Viewing a single comment thread. View all comments

Downtown-Fig602 OP t1_j9v9qcn wrote

Reply to comment by Rustomatic83 in How would you invest 140k? Getting inheritance at 21yr old. by Downtown-Fig602

Get rid of it for what though? I’m not gonna downgrade and the only thing I’d swap to is a Tesla maybe to be honest. You can say it’s a lot of money but that’s one of the only hobbies/things I spend money on since I really enjoy cars and driving.

Any car recommendations?

−10

Rustomatic83 t1_j9vady4 wrote

I'm not saying sale the car bro, I'm saying pay it off. That's an extra $900 bucks a month you can add to invest. Essentially your getting free money. Pay the car note off, enjoy your car and free up $900 capital. If shit goes side ways you could always refinance you car to get some money. I love cars as well.

5

Downtown-Fig602 OP t1_j9vboal wrote

True man, do you think it would be bad to pay off 30k of it maybe, put 100k in safe stocks and 10k in riskier plays?

1

Rustomatic83 t1_j9vc4mc wrote

Bro, just get rid of the car loan, you will save money from interest and you could do dumb risky calls with the $900 you would pay on your car a month.

Take 10 to 20K and throw it in a high yielding savings.

Then take the rest and buy a duplex, fix that bitch up, and create passive income.

8

Downtown-Fig602 OP t1_j9vdngm wrote

True I guess I’ll just YOLO $900 every month after I pay it off

1

Rustomatic83 t1_j9ve4h1 wrote

Create passive income. Would look into it. But definitely pay that car loan off and Yolo that $900 payment on whatever since you can afford it.

1

sjs48 t1_j9vachv wrote

Car note is the loan, not the car itself.

2

Downtown-Fig602 OP t1_j9vbiyz wrote

Ohhh ok. That’s true but what would you think about just paying off 40k of it then? And owing 10k? I really don’t want to dip below 100 as far as my invested money

1

sjs48 t1_j9vbmkm wrote

What is the interest rate on the loan?

1

Downtown-Fig602 OP t1_j9vcls2 wrote

Around 5.6 I think

1

sjs48 t1_j9vd6fm wrote

Alright I'm gonna give you real advice. You can either take it or buy meme stock options and lose all the money you just got.

Pay off the 50k car loan.

Open a Vanguard or Fidelity account and put the remaining 90k in it. The settlement funds are paying 4% even if you don't invest it.

Buy like 60k worth of boring index ETFs. Like 40k of VTI and 20k of VXUS, or 60k of VOO, whatever.

YOLO 15k of it using the shit advice you get here so you can learn how easy it is to lose money.

Keep the other 15k in the settlement fund as cash. Unless you already have some cash in savings, then fine yolo that too.

1

Downtown-Fig602 OP t1_j9vfcqs wrote

>yolo so you can learn

I’ve already lost 5k in the past. I’ve also gained 10k. I feel I know what’s too risky and what’s stupid at this point. when I say risk I mean calculated risk, not 0dte options

1

EatsRats t1_j9vd5tt wrote

If interest is above 3% on that loan, pay that shit off and toss the remainder into something boring like VTI and forget about it.

Between this and your job and the extra money you’ll have without that car loan, you are setup to be rich and retiring mondo-early.

1