Hello MMM community!
I'm a recent addition to the family and have been pouring through articles and forum discussions to learn more and embrace this amazing lifestyle. You've all been so helpful already with all of your other posts so thank you for the wealth of knowledge.
I have a specific order of financial operations question and I'll try to be as succinct but detailed as possible.
Facts:
Fluctuating yearly income, but ~ 50k : 15-20k W2 & 30-35k 1099
~14,000 in CC debt all on 0% interest offers
I can move about 8,500 of that to a new card - 0% for 21 months w/ 5% transfer fee
FWIW I will also be getting married this year and filing joint taxes for the first time. Fiancée will make approx 30-35k this year almost exclusively w2.
By my calculations, that CC debt is costing me about 2.58% (based on the transfer fee) over the course of the 21months.
I'm contemplating opening an i401k to help cut down my taxable income.
Does it make sense to pay off whatever CC debt I can't put in the new card and then focus my money into the i401k, assuming the benefit of getting more little green employees working for me outweighs the cost of the debt? Or am I totally crazy and playing with fire (the bad kind of FIRE)? Is there a hybrid version of this that's preferable - wherein I split my money between paying down the CC but also investing?
Thanks in advance for any and all help!!!