Hello,
I recently purchased a boat, for 39500, the interest rate is 4.34% (simple) for 36 months. so the monthly payment is 1173$ for 36 months.
I contribute max to retirement, 47000 (18K for both 401k for me and my husband, 11K for our backdoor roths) plus 5K in HSA... beyond that I have a taxable account that follows the bogleheads philosophy, low cost (etfs, not index funds) in broadly diversified markets and that's where all my extra money currently goes... so I was wondering, should I pay this boat off as quickly as possible, OR should i pay it off in said time frame, 36 months, and instead use my extra money in the taxable account?
(all other loans, for cars (less than 2%, houses less than 4%) so this is my highest simple interest loan) that i just don't know what to do with.
Thanks for any advice!
Jessi
I recently purchased a boat, for 39500, the interest rate is 4.34% (simple) for 36 months. so the monthly payment is 1173$ for 36 months.
I contribute max to retirement, 47000 (18K for both 401k for me and my husband, 11K for our backdoor roths) plus 5K in HSA... beyond that I have a taxable account that follows the bogleheads philosophy, low cost (etfs, not index funds) in broadly diversified markets and that's where all my extra money currently goes... so I was wondering, should I pay this boat off as quickly as possible, OR should i pay it off in said time frame, 36 months, and instead use my extra money in the taxable account?
(all other loans, for cars (less than 2%, houses less than 4%) so this is my highest simple interest loan) that i just don't know what to do with.
Thanks for any advice!
Jessi
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