Hello,
In a week or so, I should recieve control of about 50 shares of PCP. (Total of ~13K.) I'm trying to decide what to do with it.
First, my debts:
$12400 on 0% CITI card, used for contruction of house addition. Goes to 11.5% in September of 2014.
$1900 on Chase card, mainly because I maxed the above card and needed to buy a few things to keep this project moving. 12.5%.
$3950 on 3.24% Motorcycle loan.
Total: 18250
Jan 2014 Incomes:
-13K from Stock Sale
-$1800 After Tax bonus
-$120 in free cash from regular pay
Total: $15980
Here's what I was thinking of doing:
-Kill the Chase card.
-Reserve $1000 to finish addition.
-Start a Roth IRA, for 2013. Put $3000 into this.
-Put $500 into my 2014 HSA
-Pay the rest on the CITI card
Now, over the rest of the year, I expect about $2000 in tax returns, I'll get $1800 quarterly bonuses, have about $750 a month to put into investments and paying debt. Based on this, I'll finish killing the CITI card by March, and the Motorcycle loan by July. Using my Jan 1 2015 stock purchase money, I'll finish fully funding my 2014 and most of 2015's Roth IRA and HSA accounts.
Does anyone see a better way to allocate this money?
I make about $85000 a year, plus about $9600 in room rental income. So, I don't qualify for traditional IRAs. I also contribute 6% to my 401K, to get my employer match.