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

TL;DR


if your truck is not earning you big money, get rid of it

and I don't mean Uber.

 

Well, there is quality of life, too. There are stories of simple librarians who have donated millions to schools and their communities. Of course, they ate oat meal and tuna fish every day and never went any where. If they were happy with that, good for them. Others have travelled the world and seen everything there is to see and retire with nothing, which they are perfectly content working part time jobs and collecting social security. You have to find your own balance.

 

Solid.

 

Well where we road trip, a Tundra or T4R (the vehicles we own) are required, so therefore a mini van will never grace my driveway. They make 3rd Rows in SUVs so I’ll continue to that route when/if we outgrow the T4R. Nothing against people who own them, but never will this household have one.

 

...^^^... Good advice

Many people retiring now don’t have enough money to do so with any degree of comfort.

You are smart planning now and ahead of most people your age.

Money goes super fast in retirement too.

 

Heh, which is why I own a DC Taco as well. We do love backcountry travel, as we are in Utah. For those type of trips, Tacoma gets the call. Little tight, but as kids grow older and out of car seats, there is more room. Don't dismiss the AWD Sienna with its 6.6" of ground clearance, though. Wait till I get some KO2's on this sucker!

 

Vasectomies are not retroactive.

 

TLDR this entire thread but to the OP, pay off whatever has the higher interest rate.

Do not stop contributing to your 401K.

The payment is reasonable but there's no point paying $100 more a month above your payment right now. Do that after your student loan is paid.

Yes you can deduct the interest from your loan on tax time. However, if the % on the student loan is high, put that extra $100 you were putting towards the tacoma to the student loan.

You have a solid savings and retirement. The car payment is unusual for you, but certainly not out of the ordinary and considered normal debt. Keep your payments on time and your credit rating will go up.

Enjoy your truck.

 

Love it!

 

Nailed it. I work a second job on the Board of 2 non-profits..dart leagues. Something I enjoy, although it's a sacrifice of a little more time and things can happen pretty much whenever. That enables me to pay the truck payment and get to a handful of concerts. Could i cut back on the concerts and tattoos, sure...but it's worth it to me

 

BINGO!

 

You stopped putting into your 401k? You need to put atleast what the company will match in man. Not doing so is giving money away. Plus you’ll never make that money up down the road even if you do contribute more when you start up again.

Personally I’d get rid of that 6k you owe and go from there.

I also think you are in desperate need of a financial planner.

 

Paying down debt is always the WTG, you will be richer for it, instead of the bank. When I went to buy my truck the dealer begged me to finance and use "their money" instead of mine.
Wonder why? Because while financed, the asset is in their name to be used as collateral for their benefit like finance corporate bonds with my money!
And what do I get??
a note, a freaking monthly bill, thanks but no thanks.
As long as the tittle is in my name, I can walk into any bank and get a lower rate title loan if I get into a bad financial situation and that goes for everything you buy.
You don't own the assets, they own you until its paid off.

You've done well in not buying a house at those ridiculous prices.

The only ones who really cash out on you buying a house is, the mortgage holding bank, the selling realtor or agent, the insurance co who insures you house for the next 30yrs, the county who collects your yearly taxes forever to have a good time with them, the utility co's like water, electric, sewerage, cable and I'm sure I'm leaving someone out lol!

Yeah there are benefits, mainly if you buy it cash or outright, but hard to do for most. And there are risk, many risk too. For the record, I do own my own, or it owns me, but I got it on the down cycle at a great price. Patience pays off too.

Saving is the the WTG after paying off debt. As for contributing to your 401k that's saving too, providing you have a say into how the money is invested. If you have to invest it all into the company you work for or their affiliates, then maybe not so much your benefit but theirs, keep a watchful eye. Your own self directed IRA is hard to beat, the tax benefit alone is good.

Timing the market and making money is not hard, its actually very easy.

The hard part is knowing when the market is going to change direction. There are tell signs all along but my favorite confirmation signal is at the end of the cycle of the change. That's when the president and the most prominent wall street figures all sing to the quire on how great the economy is doing and will do in the future.

Stay liquid, stay safe
Cheers!

 

I hope to have 100k in my 401k by the time I’m 35.. doesn’t seem likely

 

L O L

 

If your truck loan is anywhere near 5%, take out a 401k loan and pay off both your truck and student loan, you pay yourself interest on the 401k loan, not the banks.

Keep the truck

 

What is that you speak? Logic? Get outta here

 

I study Bro financing, and borrowing from your 401k is dumb.

I live on low intrest debt and baldy’s 401k.

 

I tell my two older kids age 28 and 30 to put the most they can in their 401k's now. Time is on your side. You'll never catch up if you stop for a few years. Also if the market tanks again, that's when you want to be in. You're getting more shares for your money. If the only debt you have is that loan on the Tacoma and student debt, it seems you're doing quite well to me. I'm no expert,but if i were you I'd keep the truck.

 

Minivan all day over a Yukon or that type of hypermassive overkill.