debthaven
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Post by debthaven on Sept 29, 2020 1:07:12 GMT -5
Fantastic news Sealy! Congrats on the PhD!!!
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nidena
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Post by nidena on Sept 29, 2020 5:39:29 GMT -5
I'll be trading in the sub-SUV for a full-SUV because I want to be above other cars again. Not as high/big as a pickup truck but high enough that I'm actually taller than where my tires hit their height max. lol. 2015 Pilots--the square ones--run around $20,000 and I want to just BUY one along with trading in the HRV.
I'm not concerned with investment advice. The ones I've come across charge 1.5% or less, on a inversely proportionate graduated scale. And that's much further down the line.
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TheOtherMe
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Post by TheOtherMe on Sept 29, 2020 6:45:18 GMT -5
sealy Congrats on the PhD!
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swordguy
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Post by swordguy on Sept 29, 2020 7:39:22 GMT -5
I'm not concerned with investment advice. The ones I've come across charge 1.5% or less, on a inversely proportionate graduated scale. And that's much further down the line. 1.5%!!! Good lord, that's highway robbery! For example, Vanguard's VTSAX's fees are 0.04%. For $100 invested each month for 30 years, we're talking $87,000 vs $113,000! That's a lot of fees!
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forwardwego
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Post by forwardwego on Sept 29, 2020 8:32:47 GMT -5
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forwardwego
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Post by forwardwego on Sept 29, 2020 8:36:02 GMT -5
debthaven Congratulations to you managing your career and finances so that you have options in how you handle retiring. Options and freedom to choose ETA: Sorry misplaced, but Good Job regardless
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chiver78
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Post by chiver78 on Sept 29, 2020 11:37:13 GMT -5
quoting myself because I have a question. This was my most recent update a couple weeks back, for reference. I've added a bit to the balance of the Citi #1 card, with all of the plumbing issues that have come up in the new house, and I'm getting twitchy. I opened my mail today to find a BT offer from Discover: Option 1 - 0% interest for 12mo, 5% fee Option 2 - 6.99% interest for 15mo, no fee I think that moving the BofA balance, using Option 2 makes a lot of sense here. there's no fee, and it lowers the interest rate 3% until almost 2022. I can't really lose on that, right? currently, I'm paying minimum plus interest, rounded up to the next $100. I'd keep doing that whether I move it or not. ETA: wait. I sanity checked myself on the other promotional rates, and there's a good size chunk of that SMCU card that is not at the promotional rate. so this BT offer would take both BofA and the non-promotional rate of that SMCU card. offer card has a $20k limit, plenty of space. creditor | start | 9/9 | interest rate | Chase | $9856.41 | $0
| 16.49 | Discover #1 | $14,278.26 | $0 | 12.49 | AmEx Blue | $12520.02 | $0 | 11.99 | Discover #2 | $16,553.65 | $0
| 14.49 | 1st National | $24,168.63 | $22,096.32 | 5.99/life of balance | BofA #1 | $11,813.71 | $13,966.67 | 9.99 | Citi #1 | $4394.29 | $1,439.97 | 0.00/11.49, resets 4/21 | SMCU | $11,958.93 | $10,867.75 | 2.99/13.99, resets 1/21 | Citi #2 | $12,826.10 | $11,183.05 | 0.99/23.49, resets 4/21 | BofA #2 | $7820.39 | $0 | 19.49 | BCU | $12,304.92 | $0 | 13.49 | total | $138,495.31 | $59,553.76 |
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chiver78 9/9/20 $59,553.76 (5/9/20 $138,495.31)
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Minnesotagirl7
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Post by Minnesotagirl7 on Sept 29, 2020 15:12:40 GMT -5
chiver78, What does the promotional rate default back to when it ends? Will you be able to pay off both the BofA and SMCU balances in 15 months?
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chiver78
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Post by chiver78 on Sept 29, 2020 15:30:03 GMT -5
11.49 or 11.99, which is lower than the non-promotional SMCU. my other thought is that by moving BofA, then I could actually use one of their offers that I've been getting periodically, to shore up that card that will go to 23.49.
I'm going to be getting a big lump sum in April when the ESPP period ends, and all of that will be going at whatever's the highest rate at that time. I'm still snowball paying down at least $2k/mo (except this month, stupid plumbing....) between now and then, too. I just feel like this is a painless way to pay less interest in the long run, if I'm doing the math correctly.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Sept 29, 2020 16:44:06 GMT -5
Great news! - My bank decided to drop my PMI/MIP! (I'm not sure what the actual name is) They said it will be dropped as of 11/01/2020 but I checked my account and it has already been dropped I'm so excited!
