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Old 04-26-2016, 09:19 AM   #41
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Originally Posted by pb4uski View Post
+1 on the refi... should be able to shave a point or more off that 4.625%. Or better yet, go with a 15 year... lower rate and faster payoff about 3% today.

Refi to 15 or 10 year and get a lower rate while still paying off aggressively. Should save you thousands and pay back in less than a year I imagine.

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Old 04-26-2016, 09:33 AM   #42
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I was widowed at age 38 with a diabetic child. Unknown to me, he left all his life insurance to the child. Luckily we had mortgage insurance and my house was completely paid for. I felt secure having one less thing to worry about. I remarried a few years later, when we bought our together home it was important to me to get this home paid for.

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Old 04-26-2016, 09:57 AM   #43
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Originally Posted by molof View Post
Refi to 15 or 10 year and get a lower rate while still paying off aggressively. Should save you thousands and pay back in less than a year I imagine.

This is exactly what I would do.
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Old 04-26-2016, 02:00 PM   #44
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Originally Posted by dsp0725 View Post
- LLC made $173k
- I personally made an additional $8200 net from part time job
First of all, you should be maximizing your LLC's business deductions. A company car, off-site meetings, meals and entertainment, office expenses, travel, equipment, cell phones, etc. You pay a 0% tax rate on business expenses. You can even fund a SEP IRA.

Then, you should be taking a salary, via a W2 or 1099. It should be ~50% of what is left. If you are a Java Developer, take $50K as a salary. You pay a 15.3% self employment taxes, plus normal income taxes on this amount. Use a SEP or 401K to save money.

Take the remaining money as a dividend. You pay normal income tax on this income, but no 15.3% self employment tax.

With the money left over, save it.

FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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