Search found 106 matches

by cashisking500
Thu Dec 01, 2022 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Paying lump sum towards mortgage
Replies: 8
Views: 824

Paying lump sum towards mortgage

Hello All,

My wife and I have about $80,000 in liquid savings, most of which is sitting in a high-yield savings account. We owe $318,000 on our 30 year mortgage (about 27 years left) and Zillow values our property at $478,000. However, when we made the mortgage, it was valued at $350,000. We didn't put enough down on the home when we purchased it and we are currently paying PMI, which I know is a waste of money ($110 per month). Should we have the property re-appraised and/or take some of our liquid savings and pay it down to the 80% level so that we can get rid of PMI?

Thanks!

PS - we max out a Roth IRA and I max out my 401K and my wife contributes 12% to hers.
by cashisking500
Sat Feb 12, 2022 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: $100,000 in Savings
Replies: 22
Views: 6063

Re: $100,000 in Savings

SerenityBlue wrote: Fri Feb 11, 2022 9:22 am What's your mortgage interest rate? I was in a similar situation so here's what I did
  • Maxed out wife's tax-deferred contributions
  • Bought $40k IBonds between December/January (you can purchase $45k IBonds per calendar year if you establish individual trusts plus $5k tax refund. Caveat is your money is locked in for 12months till you can freely withdraw it.)
  • Contributed $40k taxable brokerage so I could get Merrill Edge's new account/transfer bonus ($750 for $200k) as I had a rollover IRA sitting around
  • Left the remaining in a Discover 0.50% APY savings account for emergencies/home remodeling projects
Current rate is 2.875%
by cashisking500
Sat Feb 12, 2022 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: $100,000 in Savings
Replies: 22
Views: 6063

Re: $100,000 in Savings

Thank you everyone for the responses so far
by cashisking500
Wed Feb 09, 2022 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: $100,000 in Savings
Replies: 22
Views: 6063

Re: $100,000 in Savings

pizzy wrote: Tue Feb 08, 2022 12:09 pm What percent of your total portfolio is the $100,000?
We currently have a net worth of approximately $675K. 350k in retirement assets (401k, Roth IRA’s), 140k of home equity, 100k cash, 40k vehicle (paid for), the rest misc like HSA’s, etc.
by cashisking500
Wed Feb 09, 2022 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: $100,000 in Savings
Replies: 22
Views: 6063

Re: $100,000 in Savings

Thanks everyone. I failed to include that we are both maxing Roth IRA’s, so that one is taken care of.
by cashisking500
Tue Feb 08, 2022 10:25 am
Forum: Personal Finance (Not Investing)
Topic: $100,000 in Savings
Replies: 22
Views: 6063

$100,000 in Savings

Hi Bogleheads, My wife and I have been fortunate to amass $100,000 in savings - $60,000 in high yield savings, $12,000 in Chase savings and $30,000 in Vanguard taxable account. I’m most interested in how we make this money work best for us? On the surface, it seems like a lot of cash to just have sitting around, so I’m looking for where is the money best utilized? $60,000 is equal to one year of EF expenses for us. We still owe $320,000 on our mortgage (home valued at $465,000) and we are only 2.5 years into the mortgage. We have no other debt. I max my 401K, my wife is close to maxing hers, and we contribute $250/mo to our 3 y.o. child’s 529 (approx $25,000 balance). Help us with how we best move forward? 1. Throw some of this money at the...
by cashisking500
Tue Nov 23, 2021 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: $80,000 in savings
Replies: 10
Views: 2686

$80,000 in savings

Hi Everyone, We have a HHI of $175,000. Our jobs are stable and we have been fortunate to do a good job of saving over the years. We have $80,000 in savings ($60,000 in liquid savings and $20,000 in a Vanguard taxable account). $55,000 represents one year of expenses for us, which includes monthly Roth and 529 contributions. Our only debt is our mortgage. We are currently doing the following. Both of us are 38: - Maxing Roth’s for both of us (balance of $68,000 and $27,000 respectively) - Maxing 401K’s ($193,000 and $70,000 respectively) - $250 per month going to our 3 year old daughters 529 ($23,000 balance) - We typically have $1200-$1500 left over each month - Mortgage left is $325,000 on 30 year (28 years left)…house valued at $450,000 ...
by cashisking500
Mon Jun 07, 2021 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Approaching 40 and need advice
Replies: 13
Views: 2571

