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Old 04-24-2010, 07:38 PM   #21
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How tight is the cash flow making the $800/mo payments
how much longer do you need to sustain making the payments?

How tight would cash flow be if you paid off the debts now?
Does paying down the debts change the SWR?

I agree with W2R... at some point you want to never finance again... and because you are about to retire, I would think that day is coming real soon.

Whatever decision you make, try to organize finances so you don't have to borrow again.
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Old 04-25-2010, 12:18 PM   #22
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Quote:
Originally Posted by jIMOh View Post
How tight is the cash flow making the $800/mo payments
how much longer do you need to sustain making the payments?

How tight would cash flow be if you paid off the debts now?
Does paying down the debts change the SWR?

I agree with W2R... at some point you want to never finance again... and because you are about to retire, I would think that day is coming real soon.

Whatever decision you make, try to organize finances so you don't have to borrow again.
Thank you! There are a lot of considerations and neither of my choices is a bad one. Just what works best for us right now. We are paying off both vehicles. We had another consideration I hadn't taken into account that made it more attractive (too complicated to explain). We plan on not financing again. We are going to set up a fund for our next vehicles to pay the difference between what we can sell our existing vehicles for in the future, if anything, and what the next vehicles (likely used) would cost.

I am also going to finish restoring my Jeep which will give us a essentially new vehicle in the next couple of years for about $10,000 in parts and such. We intend to do some full-time RVing once the kids are out of the house in about six years and our plan is to use the Jeep as our tow vehicle. That's our plan this month anyway.
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Old 04-25-2010, 10:13 PM   #23
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Jeep

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Originally Posted by flyfishnevada View Post
Thank you! There are a lot of considerations and neither of my choices is a bad one. Just what works best for us right now. We are paying off both vehicles. We had another consideration I hadn't taken into account that made it more attractive (too complicated to explain). We plan on not financing again. We are going to set up a fund for our next vehicles to pay the difference between what we can sell our existing vehicles for in the future, if anything, and what the next vehicles (likely used) would cost.

I am also going to finish restoring my Jeep which will give us a essentially new vehicle in the next couple of years for about $10,000 in parts and such. We intend to do some full-time RVing once the kids are out of the house in about six years and our plan is to use the Jeep as our tow vehicle. That's our plan this month anyway.
What year is the jeep you are restoring?
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Old 04-25-2010, 11:34 PM   #24
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Re #20 consider also that retirement money is protected if somehow you get into a bankruptcy situation while non retirement money is not. For the home mortgage issue then this factor also applies depending on the state in TX you can keep a home with any equity in BK.
Not that its very likley but bad things can happen, so its best to know your rights.
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