- Apr 5, 2005
- 12,145
- 764
- 126
Just made the last payment on my honda accord!
i got it in august 07 and had a $17k loan @ 6.35% or 410 a month for 5 years. I paid it down ~$1300 a month roughly until now and im 100% consumer debt free! i hate to toot my own horn but i think it's a pretty good accomplishment for a 23 year old to not get into debt. but i'm also aware and grateful that nothing catastrophic happened to me either that could have set me back financially. I still have $20k in student loans though that i don't think i 'll be paying off any time soon.
i may increase my monthly payment on them but i really would like to fund my roth IRA for FY2008, take advantage of the stock market by opening an investment account, and saving up for a house. i wish i had the ability to do all of those right now though but my cash on hand is pretty low right now. I'm going to need to save diligently for the next couple of months to accomplish all of those goals. i also need to fund my emergency fund that i sort of depleted to reach my first goal of paying off my car
i just hope the stock market and housing market is in the crapper till i'm ready to take advantage of it ! looking back though, was this a good idea to pay off my car quickly like this? should i have made hte minimum payment, saved up the extra $$ and do my said plans that i want to do now? looking back, i would have lost a ton of money in the market, but doing what i did, i sort of "gained" the 6.35% interest on the 16000 loan. is my rationale accurate?
edit: fyi student loans are 5%
i got it in august 07 and had a $17k loan @ 6.35% or 410 a month for 5 years. I paid it down ~$1300 a month roughly until now and im 100% consumer debt free! i hate to toot my own horn but i think it's a pretty good accomplishment for a 23 year old to not get into debt. but i'm also aware and grateful that nothing catastrophic happened to me either that could have set me back financially. I still have $20k in student loans though that i don't think i 'll be paying off any time soon.
i may increase my monthly payment on them but i really would like to fund my roth IRA for FY2008, take advantage of the stock market by opening an investment account, and saving up for a house. i wish i had the ability to do all of those right now though but my cash on hand is pretty low right now. I'm going to need to save diligently for the next couple of months to accomplish all of those goals. i also need to fund my emergency fund that i sort of depleted to reach my first goal of paying off my car
i just hope the stock market and housing market is in the crapper till i'm ready to take advantage of it ! looking back though, was this a good idea to pay off my car quickly like this? should i have made hte minimum payment, saved up the extra $$ and do my said plans that i want to do now? looking back, i would have lost a ton of money in the market, but doing what i did, i sort of "gained" the 6.35% interest on the 16000 loan. is my rationale accurate?
edit: fyi student loans are 5%
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