Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 04-26-2016, 10:19 AM   #41
Full time employment: Posting here.
Join Date: Nov 2013
Posts: 991
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.
NgineER is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-26-2016, 10:33 AM   #42
Recycles dryer sheets
Join Date: Jan 2016
Location: near Phoenix
Posts: 189
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.
calico1597 is offline   Reply With Quote
Old 04-26-2016, 10:57 AM   #43
Full time employment: Posting here.
Join Date: Apr 2011
Location: Castro Valley
Posts: 788
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.
jkern is offline   Reply With Quote
Old 04-26-2016, 03:00 PM   #44
Thinks s/he gets paid by the post
Senator's Avatar
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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!!
Senator is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Save aggressively early, then downshift? Any experiences? bo_knows FIRE and Money 32 11-09-2012 10:36 PM
Keep investing or payoff mortgage? Joe Bass FIRE and Money 32 07-15-2008 07:21 PM
mortgage payoff from investing jIMOh Young Dreamers 15 02-07-2008 10:31 AM
Save or Payoff Debt Aggressively? daverph FIRE and Money 24 08-18-2007 01:20 PM
Another payoff the mortgage outlook dm FIRE and Money 12 10-13-2004 01:27 PM

» Quick Links

All times are GMT -6. The time now is 06:00 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.