Aldeer Financial Advice

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Re: Aldeer Financial Advice [Re: bama_earl] #3885457 03/27/23 01:42 PM 03/27/23 01:42 PM
Joined: Mar 2013 Posts: 14,921 Clanton Turkey_neck Booner
Turkey_neck Booner Joined: Mar 2013 Posts: 14,921 Clanton	Now just double up on the house payment. Would walk over a naked woman to get to a gobblin turkey!

Re: Aldeer Financial Advice [Re: bama_earl] #3885568 03/27/23 04:48 PM 03/27/23 04:48 PM
Joined: Nov 2020 Posts: 1,376 North Alabama H Hammertime7v2 8 point
Hammertime7v2 8 point H Joined: Nov 2020 Posts: 1,376 North Alabama	Originally Posted by bama_earl Life happened and I was unable to respond to this thread. But here is what I decided to do. Pay off the truck The house has no tax savings for me because we take the standard deduction. I don't have enough taxable expenses to itemize. I saw some comments about the tax benefits for owning a home. The main reason I am going this route is because I don't want to empty my emergency reserves. Good call. One step closer! Professional Smart Alec

Re: Aldeer Financial Advice [Re: bama_earl] #3885968 03/28/23 10:01 AM 03/28/23 10:01 AM
Joined: Nov 2011 Posts: 2,260 Alabama B bama_earl OP 8 point
bama_earl OP 8 point B Joined: Nov 2011 Posts: 2,260 Alabama	Thanks everyone for your input and comments. Much appreciated

Re: Aldeer Financial Advice [Re: bama_earl] #3886443 03/28/23 08:26 PM 03/28/23 08:26 PM
Joined: Oct 2003 Posts: 25,706 South Alabama R Rebelman Freak of Nature
Rebelman Freak of Nature R Joined: Oct 2003 Posts: 25,706 South Alabama	If you are set on paying one or the other off, then 100% the house (assuming you are not upside down on the truck). You are going to pay a hell of a lot more interest on your home mortgage than you are your truck interest. That is because your term is longer on your house…nearly double.

Re: Aldeer Financial Advice [Re: Rebelman] #3886675 03/29/23 10:32 AM 03/29/23 10:32 AM
Joined: Nov 2011 Posts: 2,260 Alabama B bama_earl OP 8 point
bama_earl OP 8 point B Joined: Nov 2011 Posts: 2,260 Alabama	Originally Posted by Rebelman If you are set on paying one or the other off, then 100% the house (assuming you are not upside down on the truck). You are going to pay a hell of a lot more interest on your home mortgage than you are your truck interest. That is because your term is longer on your house…nearly double. You are correct. If I pay the house off now, I only have 2 years left on my truck. I think I have 7 left on the house.. overall money savings would be to pay the house off now. But it will cost me about $30k to do that now. Which would wipe out my emergency fund. But I have other avenues for emergencies if I needed them. I may change my mind again...haha! I keep going back and forth

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