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Okay, my current plan:
1. Keep maxing out 401ks.
2. Put the 10k we had to take out of the Roth into a non-deductible IRA.
3. Continue with the 1000/2week addition to the EF 16 more times until it reaches 26k.
4. Continue with the 400/2week payoff to the HELOC.
5. Once the EF is at 26k, start paying 1400/2week toward the HELOC. At that rate (and assuming we don't actually have to USE the EF, it'll be paid off in about 14 months, give or take.
Actually, as I was writing this I realize that I didn't take into account the 75k that we're getting in June. Crap. On second thought,
1. Keep making out 401ks.
2. Put the 10k we had to take out of the Roth into a non-deductible IRA.
2b. Every January use the annual gift to donate 10k to this non-deductible IRA and, if I get a chance and the government lets me, roll it into a Roth whenever I can.
3. Keep paying into the EF. In June, max it out at 26k.
4. Keep paying off the HELOC. In June, pay it off.
5. Start making some sort of extra payment toward the mortgage -- not quite willing to attack it yet... I have to figure out exactly how to do this...
5. Set up some sort of taxable account and start putting our "leftovers" into it. (Do I have to build up to a certain amount in order to start, say, another indexed Vanguard fund? I.e. is there a minimum required to start an account?)
6. Once we determine what the "leftovers" are, make it an automatic deduction.
7. In June, I will get 75k, and will take about 19k out to finish the HELOC and 8k out to finish the EF.
8. With the remainder I should either figure out how to invest it, or attack the mortgage with it. Now, in theory I can either just pay more against the principal, or I can refinance the remainder after putting another 50k or so down on it, right? Which is a better idea?
What do you guys think?
I thought of another question, but it's kind of a tangent so I'm going to start another thread.
I love you guys!
1. Keep maxing out 401ks.
2. Put the 10k we had to take out of the Roth into a non-deductible IRA.
3. Continue with the 1000/2week addition to the EF 16 more times until it reaches 26k.
4. Continue with the 400/2week payoff to the HELOC.
5. Once the EF is at 26k, start paying 1400/2week toward the HELOC. At that rate (and assuming we don't actually have to USE the EF, it'll be paid off in about 14 months, give or take.
Actually, as I was writing this I realize that I didn't take into account the 75k that we're getting in June. Crap. On second thought,
1. Keep making out 401ks.
2. Put the 10k we had to take out of the Roth into a non-deductible IRA.
2b. Every January use the annual gift to donate 10k to this non-deductible IRA and, if I get a chance and the government lets me, roll it into a Roth whenever I can.
3. Keep paying into the EF. In June, max it out at 26k.
4. Keep paying off the HELOC. In June, pay it off.
5. Start making some sort of extra payment toward the mortgage -- not quite willing to attack it yet... I have to figure out exactly how to do this...
5. Set up some sort of taxable account and start putting our "leftovers" into it. (Do I have to build up to a certain amount in order to start, say, another indexed Vanguard fund? I.e. is there a minimum required to start an account?)
6. Once we determine what the "leftovers" are, make it an automatic deduction.
7. In June, I will get 75k, and will take about 19k out to finish the HELOC and 8k out to finish the EF.
8. With the remainder I should either figure out how to invest it, or attack the mortgage with it. Now, in theory I can either just pay more against the principal, or I can refinance the remainder after putting another 50k or so down on it, right? Which is a better idea?
What do you guys think?
I thought of another question, but it's kind of a tangent so I'm going to start another thread.
I love you guys!
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