Friday, November 13, 2009
We did it!
We actually paid off our van!! Yeah, it only took us two years!! We were supposed to still be paying on it for another 3 years, but we got the title today in the mail...so its official!! Now we are going to try to start saving money for a down payment on a house (some day when we are more settled). We want to take the money we had been paying on our car loan, and put it into a savings account of some sort. Do you have any ideas of where the best place to put money: savings bank, ingdirect (or something like that) or other options (not including your bank account) :]
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Ahh man!! I liked the last option!!!! Brad might has some good advice for you if no one else comments-- he keeps telling me I'm suppose to do something with his life insurance money when he dies, but of couse I don't remember. but ask him, or maybe if I remember I'll ask him:) Yay for paying off your van!! And you should check into RD loans when the time is right! No down payment, no PMI and only needing to pay closing costs (which shouldn't be more than $4000!
Brad says a money market (you can ask your local bank about it). It is a very safe savings account that pays more interest than your regular savings account does. It's still low interest because it is low risk... but feel free to ask him about it:)
Congrats! It is a great feeling to have it paid off early and then it makes you not want to buy another car again so you don't have payments. (at least we are hoping to not buy another vehicle anytime soon) Have you looked into any Roth IRA's? I don't know if that is the best or not but we did have some money in one and we made some good money off it. I have had family member have ING accouts too that they have been happy with.
CDs are fixed interest accounts for a certain amount of time.
Roth IRAs allow you to put money into the account with the tax bracket that you are in now. When you pull the money out the earnings are tax free.
Traditional IRAs are opposite. Tax free going in pay the tax pulling it out.
these are all way too safe - how about some very high risk developing foreign country stocks? Who knows, it may pay off and you could have a 50% down payment. Better yet, how about the Oregon lottery?
I was thinking that the money you used to pay on your van should be sent to Colorado and I will personally invest it! :) I know a lot about investing...at least in personal things, or maybe that is just called spending?! :) So I could just keep it as cash if you didn't want me to put it into my bank account!
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