tyrion wrote:"You know nothing, Jon Snow!"
I want to thank everyone for their advice to start, I appreciate all the input and it seems that paying off some of the debt is the general consensus here. I had suspected to be the better choice, it was good to get some opinion from more experienced folks.
Here is my plan:
1. Contribute to 401K @ 14% of Gross income, contributing 6% for the match vs 14% will only change my net income alittle over $100, which I can live without.
2. Send 40.63% of my net income to student loans. The big loan @ 5.375% is a consolidated loan. I didn't consolidate the 6.550% one cause they were higher rate and i wanted to pay them off quickly.
3. Mortgage is 26.87% of net income. I've only purchased the place in Oct'11 and the balance is still quite high vs. the loan amount. I plan to move in a few years possibly. Not sure if its worth it to refinance? Any opinion on this?
4. Another 15% of Net in come will go to other bills that I can't escape from.
5. Now I have 17.5% of my Net income remaining, for food, gas, other necessary expenses of daily living + leisure. Whatever I don't spend I will throw it toward the student loan. I am already living frugally, but there is still room for improvement I am sure.
Goodbye Roth IRA for a few years.
Does that sound like a workable plan?