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Alright I guess it's my turn to be that guy itt and ask what I should do with all this extra money. I have all the basics covered. 6 months of living expenses in rotating CDs, maxing out my 401k, contributions to my HSA have put me at the point that I can hit multiple years of max out of pocket, and I have an extra 15% of principal payments going to my 15-year mortgage payments each month. I still have a large sum of money coming through at the end of each month and I'm basically at the point where I don't know what to do with it. I'm considering upping my mortgage payments with the idea of paying it off entirely as soon as possible- as eliminating my largest monthly expenditure will make the rest of my life way easier. However I don't want to put all of my eggs in that basket, but the problem is I don't know what else to do with the money. My current 401k contributions should have me more than prepared for retirement, so I'm not sure if I want to start putting the money into long term investments, but even if I did I don't at all feel comfortable with making any investments until we return to some semblance of sanity. I guess I'm looking for ideas for additional financial goals? 
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May 21, 2020 17:28
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| # ¿ May 15, 2024 10:47 |
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GoGoGadgetChris posted:How much higher do you want stock prices to be before you're comfortable buying? Like I said my 401k is already in the market. If I'm going to be making short-medium term investments I'm in no way comfortable with how anything is going right now. KYOON GRIFFEY JR posted:aint nothin wrong with paying off your mortgage if the rate's high enough For the time being my plan is to put half of my excess each month into the principal and the other half into my high yield savings. Eventually I'm going to be sitting on enough for another down payment for a house so I'm trying to work out some sort of goal to work towards.
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May 21, 2020 21:06
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Yeah I'm more looking for another financial goal since everything I need is pretty much covered.
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May 21, 2020 23:25
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SlapActionJackson posted:Are you also maxing out a Roth? Do that next. I contributed while I still could but I'm over the income limit for that now
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May 22, 2020 02:24
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Ok assume that I'm an idiot when it comes to this stuff. I thought that past the income limit it was an either/or situation. And since the 401k allows me to contribute way more that seems like the better option. Is that not right?
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May 22, 2020 02:34
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Ooooh. Yeah I've heard of those but my mind immediately blanked it out because as soon as things start veering away from the very simple and straightforward investing strategy I have I assume it's a bad idea. I'll look into that
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May 22, 2020 02:41
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| # ¿ May 15, 2024 10:47 |
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Cool. So I guess going forward I'm making larger principal payments on the mortgage, backdoor roth, and putting a rooftop patio on my place. Excellent. I like this. Thanks, thread!
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May 22, 2020 02:57
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