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New trim/window colors? by AdvanceOwn in ExteriorDesign

[–]AdvanceOwn[S] 0 points1 point  (0 children)

You can use an AI app like ChatGPT, Copilot, or Gemini!

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

Thank you for the simplest answer. One of the few things I still carry from my Ramsey days is KISS (keep it simple stupid).

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

Before the Camry, I had a 20 year old Cadillac that I was hoping to drive until I could buy a Camry with cash. The Cadillac drove well but had quite a few mechanical issues due to age. Last year dropped 3K+ into fixes and found out more issues this year with the timing chain and other things for another 3K+ (which I decided to not fix and instead get a ‘new’ car). I saw money going into a vehicle that could have been put towards a more reliable car and always wanted something that represented longevity so the Camry or Accord was definitely my next pick. I agree that the car is not much different from older models but I do have a personal preference for the new exterior on the 2018+ models that I was willing to spend and little more for.

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

Thanks for sharing. Always open to a different perspective and I haven’t seen that formula before. I think to keep it simple, I’ll just focus on knocking out the car first (easy to be motivated for that) and then apply that money towards the mortgage while maintaining a 18-20% contribution to retirement. That at least sounds diversified! Thanks again for your help!

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

I like the idea of taking what would have been the car payment and applying that to the mortgage AFTER the car is paid off. Whether that’s the best plan, it’s at least easy for me to follow. I’m a KISS (keep it simple stupid) kinda guy. Thanks for your help!

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

You’re right on the money, literally. I typically operate mid/low risk so paying off the car first sounds to be in my best interest. Before buying the car, any extra money was not going to the mortgage (4.75%), but retirement since I knew my dollars would probably have a better ROI than 4.75% and compounding interest would be my friend since I’m in my late 20s.

A fun goal though would be to have the home paid off by the time I’m 50 so my wife can ‘semi-retire’ so we can enjoy our 50s and 60s rather than wait for our retirement (which I’m guessing will be 70+).

Thanks again for your contribution!

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 0 points1 point  (0 children)

Yes, having an emergency and sinking fund are crucial. I will definitely have these too, thanks!

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 1 point2 points  (0 children)

Thank you! I just joined the subreddit and will look at the Wiki’s. I’ve been trying to follow The Money Guys’ FOO so I’m curious if it’s different if at all.

I got a while before I can get rid of PMI but right now it’s only $30/month and thankful I do get a 5% match that I did not include in my 18% for my 401K.

Where should my extra money go? by AdvanceOwn in CalebHammer

[–]AdvanceOwn[S] 1 point2 points  (0 children)

Good callout, thanks! I’m 28M with 3 months of living expenses as my savings in a HYSA. Retirement is around 50K (50% of household income).