Originally Posted by edb33
I think the only way to figure what you need to save is to reverse engineer it. If you realistically believe you need 2mm to retire and plan to do so at 65 and you're currently 30 then simple math will tell you what you need to save in order to get there. Don't forget to add taxes and fees into the equation and be conservative with your gains.
In this case of your truck, it is kinda detailed math but basically you take the years left on your truck payment and decide in that x amount of years will removing y amount to pay off the truck now but adding the truck payment back into it each month be more profitable than sticking with the status quo and paying z amount in interest? Generally the answer is just leave it be but it all depends on your interest rate on the truck and what your savings is producing
I will have my truck paid off in 5 months.
I've been paying an extra
$120 a month on it since around the time of this thread, and it is ALMOST paid off.
It's worth about $15k if I sold to a private party, but honestly, the prospect of not having a truck payment sounds glorious.
Recently opened up a Robinhood account on my phone. Super easy app to use, and buy stock. Had it about two months and it has done very well (let me know, I got that promo code that gives both of us a free stock). I bank through a credit union, and my savings account nets me like 1.6% interest, which is shit.
I have bought up some TTWO and INTC stock, with some Microsoft, Sirius XM and Starbucks thrown in for good measure, and I have been making like $25 a day for the past few days. It's been a good run.
Also completely paid off my credit card (I only have two, one of which I don't use), so now I will only have a mortgage and student loans to pay off.
For those reading who are in debt, I would highly suggest listening to Dave Ramsey. He does a good job of helping to motivate you to pay off debt, and he offers sound financial advice.
If anything, go to his Facebook page and watch a few videos.
I am a like a decade away from being completely debt free. Hooray!