Have 10K saved up, what should I do with it?

[Doug]

You'd get a pair eights.

 

[Kruser6]

I'd rather spend it and coke and hookers.

Guys I know it's not much money, but I am only 23 and feel I am setting myself up alright already owning a house and having some money in the bank.

I actually have paid $5,000 of the HELOC off, so my house is appraised at $115,000 and I only have about 80,000 into it.

I suppose the first thing I should do is fill my RothIRA?

 

[jacob]

i'm almost 23 and you're way ahead of me, financially.

daaaaamn i would love to have 10k at my disposal.

 

[Kruser6]

i'm almost 23 and you're way ahead of me, financially.

daaaaamn i would love to have 10k at my disposal.

I am just really careful with my money (despite my gambling which completely contradicts myself in many ways)

For instance I used to always stop at a gas station daily and grab a hot dog and a Monster drink or something and spend $3-5 a day. I realized after a month that I would be spending $1,800+ a year on just an energy drink! I do that with everything I buy now, I constantly think on how a habit will effect me long term and I try to shy away from it.

It's disgusting sometimes when you look on your Check Stub and you see all this money you have made and you look at what you have in your savings and the numbers aren't even comparable. Gotta look long-term on everything. . .but still have to mix in actually living/enjoying life. Those two are tough to balance.

 

[arniesarmy]

I also have 10K saved up. Unfortunately, at the start of this year, it was $133,000. It is called my 401K.

 

[PokerKingJim]

Use it to pay your student loan debt to avoid the interest.

 

[Kruser6]

Use it to pay your student loan debt to avoid the interest.

nah

That interest is locked in very low. I can do better with that money. I pay $180 a month for student loans, not a big deal at all. I may take another chunk off, but not spending my whole savings on it.


Doesn't make sense to pay on the student loans before the house which has higher interest.

 

[EasyMoney]

I also have 10K saved up. Unfortunately, at the start of this year, it was $133,000. It is called my 401K.

I hear that sh*t. I couldn't even tell you what % I lost so far this year in my retirement account. I know it's well over 20% though. People tell you it doesn't matter because I won't need the money for another 30 years. Well it pisses me off enough to matter.

 

[whalewager]

do you people know you can take the interest of a home off your taxes...thanks

 

[whalewager]

nah

That interest is locked in very low. I can do better with that money. I pay $180 a month for student loans, not a big deal at all. I may take another chunk off, but not spending my whole savings on it.


Doesn't make sense to pay on the student loans before the house which has higher interest.

it makes perfect sense

 

[Kruser6]

it makes perfect sense

I can deduct those student loan interest charges as well. Of course I know I can deduct the interest from my mortgage.

 

[Kruser6]

GJ, explain why it makes more sense to pay off the lower interest debt first over the house which would just add more equity. The student loans aren't bad debt.

Please explain your posts. You constantly answer/make posts with no explanations of your opinions.

 

[C.P.]

does it count..that I lost $50k..in the market..as of today's date

Oh...to be young and have a student loan...NOW I MISS THOSE DAYS:smoking:

 

[whalewager]

GJ, explain why it makes more sense to pay off the lower interest debt first over the house which would just add more equity. The student loans aren't bad debt.

Please explain your posts. You constantly answer/make posts with no explanations of your opinions.

Im not explaining anything.

 

[Kruser6]

Im not explaining anything.

:discuss:

 

[djmatt]

50k in the market? I live near Hinsdale, a doctor's wife came in to my friends salon and tipped 3$ or less than 5%

 

[PokerKingJim]

nah

That interest is locked in very low. I can do better with that money. I pay $180 a month for student loans, not a big deal at all. I may take another chunk off, but not spending my whole savings on it.


Doesn't make sense to pay on the student loans before the house which has higher interest.

Then use it to pay off the house. I'd focus on eliminating the debt first. Good luck

 

[Uno]

Im not explaining anything.

no wonder you like palin.

 

[tmhhbk23]

Indian hit me up on AIM...im serious, gota great idea.... tmhhbk

 

[buddyboy]

there is good debt and bad debt... those low interest loans you can deduct are good debt.

In order:

1. pay off bad debt
2. fully fund your retirement plans
3. tuck away 6 months worth of money to cover expenses.

when you get all three of those done THEN

4. kids? if yes then get life insurance if not...

5. diversified porfoilio of stocks

I'm telling ya, playing in the stock market is a lot easier if you have all that other stuff taken care of first.

good luck