Author Topic: prepubescent mustache with hopes of full on badass facial hair. where to start?  (Read 4557 times)


  • 5 O'Clock Shadow
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  • Posts: 3
So , like many of you, I am eagerly awaiting a check from the government as a thank you for letting them barrow my money. With this nice little chunk, I was looking into how I can make my money work for me, instead of the usual opposite. Now 3K back from the gov't isn't ground breaking in any sense of the therm, but to me it is a lot. Quite a lot, actually, thanks to an ungodly amount paid to the University this year (more on that later). However, before it burns a hole in my pocket and I come home with a new badass 72" and a Xbox I'd like to have a plan as to what to do with the dough. I recently came across this blog while doing research on peer-to-peer lending, because christ, CD's only net 1.2% if you're lucky, and now I am hooked.

Anyway, the "no-duh" approach would be to pay off my credit card debt first. I didn't think of that immediately. I was busy crunching numbers as to what 3K would be broken up between the Lending Club and some hefty REIT's. But, the more I think about it, the more excited I get about being "debt free" (aside from school crap). I figure that with no CC payments, I'lll have an extra $200/mo on top of the 2-300 I can squeeze out, which will bring me back to $3K in only several months.

SO. The question is, go ahead with the above plan to kick the CC's and slowly make my way back up to a sweet nugget with continual installments OR keep my balance (with an average of 8.6% APR for another 13 months) and slam dunk the whole pony into something?

This is all becoming more black and white now that I am "saying it out loud" and getting rid of my bagage seems like it would be awesome and the way to go, but wanted to get some feedback from others with well established mustaches. How's my aim?

Another Reader

  • Walrus Stache
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  • Posts: 5327
Pay off the credit card.  The plan you laid out makes the most sense.  Just keep saving all year and fund the entire IRA amount.