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I have enough to pay off my truck, first payment is in January. Besides saving the interest rate, am I benefiting from or hurting myself from paying it all off? It'll be $50k.

Not entirely sure but I felt like there could be more deductions left on the table that they’re not taking advantage of.

Rule of thumb is 1x income in retirement accounts by 30 and 2x by 35.

You can’t contribute to a former employer 401k or an inherited IRA, so those aren’t options.

Inherited IRAs require distributions from them. You should check with the manager and make sure those are being handled.

Take a look at the article on “rollovers” in the wiki in the sidebar for what to do with the old 401k.

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Reach out to the Humane Society. They have people and lawyers that will assist you in setting up the necessary procedures and paperwork to leave your estate to them.

They don't. The kid is 18 and unless deemed incompetent and in need of care, the parents can just kick themselves for raising their kid to be irresponsible.

I'm not aware (remember) any rules on whether something is luxury or not. Could you have been removed for how you asked a question and not what you were asking about? I.e asking open ended questions without a direct question about your personal situation?

Almost anything is better than just sitting in a savings account

529 is the clear answer here for the major tax advantages unless you think he’s very unlikely to have education expenses

You probably need to invest more than typical for retirement. The general guideline is to invest at least 15% of income to retire in your 60s, but that assumes you will be eligible for Social Security. Working out of the country, it’s likely you aren’t paying SS taxes on much of your income, which will reduce that source of retirement money.

You aren’t building home equity, which is a form of forced savings. Living in a paid off home is typically less expensive than renting in retirement. That’s another reason to bump up your investment percentage.

Live the lifestyle you want, just be sure you invest at a higher rate so you can afford to retire one day.

Edit: I was asking for advice on a tesla and it got auto removed.

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Awesome! This is super helpful. Just curious what is the benefit of 401k -> Roth IRA max -> 401k max vs 401k max outright?

Use your cash to pay off what you can.

Then put yourself on a spending diet, don’t buy anything you don’t need to survive until the debt is gone.

While you’re doing that, consolidate the debt to as low of a rate as you can get. Ideally, a balance transfer card with a 0% promo rate. If you don’t qualify for those, while you dismissed the personal loan rates as “too high”, they’re still lower than the 25% you’re currently paying. So lower that rate. 0% if you can get it, but if you can’t, 18% is still less than 25%.

Regarding your $1600 in “savings”, you don’t have any savings. You have $5300 in debt. You have negative savings, and it doesn’t make sense to pay 25% interest while earning only 3%.

You may find these links helpful:

• "How to handle $"
• Investing

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Great, thanks!

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Perfect. Thank you! I'd tried a few different cap gains calculators, and some produced estimates in the first model and some with the second - very helpful to get this clarification.

> Outside of maximizing my company's match does it matter what I do with the other two retirement accounts? Should I be contributing to them as well does it not matter which one I end up putting money into?

If your current 401(k) has good funds then you could just roll your old 401(k) into your current 401(k). That link will also help you pick funds in your 401(k).

What you should be doing with the inherited IRA depends on various factors, but I'd start by reading through this article.

> I don't know if I would be considered behind on this - how would I figure that out?

The Fidelity guideline is a good baseline for whether you're behind or not. If you're a bit behind, it wouldn't hurt to try to save 20% instead of 15% until you're caught up.

> Are the maximum yearly contributions total or per account?

Total.

This is a good point. If OP and their partner attempt to file for bankruptcy, the courts will expect that both parties will bring in income.

Stashing it under your mattress won't grow the $

For sure I would pay off CSP 800 & Amex 780 ASAP.

CFU @ 0% no rush to pay back. Is that 0% on purchases? What you can do is put expenses on that one, pay minimum, and then put all yoru cash to BOFA 2800 account.

That way your debt balance is shifted from 25% interest rate to 0%.

Keep some emergency savings, do not drain.

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