How big is your 401k?

[Brownslave688]

Update I have temporally stopped contributing money to my 401k, im now focused on paying off a car loan and I’m sending all of the money that was going into the 401k to the car loan and when I pay it off all of the car payment will go into the 401k on top of the 10%.

the reit has had a good run but seems to be trending down now.

What percent is your car loan at?

 

[oldngray]

Long term it is better to put money into a 401k but if you are paying high interest loans (especially credit cards) it is usually better to pay them off first.

 

[joesmith]

I have been listening to Dave Ramsey on the radio a little every day and that debt snow ball thing sounds good to me and makes sense to me.

4% car loan

 

[oldngray]

Ramsey gives generally good advice but can take it to extremes.

 

[Brownslave688]

I have been listening to Dave Ramsey on the radio a little every day and that debt snow ball thing sounds good to me and makes sense to me.

I like to combine Ramsey and Clark Howard.

It makes no sense to pay off a debt that's costing you less than what you could make investing it.

 

[UpstateNYUPSer(Ret)]

I have been listening to Dave Ramsey on the radio a little every day and that debt snow ball thing sounds good to me and makes sense to me.

4% car loan

I am a huge Dave Ramsey disciple. I followed his common sense advice and wiped out $48K in credit card and other personal debt in 30 months and remain debt free to this day.

He does tend to be a tad too religious for me but his money advice does make a lot of sense.

As for your car loan/401k----you would be better served to make the minimum payments to your car loan and put the rest in your 401k.

 

[upschuck]

I like to combine Ramsey and Clark Howard.

It makes no sense to pay off a debt that's costing you less than what you could make investing it.

That is what I do as well. I can't seem to find Clark Howard on the media anymore though.

 

[UpstateNYUPSer(Ret)]

That is what I do as well. I can't seem to find Clark Howard on the media anymore though.

He's not on CNN anymore?

 

[Brownslave688]

As for your car loan/401k----you would be better served to make the minimum payments to your car loan and put the rest in your 401k.

Depends on the rate. My first car loan was over 10%. I paid it off in 3 years instead of 6. If it's a new 0% intrest for 80 months or whatever they are now then yeah makes no sense to pay off.

 

[IVE GOTTA PACKAGE 4U]

That is what I do as well. I can't seem to find Clark Howard on the media anymore though.

I hear him on Sunday nights. Krld a.m.

 

[UpstateNYUPSer(Ret)]

Depends on the rate. My first car loan was over 10%. I paid it off in 3 years instead of 6. If it's a new 0% intrest for 80 months or whatever they are now then yeah makes no sense to pay off.

He said his was at 4%.

 

[Brownslave688]

He said his was at 4%.

My bad. He must of edited that post or I just missed it.

Yep 4% is low enough to put the money into 401k

 

[upschuck]

He's not on CNN anymore?

Nope, just radio. His website says 1-3pm

 

[Brownslave688]

Nope, just radio. His website says 1-3pm

http://www.clarkhoward.com/app/#__federated=1

Welcome to the 21st century ya'll.

 

[brownmonster]

I am a huge Dave Ramsey disciple. I followed his common sense advice and wiped out $48K in credit card and other personal debt in 30 months and remain debt free to this day.

He does tend to be a tad too religious for me but his money advice does make a lot of sense.

As for your car loan/401k----you would be better served to make the minimum payments to your car loan and put the rest in your 401k.

How in the hell do you rack up that much debt. No offense, just wondering. I don't think we've paid credit card interest in 25 years.

 

[Brownslave688]

How in the hell do you rack up that much debt. No offense, just wondering. I don't think we've paid credit card interest in 25 years.

Credit card and other personal. Could of been 5-10k in credit card and a car or something like that.

 

[oldngray]

Once you start falling into debt and can't pay off that credit card every month it gets a lot easier to slide down the slope and end up deeply in debt.

 

[brownmonster]

Credit card and other personal. Could of been 5-10k in credit card and a car or something like that.

I still wouldn't sleep at night.

 

[Brownslave688]

I still wouldn't sleep at night.

My wife really has a problem dealing with her almost 200k in student loan debt.

 

[brownmonster]

My wife really has a problem dealing with her almost 200k in student loan debt.

My kid owes 31,000 plus a car payment. I guess it's the norm.