Re: Approaching 40 and need advice

Thanks everyone
by cashisking500
Mon Jun 07, 2021 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Approaching 40 and need advice
Replies: 13
Views: 2571

Re: Approaching 40 and need advice

Leeks, sorry, forgot to finish my typing! Ha! I've fixed it now, but we owe $326,000 on the house.
by cashisking500
Mon Jun 07, 2021 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Approaching 40 and need advice
Replies: 13
Views: 2571

Approaching 40 and need advice

As my wife and I approach 40 (38 currently), I would like some advice on what we need to do with our money. I feel like we should be making our money work more for us. Any advice/input is very much appreciated. Here is where we currently stand: General Info: - Gross HHI: $175,000 - MCOL Area - One child that will be 3 in August Debt - Only debt is mortgage $326,000 @ 2.875% (29 years left on 30 year) Investments: - My 401K: Currently maxing it out, balance is $170,000 - Her 401K: Currently contributing 10%, balance is $50,000 - Both maxing Roth IRA's (Balances $57,600 and $21,500) - 529: $19,500 and contributing $250 per month - Taxable Vanguard Acct: $13,300 - HSA: $15,000 (not currently maxing) Cash: - $60,000 in high yield savings accoun...
by cashisking500
Fri Feb 19, 2021 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage LTV and interest rate question
Replies: 5
Views: 693

Mortgage LTV and interest rate question

Hello,

My brother and his wife are finishing the build of a new home. They are financing the loan through the builder's financing arm, as there are some incentives for closing credit, etc. They plan to put 20% down, but the loan officer is telling them that the interest rate goes up with a lower LTV (i.e. putting 20% down comes with a higher rate than putting 15% down). I've never heard of this and it seems odd to me.

Does anyone have any experience or explanation why it would be like this?

Thanks!
by cashisking500
Mon Feb 08, 2021 10:06 am
Forum: Personal Investments
Topic: What is next for us?
Replies: 10
Views: 1487

Re: What is next for us?

Thanks all! I bumped my 401K up to max contribution for this year and will look to do the same for HSA
by cashisking500
Fri Feb 05, 2021 12:07 pm
Forum: Personal Investments
Topic: What is next for us?
Replies: 10
Views: 1487

Re: What is next for us?

Thank you, Aristotelian!
by cashisking500
Fri Feb 05, 2021 11:52 am
Forum: Personal Investments
Topic: What is next for us?
Replies: 10
Views: 1487

What is next for us?

Hi Everyone, I like to touch base with this community everyone once in awhile to make sure we're on track. I'm wondering what's next for my wife and I in terms of saving, retirement, etc. Here is a snapshot of where we are today: Ages: 37/37 Children: 1 (2.5 years old) Gross HH Income: $175,000 529 Plan: Contributing $250 per month ($16,600 balance currently) HSA: $11,200 balance (contribute $2200 per year currently and employer dumps in $1200 per year) Mortgage: $328,000 left (29 years left on 30 yr. @ 2.875% - recently refinanced) Cash: $75,000 (Represents 16 months of HH expenses) Retirement: -401K (me): $153,000 (contributing 15% and getting 5% match) -401K (her): $45,000 (contributing 10% and getting 3% match) -Roth IRA: Balances: $55,...
by cashisking500
Fri Dec 11, 2020 7:05 am
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Re: Pay off 0.9% car loan early?

I figured I would get a mix of answers on whether or not to pay this off early. I appreciate everyone's input. Very helpful!
by cashisking500
Thu Dec 10, 2020 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Re: Pay off 0.9% car loan early?

surfstar wrote: Thu Dec 10, 2020 1:23 pm 10k I bonds this year
10k next year
I think they're at 1.6-1.7% currently.
Thanks, surfstar.
by cashisking500
Thu Dec 10, 2020 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Re: Pay off 0.9% car loan early?

Jack FFR1846 wrote: Thu Dec 10, 2020 1:13 pm
cashisking500 wrote: Thu Dec 10, 2020 12:19 pm besides our home.
If your mortgage rate is more than 0.9%, you should put any extra money towards it.

Why is a mortgage somehow a better debt if it costs more to carry?
In terms of pure mathematics, you're 100% correct, Jack. To me, paying off the car debt is a psychological win for us (while also quickly reducing our monthly expenditures). In my opinion, there is more than just mathematics to these decisions, but then again....we all have opinions.
by cashisking500
Thu Dec 10, 2020 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Re: Pay off 0.9% car loan early?

