for the remainder of the annuity's life. At my firm, we have taken clients who have Jackson or Great American products coming up on maturity and rolled them into the NSS Preferred 5 because it locks in at a higher rate of return.
Posted on 1/12/17 at 11:34 pm to VermilionTiger
Engagement ring? 
Posted on 1/13/17 at 6:13 am to Tigerbait337
I would put it all on the truck. The money came from your truck insurance for a replacement vehicle, so that's what I would use it for. I also don't like having payments.
Posted on 1/13/17 at 8:04 am to VADawg
quote:
VADawg
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.
This post was edited on 1/13/17 at 8:08 am
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