@alaura22 said:
We were talking about what he could do with the $3000 that he received from his dad and what to spend it on.
The Roth IRA was what one suggested, nothing to do with a regular or traditional IRA. This is not earned money and has nothing to do with a 401K at the work place.
It would be considered after tax money.
If you have a Roth Ira everything you put in it AND everything it gains is not subject to RMD OR taxes if you follow the guild lines of the Roth Ira.
Yes. And I simply said that a Roth IRA is not necessarily the best option depending on tax brackets. He can still put that money into a traditional IRA and take the tax deduction as long as he has ANY earned income. So, there is a choice between traditional and Roth that could be made. If he's a broke twenty-something, then a Roth might make sense. If he's in the 26% bracket or higher, it is less obvious.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
@Catbert said:
This thread will get locked eventually.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
There is nothing BUT black clouds on the horizon, but that's another story
Ok, after taking in all of the advice and comments, here is what I plan to do.
1) Payoff $1400 debt on car.
2) Take my friends Steve, Russ, Andy and Matt out for Chinese buffet $100
-$1500 to go
3) Take the wife out for a wine and dine ($200) where I broach the subject of where the remaining $1300 of the money would be best spent er um invested Coins of course!
@starsandstripes said:
Ok, after taking in all of the advice and comments, here is what I plan to do.
1) Payoff $1400 debt on car.
2) Take my friends Steve, Russ, Andy and Matt out for Chinese buffet $100
-$1500 to go
3) Take the wife out for a wine and dine ($200) where I broach the subject of where the remaining $1300 of the money would be best spent er um invested Coins of course!
@Catbert said:
This thread will get locked eventually.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
@Catbert said:
This thread will get locked eventually.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
Great wealth has been made on borrowed money.
Fortunes have been lost, as well.
Hey Doc with all due respect what in the hell are you talking about.
@Catbert said:
This thread will get locked eventually.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
Great wealth has been made on borrowed money.
Fortunes have been lost, as well.
Hey Doc with all due respect what in the hell are you talking about.
Responding to Catbert who is an advocate for debt free living. That is a good pacifier for many, but most business folks responsibly use credit. Even and maybe most notably, the wealthy,
Comments
Yes. And I simply said that a Roth IRA is not necessarily the best option depending on tax brackets. He can still put that money into a traditional IRA and take the tax deduction as long as he has ANY earned income. So, there is a choice between traditional and Roth that could be made. If he's a broke twenty-something, then a Roth might make sense. If he's in the 26% bracket or higher, it is less obvious.
What was I thinking red!?
Double zero!
Go buy part of a house now
Let me hold it for you. Just two weeks. Money will be returned. No questions.
fka renman95, Sep 2005, 7,000 posts
Should cover a cabana, robotic bartender and a couple of snorkels.
No disrespect meant, but if you have to ask that question you have no business buying coins or currency.
Probably a 1909-S V.D.B. die pair 5.
God Bless, CRHer700
Do unto others what you expect to be done to you.
Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24
Poor people pay interest. Rich people collect it.
This thread will get locked eventually.
There is a significant positive mental feeling of living debt free regardless of the advice concerning the interest rate of one's current loans and how not paying it off could be advisable.
This feeling is hard to quantify, but I'm telling you it is wonderful with no black clouds on the horizon.
There is nothing BUT black clouds on the horizon, but that's another story
Mike
My Indians
Danco Set
Ok, after taking in all of the advice and comments, here is what I plan to do.
1) Payoff $1400 debt on car.
2) Take my friends Steve, Russ, Andy and Matt out for Chinese buffet $100
-$1500 to go
Coins of course!
3) Take the wife out for a wine and dine ($200) where I broach the subject of where the remaining $1300 of the money would be best spent er um invested
I agree with your decision!
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Great wealth has been made on borrowed money.
Fortunes have been lost, as well.
Hey Doc with all due respect what in the hell are you talking about.
Responding to Catbert who is an advocate for debt free living. That is a good pacifier for many, but most business folks responsibly use credit. Even and maybe most notably, the wealthy,