2010. március 9., kedd

Should I Use My EF to Be Debt Free?

I'm so close to being debt free, but I don't know if I should string it out one more month into April.

Here's the deal:

After my second paycheck for the month of March, I will have around $1,234 left to pay off my student loans and be 100% debt free! Should I just use my emergency fund or something else to pay that $1,234 off this month and get rid of the $5,800 left?

Emergency Fund Components:

Account 1 - $2,230
24 Month CD - Only on month 1 of 24 - $2,000 @ 2.09%
24 Month CD- Expires October 2010 - $1,057 @ 4%
6 Month CD - Matures March 10, 2010 but I get an additional .5% interest if I roll it over to continue 6 more months - $506 @ 1.75%

Or should I ask my brokerage account I trade stocks in for a check for the stock I just sold? I was thinking of buying a particular company really soon but the market has been going up so I haven't bought it yet and have been waiting for prices to dip.

I have about $1,300 available in the brokerage account as proceeds from a recent sale. I was going to use that to buy my next stock I am looking at. I kind of don't want to use this money because if I buy this stock I want it will return me a lot more than 3%, which is the interest I pay on my student loan. I'm not very inclined to use the money out of there.

My 401(k) has $36,000 in it which I can't touch until I'm 65...so that's out of the question. Once I get out of debt, I'm going to jack up my contributions to 25% for three months to make up for not contributing for the last three months. Then I'll take it down to more like 5-10%. My employer gives 6% of our salary to our 401(k) so I have to remember to add 6% to whatever amount I choose to contribute. If I contribute 5%, it would actually be 11%.

What should I do? Just be debt free in April? Or take the money from EF Account 1 and have almost nothing in my EF for a month?

I'm finally almost there!! I get to KEEP my money instead of pay off my education! I think it's funny when the school sends me requests for donations and they try to say things about how you got a good value out of it and the school got you a great job...to that I say... TELL THAT TO THE ONES WHO GOT SCHOOL PAID FOR BY THEIR PARENTS :) I feel like 90% of the students at my college didn't have to pay! There were only two other people besides myself that I knew who had to pay. Although I really want to donate, I'm like nehhhh I am not obligated to!! I paid for my schooling! Maybe if I ever get really wealthy I will donate some....but for now, I think $70,000 is enough! :P Even though that includes my living expenses for 4 years...

There's a guy in my sister's class who is apparently royalty in China and during a group discussion game about race and opportunity, he shared that when he was in his country he was part of the government and everyone made way for him, but he blends in here and no one knows how rich he is. Guys like him can donate!! :D

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