- I FINALLY finished my doctorate degree! I paid cash up front but never finished the final requirements. But I did it!
- I wasn't expecting this but I received a stipend for earning my doctorate. I wasn't going to ask about it but my coworker encouraged me and HR said I would receive the stipend.
I plan to save the unexpected monies. I add more to my EF.Fantastic Sealy! Congrats!
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swordguy
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Post by swordguy on Sept 29, 2020 19:22:11 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 2/2/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House SOLD | 4 | Mortgage | 9/29/2020 | $47,318 | 1/16/2020 | $230,000 | WIRR215 | -1,683 | Mortgage for new House |
Received the insurance refund from our old home plus my state tax refund. Straight to the mortgage balance! Closing on the other house is delayed, probably until next week. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 9/29/2020 $47,318 (1/16/20 $230,000 WIRR215)Hope you are all doing well and stay safe. So far, so good for us. PS -- Keep up the social distancing and wear masks when you have to go out to meet people. Don't believe anyone who tells you differently.
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nidena
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Post by nidena on Sept 29, 2020 19:27:25 GMT -5
I'm not concerned with investment advice. The ones I've come across charge 1.5% or less, on a inversely proportionate graduated scale. And that's much further down the line. 1.5%!!! Good lord, that's highway robbery! For example, Vanguard's VTSAX's fees are 0.04%. For $100 invested each month for 30 years, we're talking $87,000 vs $113,000! That's a lot of fees! Hmmm...good to know... I'll have to doublecheck all that when I get to the point of investing. ETA: I must have been looking at the wrong numbers. When I googled "what are the fees for XXXXXX wealth management?" the fees ranged from .38 to .72 for various products. There's been a lot of new numbers in front of my eyeballs lately. lol
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swordguy
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Post by swordguy on Sept 30, 2020 18:56:24 GMT -5
Got the HUD statement today for the house we're selling. You know they're getting serious when it gets to that point. Closing supposed to be Monday or Tuesday.
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debthaven
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Post by debthaven on Oct 1, 2020 16:16:09 GMT -5
swordguy if you don't mind answering, how many rentals will you have left when the charity house is sold? We have had/still have rentals. But we are in a VHCOLA and we have clearly done much less well that you have LOL. Neither DH nor I are high earners, so our (small) rentals helped us but they also caused us a LOT of grief. They used to be my PT job when DH was working FT. These days I work FT and DH works PT, so now they're DH's job. We had 4, we're down to 3. We're selling another one (yay!!!) but there were a LOT of issues. Those issues have FINALLY been resolved, but closing takes 4-6 months here. I CANNOT WAIT to have only two rentals left!!! We DO plan to keep those two forever.
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nidena
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Post by nidena on Oct 1, 2020 17:22:01 GMT -5
As it turns out, I miscalculated what days went into tomorrow's paycheck so I won't be able to pay OFF the SLs but I did put a huge dent in them. Next payday is the 16th. They'll be gone with that paycheck.
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swordguy
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Post by swordguy on Oct 1, 2020 18:50:13 GMT -5
swordguy if you don't mind answering, how many rentals will you have left when the charity house is sold? We have had/still have rentals. But we are in a VHCOLA and we have clearly done much less well that you have LOL. Neither DH nor I are high earners, so our (small) rentals helped us but they also caused us a LOT of grief. They used to be my PT job when DH was working FT. These days I work FT and DH works PT, so now they're DH's job. We had 4, we're down to 3. We're selling another one (yay!!!) but there were a LOT of issues. Those issues have FINALLY been resolved, but closing takes 4-6 months here. I CANNOT WAIT to have only two rentals left!!! We DO plan to keep those two forever. We only ever had 4 rentals. The other houses we sold were either bought for us to live in or to help other people. We hired a property manager from the day each property went on the market so running them has never been a hassle. Now, we bought properties that needed renovation (because they cost less if you get the right ones at the right price!), and we did a lot of the renovations themselves, so they were definitely a 2nd job while we did that! But that's a one-time investment of labor, not an on-going one. And more importantly, not an on-demand job. I heartily recommend rentals done this way as a path to wealth-building.
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nooccar
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Post by nooccar on Oct 1, 2020 20:32:49 GMT -5
Update:
nooccar (2): 10/1/2020 $34,887.66 (11/4/2010 $73,475.09 WU197)
I decided to put the extra mortgage money I had been saving on the principal since I am getting back to work & interest rates are pitiful. So it's a big drop. Now I'm thinking about the money I am saving to put on my Roth IRA CD for next year. A cd won't earn much so maybe put it on the mortgage instead...I only have a few more years before retiring. I don't have to decide until January.
