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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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<blockquote data-quote="FIVEHOE" data-source="post: 16136735" data-attributes="member: 140030"><p>I don't follow Ramsey but do what makes sense to you. </p><p></p><p>First off, I would absolutely contribute to a retirement account. Whether it be a 401k, IRA or just regular stocks and bond investing. Do one of those. </p><p>Second, how much happiness does the car bring you? How much are you paying per year in additional fees because of the car? Looking on those numbers, do you think it's worth it for the added benefits of selling? or would you 'gain' more from keeping? </p><p>Third, you're already contributing extra towards your mortgage and knocked out your debt (bravo, you're already further than most of the people in here probably giving you 'advice'). </p><p></p><p>My advice: if you don't use the car as much and could use the extra money for selling, then do so. If it brings ton of joy to your life, then keep it. Other than opening some form of a retirement/investment account, I would recommend at least paying off 20% of your house to knock out PMI. I don't know what you purchased at, but if you did at 220k and owe 179k you should be close. Then put that extra PMI payment towards the principal. I would put a mild amount into savings every month (probably $500 or so just to continue to grow the savings) and then put the rest towards investment accounts. </p><p></p><p>I just recently sold my 2013 mustang after not driving it much. Put 19k straight to the bank account. Now I have a full years salary liquid. I sleep much better at night knowing i could take a shit on the CEO's desk, tell him to pound sand, and not have to worry about finances for 12+ months. Some say it's stupid to keep that amount liquid, but you have to look at the pro's and con's. You could throw it in a money market but then have terms to the account, such as limited amount at all times, can't close the account within X period of time, etc. You could throw it in the market, but it's been relatively volatile over the last 12 months. I'd rather personally save up and wait for it to drop again and then pour my money in. </p><p></p><p>Basically, do what makes sense to you, not what you read or what someone recommends people do without fully knowing their financial situation.</p></blockquote><p></p>
[QUOTE="FIVEHOE, post: 16136735, member: 140030"] I don't follow Ramsey but do what makes sense to you. First off, I would absolutely contribute to a retirement account. Whether it be a 401k, IRA or just regular stocks and bond investing. Do one of those. Second, how much happiness does the car bring you? How much are you paying per year in additional fees because of the car? Looking on those numbers, do you think it's worth it for the added benefits of selling? or would you 'gain' more from keeping? Third, you're already contributing extra towards your mortgage and knocked out your debt (bravo, you're already further than most of the people in here probably giving you 'advice'). My advice: if you don't use the car as much and could use the extra money for selling, then do so. If it brings ton of joy to your life, then keep it. Other than opening some form of a retirement/investment account, I would recommend at least paying off 20% of your house to knock out PMI. I don't know what you purchased at, but if you did at 220k and owe 179k you should be close. Then put that extra PMI payment towards the principal. I would put a mild amount into savings every month (probably $500 or so just to continue to grow the savings) and then put the rest towards investment accounts. I just recently sold my 2013 mustang after not driving it much. Put 19k straight to the bank account. Now I have a full years salary liquid. I sleep much better at night knowing i could take a shit on the CEO's desk, tell him to pound sand, and not have to worry about finances for 12+ months. Some say it's stupid to keep that amount liquid, but you have to look at the pro's and con's. You could throw it in a money market but then have terms to the account, such as limited amount at all times, can't close the account within X period of time, etc. You could throw it in the market, but it's been relatively volatile over the last 12 months. I'd rather personally save up and wait for it to drop again and then pour my money in. Basically, do what makes sense to you, not what you read or what someone recommends people do without fully knowing their financial situation. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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