Looking for serious advice.. Should I sell my Truck? Struggling.....

just had my taxes done. My tax guy said they are gone.

 

You do realize financial people are on this forum, and are giving advice for free, just saying....

 

how do you know they arent?

 

They are and they have already offered advise. This thread is out of hand. OP should seek out an accountant and a CFP.

Good luck.

 

FTFY

 

Appreciate the post!

I also bought some short position ETFs. However, I feel like everyone is expecting a downturn this year, which tells me the timing is probably next year.

I've seen 3 crashes in my life time-- the SL crisis when I was younger, the dot come bust, and the house bubble pop. Each time, right before the crash, everyone thought they were somehow market geniuses and a market crash was not coming.

This time it seems different everyone is waiting for a crash so they can buy like crazy. I wish I had a crystal ball sometimes.

 

I don't think having three kids is outrageous. This is actually the best time of my life. young kids are so much fun.

 

Student loan interest was a before AGI deduction. Meaning... it wasn't a part of the alternatives (state taxes, donations, medical costs) to the standard deduction.

I am not sure how it's being handled Trump tax plan.

 

Much easier to get a dog

I honestly thought my dad would have shot my brother behind the shed like ole yeller after getting a bill from the hospital on his portion to pay. It seems that even back in the day ER visits were expensive

 

Don't give up the 50% match, you can't legally get a better return than that. The beauty of compounding at your age, works in your favor, big time. You can have a boatload of money by time you are retirement age.

Do not borrow against a 401K, if you were to lose that job, it is due in full immediately. Major penalty/cost if you can't come up with the $$$

Sell the truck, & buy something used for cash, that is appropriate for your family. You can come back to a dream vehicle when it's right.

If you need the truck for work, or other practical reasons, pay cash for something older & dependable. It may not be a Toyota. Lots of good stuff out there.

Pay cash for your toys, if you can't afford it, you can't afford it.

Wife & 3 kids come first, toys are way down the list. Don't sacrifice your families well being on a stinkin' truck. 3 kids will mean big expenses for the next 20 years or so.

Other than the truck situation, you are in pretty good shape, better than you think. Budget, save, and appreciate stuff that is real.

 

Don't remember what you said the bonus was your getting, but I'd start by paying off the 1k student loan. Every one is talking about the money you would lose by with drawing from your retirement and what not, but how much would you lose if you sell the truck? And let's not forget what ever vehicle you own, it will depreciate. But for vehicles, the taco handles that pretty well, so again how much money do you lose in the long run?

Use that bonus to pay on the taco next, when your kids get bigger, your love that trade in or resale value to upsize.

 

I’m loving the “sell the truck and buy something in cash” unless that something in cash has a warranty for the duration of time he needs it, that thing is a rolling repair bill waiting to happen

 

Do what you have to do to put food on the table, but one of the last things should be to give up the employer match for your 401K. Even in a flat market, that is paying more than you are losing paying interest on your truck. Pay as much into retirement now, not later, if you can. You almost can't make it up later.

 

DO NOT DO THIS!

 

You can pay for a lot of repairs with $550 / month. Nobody suggested junker, just affordable used.

 

You'll need something to seat 2 adults & 3 car seats. Neither the Tacoma or the Mini Cooper fit that bill. You going to need a good used minivan. Stay off the new car lots!

 

Are your job skills transferable? There are plenty of places more affordable than CA. Getting into a house makes more sense than locking yourself into a perpetual rental situation because of a damn truck.

 

Yea well what about after dropping 2k on a trans 2 months later head gasket pops? Don’t say “likelihood” is low. Shit happens all the time.

 

Rather than putting your assets at risk trying to time the market, get a handle on the simple stuff that you can control.

 

Likelihood is low. You minimize shit happening by making the right choices.