Yet another What to do with my money question

Zombie

Platinum Member
Dec 8, 1999
2,359
1
71
So by end of next week I will have about 50k cash available to me. I have 10k in school loans and about 5k in CC (counting engagement ring which will be ready this weekend) in debt.

What would you do at this point?

Pay off the loans and invest somewhere else

or

use it as down payment on a house ASAP ?( been paying $1000.00 in rent every month for 2 years)


no I am not sending out any money to anybody so stop asking. :)
 

Asharus

Senior member
Oct 6, 2001
987
0
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Originally posted by: notfred
If I was in that situation, I'd pay off everything and then buy a house.

Yes, pay everything off. You'd still have around 35k for a downpayment, correct?
 

Vic

Elite Member
Jun 12, 2001
50,415
14,303
136
In order:
- pay off debts
- invest remainder
- buy house using zero down program
 

lozina

Lifer
Sep 10, 2001
11,709
8
81
Are Bazooka Joe bubble gums still 5 cents a pop?

If so, you can buy 50,000 / .05 = 1,000,000 pieces of Bazooka Joe bubble gum. You'd be set for life.
 

Ynog

Golden Member
Oct 9, 2002
1,782
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how much is the interest on your school loans?

I'd imagine that would be less than a mortgage. So if you can
lower your mortgage rate with that extra 10k, I'd do that
before paying off that debt. Though I would pay off credit card debt first.
 

anxi80

Lifer
Jul 7, 2002
12,295
2
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Originally posted by: lozina
Are Bazooka Joe bubble gums still 5 cents a pop?

If so, you can buy 50,000 / .05 = 1,000,000 pieces of Bazooka Joe bubble gum. You'd be set for life.
and with all those cartoon points racked up....can finally get that leather jacket!
 

Zombie

Platinum Member
Dec 8, 1999
2,359
1
71
I think school loans have very low interest rate but I will have to double check.
 

Ameesh

Lifer
Apr 3, 2001
23,686
0
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Originally posted by: Vic
In order:
- pay off debts
- invest remainder
- buy house using zero down program

i would agree with that except i would not pay off the school loans immediately, those are probbaly at an interest rate of ~2%