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SVTPerformance's Chain of Restaurants
Road Side Pub
Should I start an IRA (individual retirement account)
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<blockquote data-quote="blownstang4.6" data-source="post: 16179012" data-attributes="member: 129006"><p>Depending on how much you're currently investing in your two investment vehicles, I'd say next step is to get rid of the debt. Pay down your mortgage. You will save 10's of thousands of dollars in interest in the long run. Once your house is paid off start dumping that extra money into retirement. I have two 30 year mortgages on both my properties. One is a multi unit investment property. I dump a couple hundred extra into each mortgage every month. When I get my yearly bonus and tax refund, I reimburse myself for any big house expenses I had during the year, and dump the rest into the mortgage. On my single family residence I've reduced my mortgage payments by 12 years and have only owned the house for a little over 2 years. That's a savings of $115,000 on 12 years of interest right there. I'm not going to be dumping as much in every year, but some favorable work circumstances allowed me to do so the last two years.</p></blockquote><p></p>
[QUOTE="blownstang4.6, post: 16179012, member: 129006"] Depending on how much you're currently investing in your two investment vehicles, I'd say next step is to get rid of the debt. Pay down your mortgage. You will save 10's of thousands of dollars in interest in the long run. Once your house is paid off start dumping that extra money into retirement. I have two 30 year mortgages on both my properties. One is a multi unit investment property. I dump a couple hundred extra into each mortgage every month. When I get my yearly bonus and tax refund, I reimburse myself for any big house expenses I had during the year, and dump the rest into the mortgage. On my single family residence I've reduced my mortgage payments by 12 years and have only owned the house for a little over 2 years. That's a savings of $115,000 on 12 years of interest right there. I'm not going to be dumping as much in every year, but some favorable work circumstances allowed me to do so the last two years. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Should I start an IRA (individual retirement account)
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