Extra cash...invest or pay off loans?
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View Poll Results: Extra cash...invest or pay off loans?
Invest 100% 1 3.57%
Invest 75% + Pay loans 25% 0 0%
Invest 50% + Pay loans 50% 3 10.71%
Invest 25% + Pay loans 75% 3 10.71%
Pay loans 100% 21 75.00%
Voters: 28. You may not vote on this poll

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Old 01-26-2011, 02:14 PM   #1
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Default Extra cash...invest or pay off loans?

This is hypothetical.

Your credit cards are all paid off, have a car & mortgage loan. If you have extra $1,000 (monthly, after you bought your "toys"), how would you use it?

EDIT IN: Assume interest for both car loan and home mortgage is 5%. Also lump savings and ROTH/IRA with investment for simplicity.

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Old 01-26-2011, 02:17 PM   #2
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hookers


10 characters

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Old 01-26-2011, 02:21 PM   #3
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I'd find a way to blow it on something...

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Old 01-26-2011, 02:23 PM   #4
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No debt is a good thing. Other than home mortgages, I haven't had any consumer debt in over 20 years...

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Old 01-26-2011, 02:25 PM   #5
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No debt is a good thing. Other than home mortgages, I haven't had any consumer debt in over 20 years...
I agree here. Usually the interest you are paying on a debt is higher than any money you'd make investing. Pay off debt first, then invest.
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Old 01-26-2011, 02:26 PM   #6
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Put half in a retirement account and half in the bank. After 1yr you will have a nice savings and plenty of "fun" money if something tickles your fancy.

You may be surprised at how much you can actually save when disciplined to do so.

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Old 01-26-2011, 03:11 PM   #7
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Am I the only one that likes hookers?

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Old 01-26-2011, 03:13 PM   #8
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I would say it depends on the interest rate on the car and home loans. Mortgages are usually "good" debt but that is even debatable these days. If the car loan were one of those 0.9 or 1.9 loans you might still be better investing or paying more on the mortgage if it were a higher rate.

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Old 01-26-2011, 03:35 PM   #9
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Quote:
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Am I the only one that likes hookers?
Tango, we all like hookers. But I think paying for a hooker is like investing in your twig and berries eventually turning black and falling off......
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Old 01-26-2011, 03:46 PM   #10
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Am I the only one that likes hookers?
If that's your thing go for it. Personally I would rather head to a bar, scope out a lonely gal and talk her up, liquor her up and then take her home and fu ... have some fun with her.
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