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chiver78
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Post by chiver78 on Oct 2, 2020 8:17:38 GMT -5
I just put in for the BT offer. hopefully the dust settles on that by next Friday when my next update is due.
there is a little left on both cards, but I lowered the effective interest rate nicely for the next 15mo. I'll plan to wipe out those balances first, then go back to attacking the one that resets ugly in April.
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debthaven
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Post by debthaven on Oct 2, 2020 17:23:20 GMT -5
Sounds like a good plan Chiver. I hope all the plumbing issues are resolved so you can enjoy your new home and go back to slaying that debt!
there is a little left on both cards
Wouldn't it be better to completely wipe out one of those two cards and only have one left?
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swordguy
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Post by swordguy on Oct 2, 2020 17:40:04 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 2/2/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House SOLD | 4 | Mortgage | 10/2/2020 | $46,700 | 1/16/2020 | $230,000 | WIRR215 | -618 | Mortgage for new House |
Had to open up a credit union checking account a couple months ago when I couldn't deposit a big check for selling a house into my regular bank, all their branches within 50 miles were closed. So I pulled out all but a pittance and put it on the mortgage. Signed the closing docs this week, we're supposed to pick up the check Monday or Tuesday for $43,890 and change. Bet you all know where that's going! SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 10/2/2020 $46,700 (1/16/20 $230,000 WIRR215)Hope you are all doing well and stay safe. So far, so good for us. PS -- Keep up the social distancing and wear masks when you have to go out to meet people. Don't believe anyone who tells you differently - especially if they've caught it by not wearing masks and not social distancing.
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debthaven
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Post by debthaven on Oct 2, 2020 17:50:19 GMT -5
So close Swordguy!!!
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chiver78
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Post by chiver78 on Oct 2, 2020 17:52:29 GMT -5
Sounds like a good plan Chiver. I hope all the plumbing issues are resolved so you can enjoy your new home and go back to slaying that debt! there is a little left on both cardsWouldn't it be better to completely wipe out one of those two cards (so you're replacing it rather than adding another one)? yes, that's exactly the plan. I realize I may not have been all that clear originally. there's about $2500 left on the 9.99%, and almost $2k on the other thats still promotional until January. I'll wipe out the former first, then the latter, since I'll have the former paid off before reset. once those are all set, I'll go back to the April ugly reset that coincides with the windfall ESPP disbursement. I need to figure out how much will actually be left by April, between still paying down and whatever my tax return produces. but either way, I'm in pretty good shape even with Murphy throwing plumbing issues at me.
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debthaven
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Post by debthaven on Oct 2, 2020 18:01:35 GMT -5
and almost $2k on the other thats still promotional until JanuaryAh now I understand why you're leaving some on that card, I didn't before. I love how you have a solid plan now!
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sealy
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Post by sealy on Oct 2, 2020 22:05:08 GMT -5
Thank you all for your encouragement. I really appreciate y'all.
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TheHaitian
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Post by TheHaitian on Oct 3, 2020 21:06:53 GMT -5
Hey everyone, been staying above water a bit....
Had to add some lawyer fees to the card for my brother, so feels like 1 step forward and 2 steps backwards.
I will try to update balance ASAP.
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nidena
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Post by nidena on Oct 4, 2020 9:11:17 GMT -5
Just waiting for the SL payment to clear--that's what I get for making a payment on a Friday. lol. The total balance will be less than $1000 once it clears. Then I'll focus on the CC and savings.
Had the plumber come out yesterday to reroute the sump pump piping. Until yesterday, it would jettison across my driveway. Now it's been rerouted into the pipe where the gutter downspout is and will empty into my yard somewhere. The next visit for the plumber will be to reroute the clothes washer hose so that it doesn't empty into the basement sink...which empties into the sump cavity. So, really, at the present time, my laundry water will empty into my front yard somewhere...until next month when I have the plumber come out again. This visit was $663. That one will be more because of more materials and more labor.
BUT...I won't have an ice slick on my driveway...
