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What to do with my money...

Discussion in 'BBS Hangout' started by JD88, Feb 22, 2013.

  1. JD88

    JD88 Member

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    Theres some smart dudes on here, so I figured I would ask this question as I dont really know what to do with it.

    No kids, no wife, no mortgage. My only significant bill is my car at $360 a month.

    Question is, should I pay off a few grand on my car? CD? I read the treasury has notes you canbuy but knowing how the government works, im kinda iffy on that. Maybe stocks? Shares of apple or coke or something like that?
     
  2. Mr. Brightside

    Mr. Brightside Contributing Member

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    I would probably choose the coke option.
     
  3. ScolaIsBallin

    ScolaIsBallin Member

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  4. bobrek

    bobrek Politics belong in the D & D

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    What is the interest rate on your car loan?
     
  5. percicles

    percicles Contributing Member

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  6. mrm32

    mrm32 Member

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    Buy more money
     
  7. LonghornFan

    LonghornFan Contributing Member

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    Pay off the loan. No car note is a great feeling. Trust me.
     
  8. Jontro

    Jontro Member

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    Buy more happiness.
     
  9. JD88

    JD88 Member

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    1.75%
     
  10. brooksstephens

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    This is one of the most important factors in this scenario. It will determine how urgent/aggressive you need to be in paying off the car.

    Also, in order to give you sound financial advice, you'll need to give us a little more info.

    How much do you make in a year and how much do you have saved up?

    Do you have any other debts at all?

    What are your short term and long term financial goals?
     
  11. heypartner

    heypartner Contributing Member

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    Don't pay off the car loan at that rate. That's like free money. Keep paying the 1.75% and use the extra money to invest at much more than 1.75%.

    One Golden rule is: Money is worth more now than in the future. So don't use you money now to pay off that extremely cheap loan. Invest it.
     
  12. Yung-T

    Yung-T Member

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    Buy dem hookers mayne.
     
  13. gnozahs

    gnozahs Member

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    I'm in the same position almost. I just have money sitting in the bank but I'm pretty sure I could be putting that money to more better use investment wise.
     
  14. LonghornFan

    LonghornFan Contributing Member

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    Offer some money to 713 so his mommy and daddy don't have to pay his gas bill. Ask him to leave CF for the charity.
     
  15. Tenchi

    Tenchi Contributing Member

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    Roth IRA.
     
  16. Dairy Ashford

    Dairy Ashford Member

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    Computer classes. Or volunteer and donate to a charity with the intent of networking and eventually getting into leadership roles. Maybe critically assess your career goals, find out where you come up short skills-wise, and get some relevant professional certifications. You could also stick 60% in blue chips, 30% in some kind of bond fund, and 10% in money market accounts.
     
  17. bobrek

    bobrek Politics belong in the D & D

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    If you have enough money to start paying down the loan, you certainly have enough money to invest in something that will make more than 1.75%. As Heyp wrote, 1.75% is like free money. You can invest in something like an income fund such as FKINX and make 6-8%.
     
  18. Johndoe804

    Johndoe804 Member

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    As somebody with a background in Economics and Finance, I'd agree with the more reputable posters above.
     
  19. david_rocket

    david_rocket Member

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    I would do some traveling.

    Going around the world is great, or if you always wanted to go somewhere, you should do it.
     
  20. Big MAK

    Big MAK Member

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    That's a low rate on your car loan, I wouldn't pay it off. Max out your IRA, Roth if you're of younger age. Put it in some low commission mutual funds. Large and mid US and international cap funds, and bonds. After you do that, save and spend it how you wish. Investing in real estate, ie a house, is a good idea with the low mortgage rates. But really, save for retirement, you're not getting any social security.
     

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