Are you sure we're talking the same thing? I don't own CD's at the moment because of the rates. But check:
http://www.bankrate.com/cd.aspx
Rates for Certificates of Deposit max at around 1%.
As far as paying off debts, absolutely pay off credit cards and other bad debts first. That's an easy one. In my view, and I'm not alone, paying of low interest, tax deductible mortgage debts isn't cut and dry. I pay very low interest, so there is little incentive for me to pay off my home loan. It's far better for me to take family income and fund retirement accounts, emergency savings and college savings for my kids. Over the long term having my money grow at 8% or better (our current strategy) is far better than using it to pay off a <4% loan.
Another way to look at it is that you might have more capital to invest in your new trucking business. If you have to borrow money later to stay afloat during lean times you're going to pay a higher rate (probably) than the loan you just paid off.
Again, I don't know your specifics, but even though I flinched at paying and advisor, in the end I'm sure it was worth it.
I have 82,000 cash. What would you do?
Discussion in 'Ask An Owner Operator' started by ethos, Mar 27, 2013.
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If I had $82,000 I would go out there and set my truck on fire and get me a job as a greeter at walmart and still be better off
kw9's rock and EverLuc Thank this. -
WV_Daddys_Girl Thanks this.
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You can use $17,000 of it buy into the Subway franchise. The world can always use another Subway lol
WV_Daddys_Girl and SHC Thank this. -
And I agree 100% with your advice (above) - including the financial adviser. -
Put the absolute maximum for your age into Roth IRA's for 2012 and 2013, and then decide what to do with what is left over.
SHC, SheepDog and WV_Daddys_Girl Thank this. -
The comments in here are cracking me UP! But I think you should just save it just in case. You have enough to live comfortably. Enjoy
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With 0 debt comes much less worries. Like I said, save it and enjoy life with no debt. I do not know how old you are, or if you have kids. But I agree with the ROTH IRA talked about by someone else, i would max those out for yourself and your wife if you have one.WV_Daddys_Girl, Container Hauler and Chinatown Thank this. -
WV_Daddys_Girl Thanks this.
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Without a firm financial background, play it safe with your one time good fortune.SHC Thanks this.
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