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sealy
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Post by sealy on Oct 5, 2020 0:31:43 GMT -5
Hey everyone, been staying above water a bit.... Had to add some lawyer fees to the card for my brother, so feels like 1 step forward and 2 steps backwards. I will try to update balance ASAP. TheHaitian I hope you will be able to take 5 big giant steps forward soon. Hoping everything works out for you and your family.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Oct 5, 2020 9:58:58 GMT -5
UPDATE! Rukh O'Rorke 10/05/2020 $102,037.06 (6/29/2019 $126,041.86)Student Loan | interest | 09-10-2020 | 10-05-2020 | Difference | 1-02 Consolidation
| 3.75 | $192.63
| 0 | $192.63 | 1-01 Consolidation
| 3.75 | $1,171.89
| $940.83
| $231.06
| 1-07 Direct Parent PLUS
| 0 | $4,607.07
| $4,607.07 | 0 | 1-06 Direct Parent PLUS
| 0 | $6,226.49
| $6,226.49 | 0 | 1-04 Direct Parent PLUS
| 0 | $11,690.17
| $11,690.17 | 0 | 1-05 Direct Parent PLUS
| 0 | $17,037.94
| $17,037.94 | 0 | 1-03 Direct Loan - Unsubsidized
| 0 | $19,894.01
| $19,894.01 | 0 | 1-02 Direct Parent PLUS
| 0 | $20,311.80
| $20,311.80
| 0 | 1-01 Direct Loan - Unsubsidized
| 0 | $21,328.75
| $21,328.75
| 0 | Total |
| $102,460.75
| $102,037.06
| $423.69
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Maybe a toddler step this month? Paid a few extra hundred, including closing out one of the oldest loans, from my master's nearly 30 years ago... . Wow. Sometimes it doesn't bear going into details like! Conflicted about how to approach in the age of the 0%. Think I will focus on closing out the one loan that still carries interest, and then nothing until required. Can continue to focus on savings until the interest kicks back in. That will mean I won't meet the under 6-figure goal......but will just see how I feel about that, if I want to live with that. It's a 3-paycheck month for me, and I'm suppose to get a small RI project this month, so will likely put some more towards the loan with interest through this month depending on other things/feels/etc.
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snapdragon
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Post by snapdragon on Oct 5, 2020 12:49:27 GMT -5
Rukh O'Rorke -- are the Unsubsidized loans with a higher rate when interest comes back? If so I would work on paying down the principal so that you got a good start when interest does come back on. But you need to do what is best for you.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Oct 5, 2020 14:41:30 GMT -5
Rukh O'Rorke -- are the Unsubsidized loans with a higher rate when interest comes back? If so I would work on paying down the principal so that you got a good start when interest does come back on. But you need to do what is best for you. Yes - all those 0s will be replaced with rates higher than the 3.75. Allegedly! Previous interest array was: 3.75% 3.75% 5.59% 5.96% 6.06% 6.59% 6.75% 6.75% 6.96% Who know what is going to happen, and at this point I think another year at 0%/no payment is at least a possible if not a likely event. And/or interest rates could change permanently - I don't think there is any way to even guesstimate where things are going to go. As long as I am saving as opposed to spending, the money will be there - and earning interest too, even if only a few bucks (more or less) a month. But this does open up a line of thought that I've been pushing out of my mind. Things are going really well for me financially: savings, monthly cash flow, etc. and I like it! Finances are pretty easy right now, no worries, checking account plump and EF and 401k and HSA accounts growing with every paycheck. I like to focus on that. But it's somewhat of an illusion! I've had maybe ~20k in RI income this year, and not paying those heavy student loan payments. If I had no RI - which may happen next year - and I was paying the big student loan bills, I would not be looking at maxing my 401k (for the first time in many a year) and I would likely still feel like I was gulping in a mix of air and sea water while trying to dogpaddle across the english channel! But on the plus side, I did pay off my private student loan this summer and now one of the old loans, and plan to pay off the other old loan before the end of the year. These were smaller balances/smaller payments, but still nice to have the number of payments and amount of minimum reduced. If things go back to what they were in 2021 for interest and repayment, my minimum monthly payment will be $1,269.50 rather than something north of $1,400 - So I think that is good progress! If the 0% is extended, and once I feel like I've shored up my foundations a bit - I plan to start putting a few hundred towards one of the loans every payday. I do want to continue maxing the 401k and the HSA and putting 250/paycheck into the EF. If I can do that and then put a few hundred to the student loans each paycheck, I will be doing great! If not, then I will need to rely on the 3 paycheck month and any RI projects or other windfalls. If payments resume, I'll have to do some hard thinking on priorities and pro/cons of various approaches..... Which may include refinancing the student loans. I keep getting offers of 2-3 % on those, that might pop up once the 0% is gone, but I was considering a refi at about 3-4 percent before the 0% went into effect, so I can likely realize some savings there at some point.
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