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| Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions. |
08-21-2007, 07:29 AM
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$ Saving Fifth Grader
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Join Date: Dec 2006
Location: Long Island, NY
Posts: 45
Points: 340.30
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Thank you!
I just wanted to thank all of the helpful people on this board!  Thanks to all of your help and advice this year I have: - 6 month EF
- Paid off HELOC
- Paid off student loan
- Paid off both car loans... yesterday!!!
Now, we just have the mortgage with plans not to finance anything else in the future. I can't even begin to tell you how excited I am!
Of course, this just means I'll be posting more asking what to do with extra money.  |
08-21-2007, 07:54 AM
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Congratulations! I can't wait until I can post a similar thread!!
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"...If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your [family] and peace in your hearts." - Gordon B Hinckley
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08-21-2007, 07:56 AM
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Great job... keep up the good work.
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08-21-2007, 08:01 AM
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That's awesome! Congrats.  |
08-21-2007, 08:30 AM
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$ Saving College Junior
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Join Date: Apr 2006
Posts: 1,099
Points: 12478.80
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That is just wonderful!!! I bet you feel so FREE!!! Like you are floating on cloud nine....
(ppst...look into vanguard target retirement or index funds for an IRA once you have the in of 3k saced up...since you were going to be asking soon anyway...)
__________________
A fantasy becomes a dissatisfaction. A dissatisfaction becomes a desire. A desire becomes a want. A want becomes a need. A need becomes a matter of life and death. --Concept taken from "My Year Without Spending"
Thoughts lead to acts, acts lead to habits, habits lead to character - and our character will determine our eternal destiny. -- Ezra Taft Benson
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08-21-2007, 08:42 AM
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$ Saving College Junior
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What a great feeling! You go, girl!
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Wisdom begins in wonder.
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08-21-2007, 09:02 AM
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$ Saving Sixth Grader
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Join Date: Jul 2007
Posts: 58
Points: 480.00
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Wow, That is great news! I wish I had all of my personal debts paid off, right now. At least, I was able to pay off one CC two weeks ago, so now I have 3 CC's to go, and they all should be paid off by March 2008!
My next debt in line is my $22,000 student loan. I'm a college sophomore and have two more years before I graduate. Hopefully, I won't have to take out anymore student loans to pay for the remainder of the time I'm in school. One of my goals is to be completely debt free of personal debt then work & save to buy a house.
Congratulations to you! Now, that you have accomplished your goals, it would be good to treat yourself, frugally.
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08-21-2007, 09:42 AM
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$ Saving Jr. High Schooler
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Join Date: May 2007
Posts: 86
Points: 475.00
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Congrats! I am glad you decided to pay off the debt instead of investing the money. The no debt feeling is so worth it =)
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08-21-2007, 10:32 AM
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$ Saving College Dept. Head
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Good for you. It does feel so good to be debt free!!
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08-21-2007, 11:28 AM
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$ Saving Fifth Grader
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Join Date: Dec 2006
Location: Long Island, NY
Posts: 45
Points: 340.30
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Quote:
Originally Posted by Vapors
Congrats! I am glad you decided to pay off the debt instead of investing the money. The no debt feeling is so worth it =)
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I'm glad too  It's what I've wanted to do, just needed to hear the reassurance, I guess.
Now, to my next step of education: Scanner mentioned the IRA. I currently have 2 mutual funds. One with a lump sum, one with regular deposits, but they are not in IRA's. What is the benefit of an IRA if you have 401ks? If this is the stupidest question you've heard, I apologize in advance! |
08-21-2007, 11:37 AM
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$ Saving College Sophomore
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Way to go!
__________________
“May you have warm words on a cold evening, a full moon on a dark night, and a road downhill all the way to your door.” - Irish Blessing
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08-21-2007, 12:11 PM
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Congratulations! You must be on cloud nine by now. Good going.
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08-22-2007, 10:30 AM
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$ Saving College Freshman
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Wow, that is really great!
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08-23-2007, 11:58 AM
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$ Saving Jr. High Schooler
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Join Date: May 2007
Posts: 86
Points: 475.00
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Quote:
Originally Posted by Beccagold
I'm glad too It's what I've wanted to do, just needed to hear the reassurance, I guess.
Now, to my next step of education: Scanner mentioned the IRA. I currently have 2 mutual funds. One with a lump sum, one with regular deposits, but they are not in IRA's. What is the benefit of an IRA if you have 401ks? If this is the stupidest question you've heard, I apologize in advance! |
A 401k takes pretax dollars and allows you to invest them for retirement. You are taxed on the money invested, plus any gain, when you take distributions. A traditional IRA is the same thing (you get a tax break now on the money invested).
A Roth IRA on the other hand allows you to invest money now after tax for retirement. The money invested along with any gain is not taxed to you when you take the money back out. If you are still aways from retirement this is what you most likely will want to do. You can invest $4000 a year (more if you are over 50).
Many people will recommend that you utilize your 401k to maximize the full company match, then invest the rest in a Roth. If you max the Roth, then go back to your 401k.
If you have any other questions or if this isn't explained very well, just ask.
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08-23-2007, 12:56 PM
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$ Saving College Dept. Head
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Yes, I would reccomend that you open a roth ira. You can live on that in retirement and not pay any taxes then.
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08-23-2007, 01:09 PM
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$ Saving Fifth Grader
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Join Date: May 2007
Location: Canada
Posts: 45
Points: 320.00
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Congratulations!!! I wish I was in your situation.
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08-23-2007, 01:39 PM
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Congratulations! |
08-23-2007, 03:50 PM
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$ Saving HS Sophomore
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Join Date: Aug 2006
Posts: 176
Points: 1526.50
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Congrats. That's quite a year!
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08-24-2007, 07:47 PM
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$ Saving HS Freshman
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Join Date: Aug 2007
Posts: 112
Points: 590.00
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its nice to see a success story!!
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08-25-2007, 10:16 AM
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$ Saving Sixth Grader
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Join Date: Apr 2007
Location: Long Island, NY
Posts: 58
Points: 340.00
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Congrats Becca!!!! That's not easy to accomplish on Long Island. Makes me proud!
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