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Plan for money from dad $73k

April 5th, 2018 at 12:59 am

HI all

My plan for the $ from Dad (likely to disburse next week ) is the following

1. add $2k more to the rental emergency fund to bring it up to $20000
2. add $2500 more to the personal emergency fund so I have a $5000 swing fund in my checking account (total of my monthly bills) so I can try going on just the rental income in July for a few months
3. pay off the '2 flat fix up debt ($23700+)
4. do something for Me ( will think on this)
5. put $12.5 towards the real estate tax escrow which will leave me only having to put $3k a month towards taxes for May, June, July, August
5. invest the rest at Vanguard-32300


I get my first full paycheck Friday. wonder what it will turn out to be.

Feels good to get all the above funds etc beefed up and stabilized.

Health insurance goes down over $200 next month as I changed to the plan offered through work

Water/electric down $100 a month
and have a $1000 overpayment for gas (accrued over several months of auto bill) so will not pay gas for prob 9 months.. my monthly was $107 so will divert that to investments via Vanguard

Also auto investing in Vanguard to $150/month in Vanguard and more when able

Once I get Dad's money and pay off the 2 flat fix up debt I will up the vanguard to $2k/month

Trying to stabilize adn tie up loose ends.

Will also pay cash (or 0% credit) for school fromm now on. I currently owe approx $9k accruing at 6% interest in student loans

Market is really down but trying to think of it as the market is on sale Smile

Rachael

Posted in Musings | 5 Comments »

5 Responses to “Plan for money from dad $73k”

  1. AnotherReader Says:
    April 5th, 2018 at 03:52 am 1522900354
    1522900354

    At your age that's the correct way to look at the market. It will go up and down but in 20 years it will be a lot higher than it is now.

    Pay off those student loans ASAP. No need to pay that high rate of interest.

    Otherwise you have a sound plan.

  2. Amber Says:
    April 5th, 2018 at 10:05 am 1522922709
    1522922709

    I agree with AnotherReader, pay off those student loans as soon as possible

  3. livingalmostlarge Says:
    April 5th, 2018 at 02:41 pm 1522939303
    1522939303

    I think less to vanguard than $32k and $9k to student loan debt at 6%.

  4. rob62521 Says:
    April 5th, 2018 at 03:10 pm 1522941054
    1522941054

    As good as your ideas are, I think paying off the school loans makes sense. That's a huge interest rate and personally, I'd rather have that debt gone.

    Yeah, the market is up and down. You have a good outlook and I keep telling myself when it goes down, my investments are buying low.

  5. rachael777 Says:
    April 5th, 2018 at 04:43 pm 1522946602
    1522946602

    I never thought of paying off the student loans but makes sense. I will change my plan to do that. Thanks everyone. sometimes when you do not seek input you miss really simple stuff. I was all psyched to see my balance grow but I can see paying off that debt at 6% makes more sense

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