Pay it off?

Congrats!

 

Keep 1000 in savings for emergencies. Use the rest for a lump payment on the truck while budgeting to pay it off completely the following month. I come from the Dave Ramsey school of thought though so if you have other debt that is smaller than the truck, pay it off first using the debt snowball.

Edit: Congrats on paying it off. Only read the first post

 

Is $1000 really enough to keep for emergency’s now a days ?

 

Right? It certainly depends on each individual and their expenses. My threshold is orders of magnitude above $1K for emergency fund.

 

$1000? One bad plumbing issue and that’s gone.

 

Just my opinion, but...........A TRUE emergency fund should be about 6 months of what one's bills actually are.

 

That's just a minimum to be honest. We like to keep a $5000 buffer as we call it haha.

True. 6 months living expenses is ideal. That is the step we are on.

 

Depends what you consider an emergency. I keep $1000 cash on hand for emergencies, but I have additional funds set aside for unexpected expenses or if I lose my job or can't work.

$1000 seems like a good number for something you can grab and get out of Dodge quick if needed, or to hold you over if there's a network or grid failure and cards/ATMs don't work for a period.

 

My CC is the emergency fund. Savings accounts pay nothing for interest, so the money does me more good having paid off principle. I understand there is some risk in job loss, but I am pretty comfortable that I would be one of the last people let go on my team. And the odds of my employer going away are as close to zero as one can be. Everyone's situation is different.

 

accumulate as much debt as possible wait for congress to pass debt forgiveness act; student loans, personal loans, mortgage loans, etc. only live once enjoy ourselves

 

TLDR version: The fastest path to financial freedom is to have a high paying job.

 

$1000 wouldn’t cover much of an emergency! I still recommend having a six month cash cushion.

 

Most "emergencies" are self induced.

 

Not always true, I would say fastest path is to decrease burning rate and convert obligations to assets.

As for me, one day I set a goal to pay it off ASAP without big budget cuts(determined minimum family budget after year of booking of the all money flows), initial credit was $40k and 3%, and now $8k and substantially dwindling, hope IRS will close it soon

 

Of course 1000 wont covert that much. And yes six months is a great cushion. I only said 1000 so he would have something left after paying off the truck.

Bottom line, don't be a slave to debt, don't buy it if you can't pay cash for it!!

 

Point taken! A lot depends on your personality and what works in your situation.

 

the richest people i know dont make alot of money..... but have learned to be content with what they have.

 

Why would your credit score drop if you paid off your vehicle early and in full?

 

The best vehicle in the world is one with no monthly payments!

 

Good debt is factored into credit score and also history of payments. Its a stupid system