Hey y’all so I’m active duty stationed in Texas. I’m in a unique situation and am looking for advice on if this is the best method of approach or if there’s something else I should be doing.
I follow the Dave Ramsey plan and am on Baby Step 2 (pay off debt except mortgage). The only other debt I have is my car which will be paid off in April. I bought a house when I moved here. Some would say it’s a bad idea but I think it was a blessing. My mother who’s disabled had to leave her home to run from hurricanes and I was the closest and safest place. Her home was badly damaged and unlivable so I moved her in with me.
I’m an only child, no kids, or husband and am in my early 20s for context.
My question is, when it’s time to make extra payments on the house, should I pay to the mortgage directly or should I put the extra money into a Roth and let it grow in hopes that I can pay it off sooner?
(Not a finance question) we plan on selling the house once it’s fixed. My mom has said once my car is paid off she would give me $8k of the profit of the home for Baby Step 3 so I can start Baby Step 4 sooner. Should I except it or does it sound like I’m using my disabled mom?
Any advice on home owner hacks are welcome!
>My question is, when it’s time to make extra payments on the house, should I pay to the mortgage directly or should I put the extra money into a Roth and let it grow in hopes that I can pay it off sooner?
Investing will likely yield a higher return than your mortgage interest, but it wouldn’t be wrong to put it towards your mortgage as it’s a guaranteed return on your investment.
Once it goes into the Roth it’s in there. There’s no let it grow and pay it off sooner. In your situation you may want to take advantage of the fact that Roth TSP and Roth IRA are separate and have separate annual caps, so you can max both if possible.
The proceeds of the house sale 8k thing is entirely up to you. She wants to make good on a perceived debt since you’ve been taking care of her, a little gratitude I’m sure as well.
Thank you for serving.
Follow the prime directive now. You’re not drowning anymore so Ramsey isn’t the best. It’s time to learn to use credit wisely.
Also please make sure you’re doing your tsp to the match.
r/militaryfinance may have more info for you
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