Pay off Taco early??????

Probably the best advice ^^^^

 

Actually I would never steer my kids to a financial planner. They can be the most dangerous people you ever come in contact with. I am certainly not saying take advice from random dudes on a forum but educating yourself is definitely the best way to go. Financial planners don't care if your account goes up or down. They are salesman that mostly sell life insurance.

 

And don’t be sensible about it. Buy the tires that look the coolest even though they don’t last as long...the STT Pro.

 

do you have a personal Individual Retirement Account (IRA)? If not, you can start that. Imo everyone should have one if they have the disposable income. After building a emergency fund nest (like it sounds you have), I'd start spending your monthly income in this priority:

1. Bills/Food/necessities
2. IRA (it's only $458.33 / month for single under a certain income, i'd have to double check how it varies with dependents/marriage)
3. Savings
4. Toys and other shenanigans

Seriously, retirement accounts like IRAs / 401ks are the difference between retiring with a million vs millions. I wouldn't go and drop all 10k in anything (maybe spend a little on a vacay, happy family and all), just start adjusting where your monthly income goes now that you have a good emergency fund. If you have any questions, hit me up.

 

^This^ Dave Ramsey is the man

 

oh one adjustment, the 458.33 is the MAX CONTRIBUTION, NOT THE MINIMUM. Hell, you can put $100 in if you can only afford that, but any contribution is going to pay dividends (pun intended) in the future.

 

You can contribute up to $6,000 for 2019's tax year. You don't have to spread it out monthly. We usually put $6,000 (used to be $5,500) into our Roth IRA at the start of each year.

Edit: but I would get rid of the damn car payment and quit throwing money away at rent.

Sell the truck or pay it off ASAP. Use the leftover monthly money to save for a house. You'll never retire if you just keep making debt/rent payments month to month.

 

Good catch, thanks!

 

I am not a insurance sales man. But agree self education is the best soluttion. I like giving advice without other factors. But i do sell stocks n bonds.

 

That is why when meeting say, a fee-based financial planner (no commissions, don't sell anything) I'm always packing some heat. Dangerous dudes, VERY dangerous! Had one toss his horn-rimmed glasses at me once in a fit of rage (possibly 'roid rage, not sure).

 

Paying off debt on a depreciating asset is never a bad strategy.

 

Financial responsibility.


Look. Choose wisely. Do you want to be financially secure, or ride around on a baller ass set of coopers? Obvious question is obvious. Fire up the Steeze cannon, son. YOLO.


“DONT THINK, JUST DO IT”

Words to live by.

 

I'm Series 7 registered rep also...mostly REITs

 

Buy the lift and 33s, then see a financial advisor with your wife, figure out what you guys want to do in the long run. I would also probably invest about $5k if I had that money, but the advisor could give you a better idea of the best decision long term.

 

This is the stupidest response that I have read in this thread!!!!
For gods sake man they are married! they are a team! they are partners! Need I go on?? If in a marriage, if either of the PARTNERS does not have an idea of what is going on with THEIR money (or one is hiding what is going on), the couple may as well head for the divorce lawyer soon, (to get it over with) as this crap in a marriage is not right (or will it last.( their marriage).
At least this couple talk about what they have and their goals.
Your "advice" if you are serious -is ridiculous! BTW wife and I have been married 50+ years --we both worked hard and together to get what we have earned -TOGETHER!
Nuff said to you! Go away!

 

This thread has some horrible advice OP

Ideally, you should start a business and sell Pot.

 

Everybody will have a opinion....IMO THE BEST ADVICE IS TO SAVEEEEEEE YOUR MONEY. FOR A HOUSE. Owning your own house especially if you have a family should be upmost priority and at a young age to. Save save save! I’m 24 and my wife is 25 and we’re looking to get a house this year and have great savings like you and we’re dead set on a house. With a acre or 2....A vacation can be wasteful. We will do that once we have established our permanent home. Priorities priorities. Grind in your 20’s....build in your 30’s...and enjoy life in your late 30’s!!

I know a guy who still pays 1600$ in rent at a apartment (SoCal) of course that’s 32 years old with a newborn and a wife. He recently bought a 1st gen taco for 9k almost all his saving and regrets using his savings when he could have saved for another year or two for a down payment for a HOME.

 

Honestly I was kinda scared everyone would say buy a lift and wheels. Cuz then Id have to get em. I really do appreciate the advice. I know in the end its my decision I just wanted another POV. I know yall are some dudes on the internet but besides that people with probably more experienced than me in life. And it was actually my wife who said ask youre buddys on tacoma world. Youre on there already. Haha so thank you. We actually saved that money together in less than 3 months of really trying. So she knew we have it. And ive been making double payments anyways for 6 months so were doing alright together.

 

Talk a financial advisor, there are more Q&A to be done before a recommendation.

Fyi, my wife is an independent financial advisor. We are 40 and in good position in life due some excellent planning. It's never too early to have a 10, 50 and 200 year plan.

 

Pay it off! I paid my off w/my tax refund 38 payments early. This was the first month I didn't have have 450 payment and it made a difference. That said, if you don't have any savings, keep it. It's harder to save up 10K than it is to spend it.