What is your total spending? Is the $1700/mo everything?
Yep 1700/month for everything, gas, food, living, insurance etc
What are you doing for health insurance right now?
I have to get a plan by next month. This is going to be part of the allocation as it seems a HSA plan seems to be a good option due to the tax savings. Having trouble sussing through the myriad of them.
What is the interest rate on the student loans once it kicks in?
Just mathed it out.
$5500/3.76%
$5500/4.45%
$2,292/5.05%
All are fixed, I can pay on them seperately before the interest start date (6/15/19) but after that they combine
$13,292 will be at 4.27% if I don't pay off any of the seperate balances prior. I was going to use a Chase Ink Unlimited card to buy vanilla dot giftcards (2500) and pay down the 5.05% portion. This comes with a bonus cash back of 500$. That will settle the rate at 4.1% for 11,000
Why do you want to do a cash out refi? At 4.5% I don't think you're going to do any better anywhere else with the money at the moment unless you have some specific entrepreneurial project in mind.
I don't want to, but due to their being no lien on the property and my father's loan against his 401-this is the best option. It's locked in at 4.25 now and should close Friday. Total is 116k, 1.8k are taxes/insurance escrow. 2.2k closing everything. 112K check will be given to my father. He'll settle my 97k loan against his 401 at Edward jones and keep the other 15 I owed him.
How much do you think you will need for starting any business pursuits? I'm talking projects that have a reasonable chance of making a decent return on your time and capital, not hobbies that barely pay for themselves. I would keep that much fairly liquid.
I'm not entirely sure. I know I need around 8k for liquid inventory when running resale available monthly- depending on what I pursue next (evaluation a whole lot from outdoor work on driveways, to business marketing, to woman's self-defense seminars, to pming and funding house flips etc) it could fluctuate. I don't really have anything I've ever thought to pursue financially that didn't have some sort of attractive profit margin attached.
If you rented your current house out or sold it, where would you live? Staying in the house is probably the best option if you like your current amount of living space, but moving might be good specifically if you were willing to downsize significantly. You'll just have to plug the numbers into a rent vs. buy calculator. Also, keep in mind that if you rent your current house out you may have to refinance because your current mortgage probably requires it to be owner occupied.
It really depends on what I pursue. I wouldnt mind buying a complete renno to build equity in/sell a few years down the road for no taxes on gains-rinse and repeat. Worse comes to worse I used to rent a room in my current house and could do the same without renting the entire one out. This would give me travel/income flex with a dwelling.
With any other cash that you don't think you'll need in the next few years I'd start out with maxing out the Roth. Then I think you will do very slightly better by putting it into the 4.5% mortgage vs putting it into low expense ratio mutual funds. This is another topic for debate, though, and there have been several threads related to it. A search engine can get you to them so you can help draw your own conclusions.
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I was looking at the vanguard total stock index fund vs paying down the mortgage/4.1% sl. I'm not really set on either right now. Something interesting is I can open a SE 401K and fund it up to 19,000; even it I only make 500/month on the side SE and recognize it all as profit-it's all tax deffered and can go straight in.
The plan of attack is: Find a HSA/health plan. Learn more about them.
Max Roth Ira (3200 more for 2019).
Math out SE 401 Contributions for 2019/base it off these next 3 months-open that.
Now we're onto taxable investments-I should have around 55k at this point. Let's leave 10k as a business flow fund/emergency fund in Ally HYSA
Figure out how to allocate the rest (Pay down loans/mortgage principal OR invest all in easily liquitable fund such as Vanguard VTSAX)
Sorry I've been stressing out over the "right" moves to make and it really depends on a million things.