What to do – Finances?
I have about 20k available in cash, currently in a money market / CD / and mutual fund.
This does not include my current 401K, IRA or stock holdings so future assets are not going to be touched, but it is a good portion of the cash on hand.
Current Liabilities
Mortgage (high)
2nd Mortgage – (~50K)
Car Loan (19K)
Should I:
Pay off the car loan (saving $500 month – thus allowing future savings)
Pay down the 2nd
Invest it or Do nothing?
Advice is greatly appreciated.
Since the car loan rate is most likely higer than the rate you are earning in the money market CD, I would suggest you pay off the car.
Then, take that $500 you were paying to the car and add that to the regular payment on your second mortgage. This will pay that off much faster. If this is an equity line of credit, make sure you don’t put more on there and defeat what you just did.
Next, apply those two payments to your mortgage payment.
You should be out of debt amazingly fast if you do this. It takes discipline though.
“Do for a few years what others won’t, and you can do for a lifetime what others can’t.” (Not sure who said it, but very true)
1099 Mortgage Forgiveness Tax Liability Insolvency
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