I am 30 year old single male that lives in MN. I am looking at my finances and wondering if I am better off investing or paying off debt.
My salary is $65k. I currently contribute 15% to a 401k and max out my Roth. My company also offers a discounted stock plan of 15% which I contribute $2k a year. I also contribute $300/month to DRIPS - MO, DUK, and PFE. I have been doing this for the last 3 years and have about $100k in assets.
I own a house, bought it 2.5 years ago. I did a piggy back loan to avoid PMI. The 30 year mortgage is at 4.875% and I have a 15 year variable that is now at 8.99% with a balance of $20k. I also have a car loan with a balance of $6k at 6.35% and student loans of $20k at 4.4%.
My new employer now picks up my education bill. I am working on an MBA and am about half way done with it. As a result of a busy schedule I have been able to cut my spending on frivolous items and can stay within a budget.
I am trying to maximize every dollar I make. What are my best options for the future? Should I reduce the 401k to the match or reduce the stock investiments to pay off the variable rate loan. SHould I stay the course?
Any thoughts would be appreciated.
My salary is $65k. I currently contribute 15% to a 401k and max out my Roth. My company also offers a discounted stock plan of 15% which I contribute $2k a year. I also contribute $300/month to DRIPS - MO, DUK, and PFE. I have been doing this for the last 3 years and have about $100k in assets.
I own a house, bought it 2.5 years ago. I did a piggy back loan to avoid PMI. The 30 year mortgage is at 4.875% and I have a 15 year variable that is now at 8.99% with a balance of $20k. I also have a car loan with a balance of $6k at 6.35% and student loans of $20k at 4.4%.
My new employer now picks up my education bill. I am working on an MBA and am about half way done with it. As a result of a busy schedule I have been able to cut my spending on frivolous items and can stay within a budget.
I am trying to maximize every dollar I make. What are my best options for the future? Should I reduce the 401k to the match or reduce the stock investiments to pay off the variable rate loan. SHould I stay the course?
Any thoughts would be appreciated.