Original thread: viewtopic.php?p=8098849#p8098849
PA resident with a 5.99% 15 year mortgage and a new rav4 hybrid with a 3.99% interest rate for 36 months. Just had our second kid which she will be going to daycare in another 3 months hence expenses increasing.
Income: $483k (Will drop to ~$453k in two years) I also get RSUs in a unicorn, unknown how much they will be worth if anything. DW: $256k DH: $227k
House: $840k
Mortgage: $540k (one year into mortgage of 5.99% 15 year)
Car loan: $32k (3.99% for 36 months starting in Dec 2024)
CC Debit: $49,500 0% APR (I use this to pay quarterly taxes, day care)
Cash: $73k (50k is benchmarked to pay off CC debit when 0% ends)
Taxable Account: $1,149,000
Retirement: $1,376,000 between HSA, IRA (Roth and trad), 401k (Roth and Traditional)
529: 3 year old $198k, 1 month old $70k. (Both kids are given $50k at birth from grandparents, rest is our contribution)
Life Insurance: $758k through wife and my companies at no extra cost
My wife and I are 33 years old. Money is tight as we are doing the state limit for 529 (36k), maxing both 401ks (46k), mega back door for my wife (~35k), backdoor IRA (14k), mortgage (4.7k a month + 10k yearly in property / school), daycare (14k, will add another 15-16k in three months), car loan (850). I drive a 2008 civic w/ 155k and my wife drives a 2024 Rav4 Hybrid with under 1k miles.
My plan was to pay off the car loan first as I don't like the idea of paying interest on a car. It recently hit me that it would make more financial sense to pay off my mortgage faster as it's 2% higher in interest. What would you do in my situation. Our expenses will be increasing as stated above because of 2nd kid in daycare + new car payment.
PA resident with a 5.99% 15 year mortgage and a new rav4 hybrid with a 3.99% interest rate for 36 months. Just had our second kid which she will be going to daycare in another 3 months hence expenses increasing.
Income: $483k (Will drop to ~$453k in two years) I also get RSUs in a unicorn, unknown how much they will be worth if anything. DW: $256k DH: $227k
House: $840k
Mortgage: $540k (one year into mortgage of 5.99% 15 year)
Car loan: $32k (3.99% for 36 months starting in Dec 2024)
CC Debit: $49,500 0% APR (I use this to pay quarterly taxes, day care)
Cash: $73k (50k is benchmarked to pay off CC debit when 0% ends)
Taxable Account: $1,149,000
Retirement: $1,376,000 between HSA, IRA (Roth and trad), 401k (Roth and Traditional)
529: 3 year old $198k, 1 month old $70k. (Both kids are given $50k at birth from grandparents, rest is our contribution)
Life Insurance: $758k through wife and my companies at no extra cost
My wife and I are 33 years old. Money is tight as we are doing the state limit for 529 (36k), maxing both 401ks (46k), mega back door for my wife (~35k), backdoor IRA (14k), mortgage (4.7k a month + 10k yearly in property / school), daycare (14k, will add another 15-16k in three months), car loan (850). I drive a 2008 civic w/ 155k and my wife drives a 2024 Rav4 Hybrid with under 1k miles.
My plan was to pay off the car loan first as I don't like the idea of paying interest on a car. It recently hit me that it would make more financial sense to pay off my mortgage faster as it's 2% higher in interest. What would you do in my situation. Our expenses will be increasing as stated above because of 2nd kid in daycare + new car payment.
Statistics: Posted by TechRunnerZenDad — Fri Nov 22, 2024 5:57 am — Replies 0 — Views 54