Quote:
Originally Posted by GregWeld
I would suggest you do absolutely NOTHING until you're done reading....
You're only 31 --- and couple more weeks isn't going to kill you right now. Read thru the thread -- go back and re-read parts you don't quite get... it will start to all come together for you. THEN you can come back here with better questions.
Ditch the fast talking bozo --- if you decide to go with them - call them and ask to work with a different representative. NEVER EVER NEVER EVER work with a fast talker. It's way too important for you!!
Don't get caught up in thinking you need to do this or that. Wait until you understand ALL your options! There are income tax implications if you do it WRONG.... and there are many other considerations that will all greatly affect your decisions now and into the future.
When you get a little more comfortable with all these "terms" --- ask what it would look like to roll your 401K over into a ROTH IRA. This may take an accountant to factor in the taxes... but if I was your age (without knowing another single detail about you or your income level) I'd want my money in a ROTH IRA.
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Thanks Greg
Im almost halfway done with the thread
When I talked to him, I asked if I should consider a Roth IRA. He said no, and I really didnt have anything to challenge back.
Right now things are shifting in my life.
1) I got the new job, where I am earning way more than I used to and now my wife can stay at home
2) We are expecting, baby will be here in December
3) To take the new job we had to move, and currently our house is on sale in a tepid market
4) We have more debt than I am comfortable with, BUT we have a surplus every month. Right now, we only owe on my car, the wife's car and a couple hundred on a no interest jewelery card I got
What I wanted to do is pay off the cars with a snowball, then use that to hit the mortgage on a new house (once ours sells)
We had been doing great prior to buying the house, we had our emergency fund, and were snow balling my wife's old car, but then it got totaled. My paid off car bit the dust a couple months later
In my mind, I should be getting debt free (minus the house) first then start investing (outside of my 401k contributions of course), do you agree?