ok, financial types...

[OUAndy1807]

The wife and I are finally out of school and making some decent money. We just bought a house and we have one car loan and she has student loans. The house is at 6%, the car about 6.5% and the student loans around 4%.

We're starting to compile some cash and we're trying to figure out what to do with it. Here's our choices as I see them:
1) Pay down on the house
2) Pay down on the car loan
3) Contribute to IRA's (we are maxing our 401k's but have made a concious decision to put money into one of the others items instead of into the IRA's this year, unless it's a huge mistake)
4) Put money into the house (big renovation type stuff that I can get done at a pretty serious discount)

My gut is telling me to put the money into the house, but I'm not totally sure.

[OUAndy1807]

or I could but a playstation 3 and a ****-ton of games.

[OKLA21FAN]

one word........



plastics

[jk the sooner fan]

it really depends on what your goals are..without knowing that, its a really tough question to answer

[KentuckySooner]

I would go for paying off the debt first. Car and student loans, then get to your house.

[Vaevictis]

It really depends on what you're aiming for.

As a rule, you pay student loans last. They usually have the lowest interest, and if you default, it's not like there's anything to repossess.

[SoonerStormchaser]

pay off the car!

[Frozen Sooner]

The wife and I are finally out of school and making some decent money. We just bought a house and we have one car loan and she has student loans. The house is at 6%, the car about 6.5% and the student loans around 4%.

We're starting to compile some cash and we're trying to figure out what to do with it. Here's our choices as I see them:
1) Pay down on the house
2) Pay down on the car loan
3) Contribute to IRA's (we are maxing our 401k's but have made a concious decision to put money into one of the others items instead of into the IRA's this year, unless it's a huge mistake)
4) Put money into the house (big renovation type stuff that I can get done at a pretty serious discount)

My gut is telling me to put the money into the house, but I'm not totally sure.

Pay the car off. Then pay off the student loans. You lose the tax deduction on the student loans after a few years or when your income hits a certain level. Then contribute to your IRA. Then pay off the house early.

You almost never get back the money you put into a remodel.

[boomersooner28]

http://www.daveramsey.com/