Blazerdude20
Dryer sheet wannabe
- Joined
- Sep 2, 2012
- Messages
- 12
Hey everyone,
My wife and I just sold our home and are completing the purchase of our long term home. We bought at the bottom of the housing bust and are lucky to have made a good sized profit off our first home. After downpayment on our new house we will have $21k left over from our sale.
My question is what should we do with this money?
Our initial thought was to payoff her car (19k) but we are upside down in value so wouldn't want to risk it being totaled after paying it off (we have gap on the loan). The car is also only 1.99% interest.
We have also thought about opening a Roth IRA. We have 401k's with our employers but would like to retire before 59 1/2. We currently have a small savings of a couple thousand dollars. So we would like to save a little for our bank account.
Would it make sense to put half into a Roth and the rest in savings? Also unsure where we should open an account.
Thanks!
My wife and I just sold our home and are completing the purchase of our long term home. We bought at the bottom of the housing bust and are lucky to have made a good sized profit off our first home. After downpayment on our new house we will have $21k left over from our sale.
My question is what should we do with this money?
Our initial thought was to payoff her car (19k) but we are upside down in value so wouldn't want to risk it being totaled after paying it off (we have gap on the loan). The car is also only 1.99% interest.
We have also thought about opening a Roth IRA. We have 401k's with our employers but would like to retire before 59 1/2. We currently have a small savings of a couple thousand dollars. So we would like to save a little for our bank account.
Would it make sense to put half into a Roth and the rest in savings? Also unsure where we should open an account.
Thanks!