Thanks everyone. Really helpful advice here!
by cashisking500
Thu Dec 10, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Re: Pay off 0.9% car loan early?

Thanks terran! We think alike!
by cashisking500
Thu Dec 10, 2020 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 0.9% car loan early?
Replies: 24
Views: 2018

Pay off 0.9% car loan early?

We have a vehicle with a balance of $21,000 that is at 0.9% interest. We have $84,000 in our "emergency fund" currently ($60,000 represents one year of E-fund for us). This vehicle debt is only debt we have besides our home.

We make combined 160K, are both 37 years old, contribute 20% of our gross income to retirement (we fully fund Roth IRA's and 401K's aren't quite maxed out yet) and have about $15,000 in 529 savings (contributing $250/mo) for our 2 year old child.

Mathematically, I know it may be silly to part with $20,000 when the loan is only at 0.9%, but the idea of being completely debt free except for our home is appealing.

Thoughts?
by cashisking500
Sat Sep 12, 2020 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: How are we doing?
Replies: 29
Views: 3408

Re: How are we doing?

wander wrote: Sat Sep 12, 2020 2:29 pm No life insurance?
Yes, we have ample term life insurance
by cashisking500
Sat Sep 12, 2020 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: How are we doing?
Replies: 29
Views: 3408

Re: How are we doing?

z06ray wrote: Sat Sep 12, 2020 12:32 pm Eligible for HSA?

Why not max out your 401k? It doesn’t look like you are taking advantage of all eligible space
Yes, I am. I'm currently putting $70 per paycheck into HSA. Should I consider maxing that (or as close to as possible?)
by cashisking500
Sat Sep 12, 2020 10:53 am
Forum: Personal Finance (Not Investing)
Topic: How are we doing?
Replies: 29
Views: 3408

Re: How are we doing?

Thanks. You bring up a good point that I should have included. $11,000 of our $82,000 cash is in invested in a 3 fund portfolio at Vanguard. $10,000 is sitting in a boring Chase savings account and the rest is in a high-yield (haha) savings account.
by cashisking500
Sat Sep 12, 2020 10:41 am
Forum: Personal Finance (Not Investing)
Topic: How are we doing?
Replies: 29
Views: 3408

How are we doing?

I like to check in occasionally with this group, as I great value your input/opinions. Because of this site, we have made a lot of positive moves with our money and it's time to see how we're doing! Me: 36 years old, Wife: 36 years old One 2-year old child Mortgage: $1735/mo @ 2.875%, 30 years (just refinanced) Car Debt: $385/mo @ 0.9%, 60 months (2020 Honda Pilot) - $22,000 balance No other debt Cash savings: $82,000 My 401K: $121,500 (contributing 16% with 0 match currently due to COVID...typically a 5% match from employer) Wife 401K: $35,000 (contributing 6% with 3% employer match) My Roth IRA: $50,000 (maxing contribution each month) Wife Roth IRA: $14,000 (maxing contribution each month) As a household, we are contributing 20% of our g...
by cashisking500
Tue May 26, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: For EF "months", are we including unemployment benefits & stated severance policies? And both parts of a couple?
Replies: 19
Views: 1390

Re: For EF "months", are we including unemployment benefits & stated severance policies? And both parts of a couple?

Coming at this as someone who was furloughed for 6 weeks during the pandemic (now happily back to work), we fortunately did not touch a dime of our emergency fund during my furlough. We have approximately $90,000 in cash savings ($60,000 represents one year of expenses) currently. Between unemployment and my wife continuing to work at 100% pay during the crisis, we were fine.

As others have pointed out, you must also consider long-term illness, etc. as other reasons why one may need to tap into the emergency fund. I would strive to have a solid 6 months saved and go from there. Keep in mind, while not ideal, you can also tap into Roth IRA contributions if things got really bad.
by cashisking500
Thu Apr 30, 2020 6:30 am
Forum: Personal Finance (Not Investing)
Topic: What to do with extra money?
Replies: 20
Views: 2024

Re: What to do with extra money?

