Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Bestbuy >>> Walmart, though obviously harder to get in for the non-Tech.
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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This was kind of my logic as well, knowing contributions can be pulled if absolutely necessary. That being said, I'm going to go ahead and stash a month's mortgage in my backup checking account. ...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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That's why I said, "if it were me", because I know I would put the money somewhere that you would just give the cc company to make interest on. Even if I was just making .5%, I would at least have...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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How about getting a 2nd job, even at best buy or walmart...you will be able to pay your debts much faster, then quit when your free of them.
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Investments are not guaranteed to make you a profit.
Debts are guaranteed to cost you profit the longer you have them.
I would pay off the CC asap, then use it as your emergency fund, after...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Pay off CC debt fast, but don't be so hastey to lock up all your money into Roth IRA's and 401ks until your dead or age 59.5 (that is many years you could have made money elsewhere and not have to...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Do you have an emergency fund now? If so, pay off the CC as fast as you can.
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Going debt free in 2013.
Trying to make a plan toward paying off CC debt AND maxing out a newly opened Roth IRA...
In December:
Consolidated my ~$6500 debt onto a new Chase Slate, so 0% interest...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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General rule of thumb is to put your $$ to the highest interest rate, whether it be debt or investment HOWEVER this assumes that the timeframes for debt and investment are similar, which they're not,...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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I'd build up a little emergency fund (maybe a month or two of expenses) then pay down the CC as fast as possible. Credit cards make an OK emergency fund, but usually can't be used to pay rent /...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Since your credit card interest rate is 0%, this idea of yours is best.
Do not worry about having a separate emergency fund. Your contributions to your Roth can double as your emergency fund for...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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plus you'll get employee discounts! :whee:
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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That doesn't sound like much fun!
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Unfortunately I don't have much of an emergency fund (usually at the end of the month I have about $300-500 to play with).
I just put pretty much all of my available cash into opening my IRA,...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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If it were me and I had a 15 month no interest cc, I wouldn't pay anything on it for 15 months. What is the upside of paying on it, if there is no interest?
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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So you're not stuck with the entire $6.5k* bill after the 15 months are up. If you can invest that $200 per week, and then pull $6.5k* out to pay the CC at the end, sure. If it's just going to sit in...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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I don't feel the money is 'locked' into the Roth IRA. Contributions (not earnings) can be pulled out tax-free at any time. So any money I put into my Roth account can still be accessed as long as...
Does it matter? Re: Paying off Debt/ Paying into Retirement
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Thread created 12-10-2012 by Tammylynn
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Since your CC is interest free, pay the min until the deadline. Use the time to build up the IRA and build up a pmt fund. That way you take care of yourself first and you may find another interest...
