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I think i've made a decision....I'm looking into a rental property in the area of 170-210k in a great location. apt is very small (~700 sqft) with only 1 bath 1 bed but as mentioned, in a GREAT location with a metro station being built very close by (almost walking distance ~1 mile).
condo fee is there but manageable (~275/month). The mortgage will be about 1050 + 275 + 100 misc. and i think it'll rent for around the same price given the location....
this way, i can try to pay off this rental property using most of the 3k surplus...
Hopefully you have a nice house. I'd rather dump into a nice 3k sq ft home on a lake with a pool and a 5 car garage full of toys. But that's just this guy.
Assuming you're already paying double on your 10 year mortgage, maxing 401k, enough emergency stash, what would you do with the remaining 3k take home?
Options:
- IRA (no ira account currently)
- save in cash
- pay down mortgage even further
- buy stocks/large caps
- mutual funds
- invest in local businesses? (don't know how to even go about this...)
- CD (at 1% return...)
- Other?
I do like the idea of having liquid assets, as you never know when the BEST opportunity on the planet may present itself and you won't be able to 'jump' on it, unless you have cash....as cash is always king it seems...
thoughts welcome.
I'd do what I've been doing: put that money into my own business.
Of your options listed, the only even remotely good ideas are just saving for whatever or buying stocks (but even that, I'm not crazy about). IRAs, mutual funds, CDs, and investing in SOMEONE ELSE'S business are a sucker's bet.
Drop IRA contribution to zero. Take $3k + former Ira contribution (less current taxes) and buy 24k physical gold bullion quality coins. This would largely limit you to Maple Leaf and Philharmonic.
To take any other action with the Ira funds involves a lot of guessing on what the future will look like. Over the past 4+ years a trend seems to have emerged globally on both issues and paths towards solutions.
I'd do what I've been doing: put that money into my own business.
Of your options listed, the only even remotely good ideas are just saving for whatever or buying stocks (but even that, I'm not crazy about). IRAs, mutual funds, CDs, and investing in SOMEONE ELSE'S business are a sucker's bet.
i don't have a business......how would your comment help someone like me? Are you suggesting i start a business with the 3k a month? (i'm not saying it's a bad idea....i'm just trying to clarify what you meant exactly)...if so, then the question becomes 'what' business?
thank you!
Quote:
Originally Posted by anthonydr2
Drop IRA contribution to zero. Take $3k + former Ira contribution (less current taxes) and buy 24k physical gold bullion quality coins. This would largely limit you to Maple Leaf and Philharmonic.
To take any other action with the Ira funds involves a lot of guessing on what the future will look like. Over the past 4+ years a trend seems to have emerged globally on both issues and paths towards solutions.
I thought about physical gold....but others have suggested that it's a big gamble.......not sure if it'll go right back down to 500.....or skyrocket to 4k.....
regardless, it seemed a bit risky.....maybe i'm wrong though.
Assuming you're already paying double on your 10 year mortgage, maxing 401k, enough emergency stash, what would you do with the remaining 3k take home?
Options:
- IRA (no ira account currently)
- save in cash
- pay down mortgage even further
- buy stocks/large caps
- mutual funds
- invest in local businesses? (don't know how to even go about this...)
- CD (at 1% return...)
- Other?
I do like the idea of having liquid assets, as you never know when the BEST opportunity on the planet may present itself and you won't be able to 'jump' on it, unless you have cash....as cash is always king it seems...
thoughts welcome.
Open a ROTH IRA - all earnings are tax-free upon liquidation. You can't beat that anywhere.
Buy Series I bonds at Treasury Direct - super safe, will earn the rate of inflation, currently paying 2.20%, but hurry the rate will most definitely go down on November 1st.
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