 What's so salary these days ? |
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how much are you left with after reading this note?... |
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 I will die a relatively wealthy man, and have no heirs or family. Who should I leave my estate to? |
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Any answers with the word "Me" or "I" in them will receive an obvious thumbs ... |
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 I have $50,000 burning a whole in my pocket, what should i spend it on? |
Just feel like splurging.
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Please disregard the typo in questions, "Whole" is wrong the proper spelling is "hole".... |
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 How can money buy YOU happiness? |
We hear a lot that money can't buy you happiness.
But is that true in your view?... |
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 I need Money Fast!!!!! I am 13? |
| I have a big date with my gf and her freinds dates... and i have like NOOOOOO money (11.70$). I need cash!!! Any ideas to make fast quick money in a week??!!! And i don't know what i spend ... |
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 Online money make? |
| what is truley the best way of making cash online? and only answer if you have had prior experience. thankyou.... |
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 Have you made any arrangements for your funeral yet? |
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 Which debt would you pay 1st? |
Ok – So I just got married & seem to be in debt (imagine that)!!
There is $1,500 in our savings account & $4100 in my 401K. How should we pay off this debt? Do I use the savings/401K ... |
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 Anyone like to send me cash?? |
I have a mortgage, but if enough people send me enough money I can be free of my job, and able to devote my time to making the world a better place.
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Ok. Its a joke. T... |
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bhenkel54321 | Should I pay off my student loan in full? |
I don't have a lot of money, but I may have enough to cover my student loan in full and still have enough for emergency situations. However, I've heard that making payments on a student loans looks good on your credit report, and plus the interest paid is tax deductible (btw, I'd be paying 7.125% interest). So I'm hoping to get some advice on whether paying off the loan in one lump sum and avoiding the interest is a smart decision? Thanks in advance for your answer. |
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catzrme
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If I were you, I would pay it off. Your credit score will reflect the payment and look good to creditors. Your interest for the year really won't make that much of a difference on your taxes. We've been doing it for 10 years now. However, if you feel you don't want to pay it off, look into getting your interest rate reduced. My husband's went from 9% to 3.25% and the payments are much lower and easier to handle. There are many companies to do this...the first one that comes to mind is Wells Fargo. I'm sorry I don't have the names of the others, but it has been 8 years since we did this. Also, if you do pay it off, take the money that you would be paying and invest it....by the time you hit retirement, you'll have a nice chunk of change. And don't fall into the trap of "having lots of debt and paying on it" makes my credit score look good. It just makes you poorer and more stressed. My motto, for the last ten years is, "if I can't pay cash, I don't want to buy it." I do have a card for emergencies, but it is in a safe deposit box. We have paid off everything that we owed and now are living in a wonderful home with NO MORTGAGE, NO CREDIT CARD DEBT and no other pressing bills except the every month ones. I could quit my job and stay home if I wanted too, but I love my job. So I work part time.
Pay off your debt, don't accrue any more, and invest your money. That is my advice to you. Good luck and happy money making! |
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DebtFree
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If you can pay it off in full and have money left over for emergencies, it may be a wise idea.... pay it off and be done with it... then take the money you sent to them and start building your savings up again..
most people keep student loans around for years like it's a pet or something... |
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Sharon M
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Debt is never good. If you have an opportunity to pay off your loans now, do it. What if you have an accident or get laid off later in your life? Besides, think of what you could do with the extra money you wouldn't be spending on interest? |
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joeletherton
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Student loans are not revolving credit accounts so have no significant impact on your credit (unless they go unpaid). Even paid in full, it will show as (paid as agreed). If you have no revolving credit to your name (credit card, etc.) or some kind of asset-based loan (car loan, mortgage), then leaving the loan on there will at least show a debt being paid as agreed (which is good). If you do have any of those things, the amount of unsecured, non-revolving debt can actually impact your credit score negatively.
As far as the tax write-off is concerned, the write-off isn't really worth the hassle of tracking and managing.
Pay it off. |
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beauty s
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yes if u can, pay it off now.. |
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xander
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A very good question. And a trivial one for most people. My advice is to weigh out the profit and loss between what you could make off of the liquid capital you already have (by investing in some stocks/bonds, mutual funds, Real Estate- depending on how much money we are talking about, etc.) Then consult your CPA (if you don't have one, you can easily consult someone from H&R Block, or enlist someone else you select through a general search) to assess exactly what your return is on the interest you are able to write off (it probably won't be 100%, so this will be important to know). At this point you will have to data you would need to run a true profit and loss on your money.
-Hope that helps. |
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DrewS
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If you can, definitely do it. If you want a good credit score, get a credit card with cash rewards and pay it off in full every month. It looks good on your credit report and you make money off of it. This is much better than paying that extra interest. Which is better paying $1000 and getting $150 tax break or paying $0 and $150 more in taxes?? you make $850!! The only good debt is a mortgage. Pay off everything else as soon as possible. However, if you do have credit card bills or a car payment, I would suggest paying them off before your student loans (depending on the interest rate). good luck! |
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Mary Anne
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I don't mean to pry, but how much money do you have and how big is the student loan? Your student loan is the most important debt to pay off because if you ever have a major financial problem, your student loan can never be discharged in a bankruptcy. If you have excellent credit, some credit card companies offer 0% interest for customers with superb credit. The transaction fees may or may not have a percentage limit. You should compare your credit card offers with your 7.125% student loan situation to see how you really want to manage your money. If you don't have good credit, than credit card companies are not going to send you great deals. |
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Allie wishes
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Just make sure you don't get a penalty for paying it off early - some loans have that. If not, I say go for it. I wish I could! |
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P S
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You sound like a responsible person. Good. Now get rid of any and all debt and don't get into any more unless you can afford it. Just paying off your credit card every month will show anyone interested that you know how to pay your bills. Why should you have to pay any amount to show how responsible you are? |
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Left Bank Hook
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The short answer is: what els you gonna do with the money?
If you could invest it somewhere and turn a profit of more than 7.125%, you should invest it. If you have credit cards carying a balance @ rates greater than 7.125%, you should pay them off.
Most people let the student loans roll for a long time because they have other/better options. If the student loan is your highest interest debt, and you don't have the ability to invest better than 8%, you should pay it off. Student loan isn't considered bad debt...although it IS debt. |
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the_hilton
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It really depends on what other options you have for your money - calculate out what the exact interest payment is then multiply that by (1 - your tax rate). This is essentially the real cost to you after taxes.
If you think that you could use the money to make more than the amount above then keep the money and use it to make more. If you are just going to end up spending it on crap or let it sit in a low interest bank account then it would be better off paying off the loan.
Oh and don't forget to multiply the expected return from the money by (1 - your tax rate) so that you have an apples to apples after tax comparison. |
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