GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Tue Aug 19, 2014 9:54 pm




Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: Checking off my goals!
PostPosted: Tue Jul 01, 2008 11:09 am 

Joined: Tue Jul 01, 2008 10:58 am
Posts: 8
When my ex left me on my birthday in 2006, he left me with $18,000 of debt on a home equity line of credit, and about $3,000 on a credit card. Savings? Ha. Gone. Fortunately, he couldn't touch my 401k, Roth, or investment portfolio or that would have been gone too.

Today:
HELOC balance $0!
Credit card balance $0!
Emergency savings balance $6000

I also have 214 hours of comp time accrued from overtime I worked during back-to-back blizzards in 2006, that can be fairly easily converted to cash. The value pretty much grows at 4% per year as I get raises.

Now I'm trying to figure out whether it makes more sense to pay off my mortgage ($114k @ 5.25%) or invest more. I'm already funding my 401k as much as allowed, but I could open a 457 plan or put $$$ in the Roth. Ideally I'd like to retire in 10 years or less if at all possible.

Anyway, I've been an avid GRS fan but never joined the forums before. My small success prompted me to register.


Top
Offline Profile   
 Post subject:
PostPosted: Tue Jul 01, 2008 1:21 pm 
User avatar

Joined: Thu Apr 05, 2007 5:20 am
Posts: 515
Location: Birmingham, AL
Congrats on overcoming some serious obstacles.

Do you have any other invested assets? I guess my question is, what do you have to retire on in 10 years?

Are you staying in the same home for the next 10-20 years? How much is the time off worth in dollars?

_________________
No Debt Plan


Top
Offline Profile   
 Post subject:
PostPosted: Tue Jul 01, 2008 2:51 pm 

Joined: Tue Jul 01, 2008 10:58 am
Posts: 8
I have other invested assets...not quite enough to retire on, unfortunately, so I need to buckle down and figure this out. I have my home, with a LOT of equity, and a second home in the mountains that is paid off. no plans to move, although I am considering moving to the mountain home at some point and could either sell my home here in town or use it as a rental. My comp time is probably worth $5k - $6k.

Fortunately, I also have a job I love and boss worth his weight in gold!


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ]  Moderators: kombat, bpgui, JerichoHill, Fiscal Fitness Moderator


Who is online

Users browsing this forum: Yahoo [Bot] and 4 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki