I have a 401k. Should I also consider Roth?

[llckll]

That sounds good, but it doesn't work. First off, you can't make larger Roth contributions. The amount is capped. If you don't contribute $5,500 for 2014, you never have the chance again. Second, you can't recover the value of the lost time unless you save vastly higher amounts.

Obviously it's your choice but financially and mathematically speaking, throwing extra money at a 0% loan instead of taking full advantage of tax-free investing doesn't make any sense. It will result in you having thousands, if not tens of thousands, of dollars less at retirement. Is paying off the car early really worth that?

I agree with you Steve. But I would be throwing extra money only for 4 months after paying off the student loan. Then I can max out Roth IRA's for my wife and I and throw any and all additional cash towards our mortgage.

I think once we're debt-free and maxing out our IRA's, then we can invest in other ways as well. Always wanted to own investment properties as well.

I guess personally, i'd rather not be a slave to the lender and just be free from debt. Then take my family to an awesome "Disney" vacation

I definitely appreciate your advice and will keep it in mind.

Charlie

[disneysteve]

I agree with you Steve. But I would be throwing extra money only for 4 months after paying off the student loan. Then I can max out Roth IRA's for my wife and I and throw any and all additional cash towards our mortgage.

If you can pay off the car loan early and still make your Roth contributions then it makes no difference. I thought you meant that you wouldn't fund your Roths for another 2.5 years. That's what I was contesting. Definitely fund your Roths for 2013 before April 15 and then work on 2014.

[autoxer]

I guess personally, i'd rather not be a slave to the lender and just be free from debt.

There's an easy fix for that, just sell the car.

Funding your roth should be a priority over your low interest debt, but it is clear what your priorities are.