Quote:
Originally Posted by anonymous_saver
With $30,000 I would max out both of your Roth's for 2008. I would really put your retirements as more of a priority than funding your children's 529 plans. There are other options to pay for school (loans, grants, scholorships, PT work). Maybe you could shoot for 25% funding instead? Just a thought anyways.
Then I would put $20,000 towards your house loan. The 6.8% is pretty high, and like you said yourself, it's stupid not too.  Try not to worry about the economy so much., you seem to be doing well. I would even consider trying to refinance that mortgage. How many months worth of an emergency fund is $19,000 for your family?? Out of curiousity, do both of you work? |
The stumbling block I came up against on the house was I always thought you shouldn't re-fi unless you could go 2 or 1 & 1/2 points down and 15 years are still in the 6's. We used to have a 30 yr fixed @ 8 then re-fi to 15 at the 6.8..then I was locked in for a time period (I think 3 years) that I couldn't pay off the loan w/o penalties so I never looked into doing it again.
We already funded our '07 & '08 Roths with the first half of our inheritance 20k. And the 19k is around 7 mos...which I'm just basing on our net pay per month (I'm really a novice at all this
)..but that is such an improvement we've had the same 5k emergency fund all our married life never seeming to add to it because of using it for this or that when we'd get over 5k. But now we really want to get that built up. And yes we both work. I went part time after our 3rd was born.