Hi there! I have a question on what to do with my savings? I have some money sitting in a checking account, not doing more more than that, and I know it can be put to better use. I’m just not sure what the best use is..
Here is a little about me and my current situation. I am a 31 year old male, in a relationship but not married, no kids, earn $76k/year, own two condos (one I used to live in and now rent out, and one I currently live in), and I don’t have any debt aside from the two mortgages. Student loans are paid off, car is paid off and I pay my full credit card bill every month. I also max out my IRA contribution every year and just started the account 2 years ago (I know I’m behind) and have about $11k. My work does not offer any IRA or pension. I also don’t really have a budget. I try to live well within my means and have always been a saver. Long term goals are to own a few more properties to rent out and eventually make money on appreciation. I have experience in real estate and see that as safe investment I understand.
I have about $30k saved up in a couple checking and savings accounts, with the bulk in a checking account. This money isn’t doing anything and its frustrating. But, I also like having cash on hand so I’m not stressed over a big purchase or in case of an emergency.
I make the minimum payments towards my mortgages each month and I’m thinking of putting more towards the principle or interest. My interest rates are both below 4% and I owe $133k and $177k on both mortgages.
I would love some advice on if I’m making the right decision by contributing more towards my mortgages. If there is a better use of my savings, I welcome any suggestions. