Hello Mustachians,
Young saver here who has been working to get my financial life under track. The past 9 months since I've discovered MMM I've really been optimizing my spending and financial plan. I have eliminated all debt from my life (except mortgage), and aggressively reduced my consumerist spending. I live in Las Vegas and shortly after graduating college I felt like buying a house was the thing to do. I do love my house, and plan on staying in it forever or if I do move to use it as a rental property. I don't plan on selling my house during my lifetime. Unfortunately I bought the house before I had discovered MMM and so I only put down 3.5% on a 146k loan FHA. I am unsure rather it is wise now to save the extra to refi and get rid of PMI or just continue my strategy of very aggressive investing. A bit about my financials:
Single, Male, 24
Gross Salaray: 80k year + ~10-15k contracting work throughout the year.
Debt: 144k mortgage @ 3.875%, House value 149k (according to zillow).
401k: 17k
Rother IRA: 5k
Taxable: 7.5k
Cash/Emergency: 10k
Sometimes I have trouble "thinking" my way through a financial decision and coming to a conclusion myself, so I'm interested in seeing how you guys would approach this? Would it be wise to hold off my taxable investing for half a year or so in order to refi, or just keep aggressively investing and "leverage" as they say?
For some reason after all my cost savings cuts the PMI payment bugs me a lot :)
Thanks!