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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Mon Dec 22, 2014 6:36 pm




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 Post subject: Help needed fast
PostPosted: Fri Mar 15, 2013 5:25 am 

Joined: Fri Mar 15, 2013 5:19 am
Posts: 10
I am 43 years old and plan on retiring in 15 years. I currently have 4 rental properties that I rent out and still have 10 years left on their mortgages. I have a 401k with 100,000 and I also have 20,000 in student loans with an 8 percent interest rate and a home mortgage for 120,000 with a 3.5 percent interest rate. My question is this: I will be receiving $600 dollars a month for 30 years starting this month (Verizon tower on property) what is the best thing to do with the money? Pay bills? Invest in Roth IRA?

Any advise! Thanks!


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 Post subject: Re: Help needed fast
PostPosted: Fri Mar 15, 2013 6:49 am 

Joined: Sat Feb 23, 2013 12:09 am
Posts: 49
Your $20k in school loans at 8% interest stands out to me. With the $600/month, you could knock out the loan in slightly over 3 years and you'd be getting a guaranteed 8% return on your payment.


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 Post subject: Re: Help needed fast
PostPosted: Fri Mar 15, 2013 9:34 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1633
Location: Seattle, WA
Why do you need help fast? It's ok for the money to pile up in your checking or savings account for a few weeks or months while you figure things out.


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 Post subject: Re: Help needed fast
PostPosted: Fri Mar 15, 2013 5:14 pm 

Joined: Tue Jan 20, 2009 11:38 pm
Posts: 78
I'd say pay off the student loan -- you won't get a reliable 8% return anywhere else.

However, you don't say if you have an emergency fund -- if you don't, especially with four rental properties, I'd fund an EF with at least $5K and then start aggressively paying down the student loan.

Good luck and enjoy!


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 Post subject: Career path advise
PostPosted: Sun Mar 17, 2013 7:05 am 

Joined: Fri Mar 15, 2013 5:19 am
Posts: 10
Hello all! I am 23 years old and currently serving active duty Air Force and have been for 4 years. I make roughly around $24,000 taxable and around another $15,000 in benefits.
But here's my problem: I love finances! (I love everything about business and marketing etc.) I currently have my degree in Logistics management through the Air Force but I do not like my job. I feel I could do so much better in the civilian world in business. But to be honest, I am very scared. It's very frightening to leave my current stable job with great benefits and only 16 more years to make a pension for life. So I do not know what to do.
Should I get out and get my MBA or should I just ride my current career out but be miserable at the same time.

Thanks for listening. Any advise?


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 Post subject: Re: Help needed fast
PostPosted: Sun Mar 17, 2013 9:35 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1167
Location: Illinois
I took the liberty of merging your two topics to highlight your miraculous accomplishment of simultaneously being 23 and 43


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 Post subject: Re: Help needed fast
PostPosted: Sun Mar 17, 2013 11:27 am 

Joined: Thu Mar 14, 2013 8:30 pm
Posts: 4
@ Uanna11
My husband got out of the military about 4 years ago after serving 6....I definitely understand where you're coming from because it was an extremely nervous time for us...he got out in 2009 when the job/real estate market was still rather crummy.
First off, thanks for your service :) Giving up 4 years of your life to serve our country is something to truly be proud of. That being said, don't spend the next 16 years of your life miserable in a job that doesn't fulfill you. If you do plan on merging into the civilian world, try to start interviewing for jobs while on terminal leave or a few months before your contract is up. There are many military friendly employers around the country who would consider you an asset!
Re: MBA - most companies offer tuition reimbursement.....with all that's going on with military tuition right now (not paying for active duty members to attend school), you might have better luck in the civilian world.

Good luck :)


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 Post subject: Re: Help needed fast
PostPosted: Sun Mar 17, 2013 1:54 pm 

Joined: Fri Mar 15, 2013 5:19 am
Posts: 10
Ha! To be honest, when I said I was 43 I was referring to my father. I was getting advise for him. But I did not feel like explaining that :) and scout: thanks for the advice!


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