Yes, the $60,000 covers if both of us were out of work. The only thing it doesn’t cover is our Roth IRA contribution each month. My wife is in the healthcare field, so less likely she will lose her job. I project we will have $88,000 sitting in high yield savings. Approx. $60,000 represents one year of expenses for our EF. Does the $60,000 one year expense cover ALL expenses in the event you both lost your job? If so, I think you are way good here. I like to think that my wife and I won't ever be out of work at the same time and her being a nurse (she's very stable) so I calculate our spend - her salary to get the emergency amount. What should we do with the extra $28,000? - We have $11,000 left on a 0% car loan. Pay it off? - We owe $330,0...
by cashisking500
Wed Apr 29, 2020 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with extra money?
Replies: 20
Views: 2024

Re: What to do with extra money?

Thanks everyone. All good points and lots to consider.
by cashisking500
Wed Apr 29, 2020 11:56 am
Forum: Personal Finance (Not Investing)
Topic: What to do with extra money?
Replies: 20
Views: 2024

Re: What to do with extra money?

Thanks, Theorist. Yes, we both regularly contribute to 401K’s with our jobs.
by cashisking500
Wed Apr 29, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: What to do with extra money?
Replies: 20
Views: 2024

What to do with extra money?

I hope all the BH community is staying healthy! I am currently on furlough from my job due to Covid 19 and will hopefully be back to work no later than the end of May. My wife has continued to work full time, being paid at 100% during this time. Between her take home pay and unemployment money, we have been very fortunate thus far to not have to dip into our savings. Assuming I get back to work on schedule, I project we will have $88,000 sitting in high yield savings. Approx. $60,000 represents one year of expenses for our EF. What should we do with the extra $28,000? - We have $11,000 left on a 0% car loan. Pay it off? - We owe $330,000 on our mortgage at 3.75%. Throw a chunk at mortgage? Refinance and put some towards mortgage? - Keep sto...
by cashisking500
Wed Jan 08, 2020 3:16 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3623
Views: 569197

Re: Net Worth Milestone

Thanks guys! A question for the group...when did you feel like your net worth really started climbing quickly? Was there a specific $$ milestone or point where it seemed to grow almost automatically?
by cashisking500
Wed Jan 08, 2020 2:54 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3623
Views: 569197

Net Worth Milestone

[Merged into the ongoing discussion -- moderator oldcomputerguy]

Since this is the only group I can comfortably talk about this stuff with, I realized today that my wife and I have crossed the $300,000 net worth mark at age 36. We have a ways to go to get to the level that some of you all are at around here, but this group's advice has been a big reason why we have been able to steadily increase it. Thank you!
by cashisking500
Fri Jan 03, 2020 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Question
Replies: 7
Views: 763

Re: Mortgage Refinance Question

LittleGreenSoldiers wrote: Fri Jan 03, 2020 6:59 pm OP,
Back in early December you were asking about paying off a 0% car loan and had $68K in savings.
If you chose not to pay the car loan and still have the cash can you reduce the principle enough?

As another poster stated and asked. You need 80% loan balance to value. Do you have any appreciation?

Appreciation will increase your appraised value.

Any chance of a tax refund this year?

Where would half of your savings (~$34,000) put your principal balance relative to new value?


Maybe you have already thought about these options.
Yes, we still have the $68K. Decided not to pay the 0% car off yet. Home should appraise for about 365k.
by cashisking500
Fri Jan 03, 2020 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Question
Replies: 7
Views: 763

Re: Mortgage Refinance Question

If we stay the course, we will have PMI cleared in October of 2026
by cashisking500
Fri Jan 03, 2020 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Question
Replies: 7
Views: 763

Mortgage Refinance Question

I am looking for some advice on whether or not to refinance to an up-front PMI mortgage. We are currently in a 30-year conventional mortgage with PMI... Current mortgage: - PI is $1561 per month - 3.75%, 30 year conventional mortgage (29 years to go!) - PMI is $79 per month, scheduled to fall off in October 2026 Proposed refinance: - PI is $1523 - 3.625%, 30 year mortgage - PMI paid up front - Out of pocket cost for refinance is $4439 - Saves $115 per month on mortgage payment (PI savings plus no PMI) I'm calculating the break-even point as 3.2 years. We plan to be in this home for awhile. I also calculated the PMI paid over the next 81 months before it would fall off and I will have paid $6,399 in PMI in that time period. Does this seem li...
by cashisking500
Fri Dec 20, 2019 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Introduced to Bogleheads today coming from the Dave Ramsey world and looking for general input on my current situation
Replies: 101
Views: 11937

Re: Introduced to Bogleheads today coming from the Dave Ramsey world and looking for general input on my current situati

Welcome to the community!

As someone that has followed Dave's get out of debt principles, I think he does a great job. I've learned A LOT about personal finance and debt by listening to his show. He's never made a penny from me. I can confidently say that my family and I would not be in the good financial shape we are today if I hadn't listened to him.

I would encourage you to listen to this community for your investing advice. There's a Wiki that has a ton of info and great tools like the 3-fund portfolio that is simple, yet very effective.

There are many intelligent folks on this forum...use it/them as a resource and you'll be thankful that you did.

Merry Christmas!
by cashisking500
Thu Dec 05, 2019 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off major debt?? Or do something else??
Replies: 12
Views: 1667

Re: Pay off major debt?? Or do something else??

Admittedly, I'm more debt adverse than others on here, but knowing you have $770,000 sitting there, I would consider clearing up the loan, purchasing a home (assuming you're not looking to spend too much here) and buying into the practice with this money if its possible. You're young...and having no debt on a home, a practice or a loan will allow you a lot of financial freedom in the future. Thinking about your savings rate over the next 30-35 years if you don't have any debt at all and are bringing in $300K+ a year. It's clean, it's simplifies things and you can quickly grow your savings.
by cashisking500
Fri Nov 22, 2019 9:16 am
Forum: Personal Consumer Issues
Topic: Gas furnace with heat pump - most cost efficient?
Replies: 27
Views: 1768

Re: Gas furnace with heat pump - most cost efficient?

Typically, heat pumps are most efficient down to 30-40 degrees F. After that, they start utilizing the electric strip heaters instead of heating the air they're pulling in from the outside. I've owned two homes with heat pumps and never felt like either kept the house as warm as it should. I now have a gas furnace and am happy with the job it does.
by cashisking500
Thu Nov 07, 2019 2:28 pm
Forum: Personal Consumer Issues
Topic: Madza CX-5 2018 vs 2019
Replies: 14
Views: 1440

Re: Madza CX-5 2018 vs 2019

My wife and I are on our second Mazda CX-5 (a 2018). We love this one and the last one we had. Great vehicle for the money.
by cashisking500
Tue Oct 15, 2019 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Switching Roth 401K to Traditional 401K
Replies: 6
Views: 934

Switching Roth 401K to Traditional 401K

Hello,
This may be a basic question, but I want to confirm I understand what I'm doing. I believe we have determined it would make more sense for my wife's 401K to be Traditional and not Roth. It has been Roth for years and has about $30,000 in it. A few questions...

- We don't pay any taxes if we switch to a Traditional from a Roth, correct? But we would if we switched the other way?
- If we make the switch, the contributions we make will still compound against that existing $30,000 balance, correct?

Thank you!
by cashisking500
Mon Sep 30, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: How are we doing? Need your input, please
Replies: 10
Views: 1604

Re: How are we doing? Need your input, please

I would immediately stop all Roth contributions. I would make sure you max out your HSA. This is money going in tax free and then coming out tax free. This is better than a Roth. Also, at your tax bracket, and current savings rate the odds of you being in a higher bracket in retirement is very unlikely. If money is still available I would be putting it into the 401k with the best options. If you have taxable money left over, it should be going into your pre-tax accounts as well. I would go in this order: HSA 401k Traditional IRA The only way I would be adding money into a Roth is if your are paying 12% in taxes on it. And, even then, the decision may be questionable. Just so you understand, in early retirement you would need an income of $...
by cashisking500
Mon Sep 30, 2019 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: How are we doing? Need your input, please
Replies: 10
Views: 1604

Re: How are we doing? Need your input, please

bloom2708 wrote: Mon Sep 30, 2019 12:00 pm Will either have pensions?

(If not) I would switch her 401k to pre-tax and bump up the percentage. You don't say if your 401k is pre-tax or Roth.

$19k to pre-tax 401ks and $12k to Roth IRAs is a great target goal for the floor of savings.

