Invest or Pay off truck?

I'm going to talk to a financial adviser but trying to figure out where to go

 

This ^^

 

Good luck retiring on beans and bullets. Bullets taste terrible, and beans don't buy much.


Also, to everyone who always drags up gold/silver/precious metals: Stop. Please. Commodities aren't worth a fuck when you're talking about long term investment. You don't invest in the commodity itself, you invest in the industry around it, and then only temporarily.

 

Fixed your opinion on a truck forum for ya.

 

Dont worry I already know to stay away from precious metals

 

Correct

But keep in mind...this place is largely the 20something crowd...

Surprised we haven't heard the "hookers & blow" strategy yet.

 

I want to hear this hookers n blow strategy, with pics too.

 

If you're going that route, you could play it safe(r) and go with an indexed ETF like SDY or SPY. Decent ROI.

Why the quotes? Is there a different name for a place where things are bought/sold in Ohio?

 

Pay off the truck!!!!!!!!!!!!!!!!!!!!

 

throw it in a retirement plan...money not seen, not missed...payoff in the future

 

I dont want something that I cant touch until I'm 60 or older because honestly I probably wont live that long

 

ROTH IRA?

 

@monster ... honestly, and i'll exit after this post. put your money in one or two market based etf's. etf's offer a very broad 'index' that doesn't expose you to a single stock price (ie volatility). many places offer etf's (scottrade.com etrade.com fidelity.com) you want something that has no commission fees and low maintenance fees. you pretty much want to just put this in a market etf that will just mimic the DOW or S&P500. that is your safest approach. you need to have a mentality of "investment" which means long term, you are very young. you should be thinking in terms of years - decades, not months with your investment. from day to day it will go up, it will go down. the power of the investment comes from a compounding interest and dividend return. the last bit of advice is consider doing all of this in a roth ira. it is a tax free place to let your investment grow but yea, it means retirement money. short of that you just need to have a brokerage account (again something like etrade.com is fine). keep in mind that means any money you make will be subject to capital gains (TAX!).

good luck to you, either way you are incredibly fortunate to have parents that are giving you this option so you can't lose either way ...you can just win less going with one option

 

Roth IRA. Since you're contributing after tax income you can withdraw direct contributions at any time. Set the account up so dividends are reinvested. It'll make money, you can take the original 6500 out at any time, and you can take the rest out at any time minus tax and penalties.

Why won't you live til your 60s again? Genetic predisposition to illness, drug habit, poor judgement, or end of the world?

 

I have a heart condition, high cholesterol, diabetes, Alzheimer's, and a couple other things run through my family.. I may live past 60 but I'd like to be able to touch the money when I want not have a set time.

 

Well with the recent prices of it you have a lot to gain from gold

 

The more complicated the plan, the less likely it will work. Pay off the fuck'n truck!

 

I would invest in mutual funds inside a Roth IRA. You should be able to get 12% with a decent advisor. (I did last year on track to have a repeat this year) Additionally you won't owe your parents money. You can still payoff your truck early on your own. Budget and discipline.

You'll probably see your 90th b-day, statistically speaking.

Just my 2cents.

 

I would take option A (under your circumstances). Pay the truck off.

1. Your credit score will go up some just maintaining and paying off the debt if the truck loan was in your name. It will not go up a lot until you buy a house really (raising your score seemed to be a goal in your previous posts).

2. Your payment to your parents will save you $4 a month outright and some interest on the truck loan (under the stipulations you posted) and will be paid in full quicker than paying off the truck loan under your initial contract.

3. Depending on the deal with your parents, you'd probably be safer banking with them with no interest instead of another financial institution that will take something off the top regardless. This will increase your capital and probably remove the chance of your truck being taken if you default.

4. Your employment situation does not have a guarantee that outlasts the initial loan period.

5. Graduating school debt free at your age is a way better starting point than most are at (and it looks like you could be saving money if you paid off the truck so even farther ahead than most.) Use your savings after paying off the truck debt to invest if you wish.