I like the combination of pre-tax + Roth. Defer the tax to 30+ years down the road.
Thanks Bloom. No, neither of us have pensions. I'm not sure if my wife's employer offers a pre-tax 401K option. I thought Roth was all they offered. I will find out for sure.
by cashisking500
Mon Sep 30, 2019 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: How are we doing? Need your input, please
Replies: 10
Views: 1604

Re: How are we doing? Need your input, please

Thanks to everyone for their input. Lots of good options to consider.
by cashisking500
Mon Sep 30, 2019 11:07 am
Forum: Personal Finance (Not Investing)
Topic: How are we doing? Need your input, please
Replies: 10
Views: 1604

How are we doing? Need your input, please

Based on input/recommendations from those on this forum, my wife and I have made several adjustments to our financial picture. Thank you for that. Now that we've made some changes, I'd like some feedback on how we are doing and what we can still do better? Thank you! Age: 36, 35 Monthly Net Income: $8,290 Mortgage: $1965/mo. (30 year, $335,000 balance @ 3.75%) Non-Mortgage Debt: $300/mo. (Vehicle loan, $13,500 left @ 0.0%) My 401K: $95,500 - currently contributing 10% with a 5% match Her Roth 401K: $35,000 - currently contributing 5% with a 3% match My Roth IRA: $32,000 - currently contributing max ($500 per month) Her Roth IRA: $8,000 - currently contributing max ($500 per month) HSA: $4,000 balance and contributing $150 per month 529 for ...
by cashisking500
Tue Aug 27, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off 0% car loan early
Replies: 52
Views: 3727

Re: Paying off 0% car loan early

I think I have my answer! Haha. Wow!
by cashisking500
Tue Aug 27, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off 0% car loan early
Replies: 52
Views: 3727

Paying off 0% car loan early

I'm sure many Bogleheads will be shaking their heads at me while reading this, but I'm going to ask anyway. We have $13,500 left on a 0% interest car loan (14 months into a 60 month loan). We have $68,500 in our savings account, earning 2% interest. This is our only debt outside of our mortgage and for some reason it's bugging me that we have it. Should we just pay the car off and reinvest the $300/mo. we've been paying towards this into a taxable account or are we better off riding out the life of the loan since it's not costing us interest?

Just curious what feedback I'll get here. Thanks.
by cashisking500
Tue Aug 06, 2019 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Home - $300,000 Profit - Invest or Pay Cash For New House?
Replies: 58
Views: 6735

Re: Sold Home - $300,000 Profit - Invest or Pay Cash For New House?

Buy the next house with cash and be debt free. It’ll change your life.
by cashisking500
Tue Jul 30, 2019 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: $70,000 saved up, what's next?
Replies: 7
Views: 1109

Re: $70,000 saved up, what's next?

Thanks to everyone for your help!
by cashisking500
Tue Jul 30, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: $70,000 saved up, what's next?
Replies: 7
Views: 1109

Re: $70,000 saved up, what's next?

Thanks for quick reply, bloom! You raise some interesting points for sure that I'll consider. I specifically like the options to either "pre-fund" the Roth for next year and free up some cash flow or possibly put it into our 401K's. We currently contribute 16% of gross household income to 401K's and Roth's (combined) - still with plenty of "room" in the 401K's to get to the max-out point.

I must admit, I am considering using $13,900 and wiping out the car loan - even though it's at 0%. I know that doesn't make sense math-wise to many here, but the freedom of no car payment and likelihood of not having a car payment for years to come is attractive.
by cashisking500
Tue Jul 30, 2019 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: $70,000 saved up, what's next?
Replies: 7
Views: 1109

$70,000 saved up, what's next?

My wife and I have $70,000 sitting in a high yield savings account (2.08%) currently. Approximately $35,000 of this represents 6 months of expenses for us - for clarification, our monthly expenses include maxing out two Roth IRA's. I can't help but wonder if the excess funds ($35,000) are best used elsewhere. Options include: - Paying off $13,900 car loan @ 0% interest - Tossing $20,000 or so at mortgage (currently @ 3.75% on 30 year, just refinanced recently) with $336,000 left on loan - Contributing more to daughter's 529 - she's 1 year old, currently has $4,000 in her 529 and we contribute $250 per month - Move $25,000-$30,000 to a taxable investment account - Other options, or do we just leave it alone as we have thus far and allow it t...
by cashisking500
Wed Jul 03, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Big Hospital Bill - Any way to negotiate ?
Replies: 130
Views: 11646

Re: Big Hospital Bill - Anyway to negociate ?

I recently went through the same situation, with a $4,000 bill for the birth of our daughter. Right off the bat, the hospital offered us a 10% discount if we paid in full. After discussion and pushing on them a bit, they knocked off another $500 on top of the 10%. We accepted this and paid in full with the discounts offered.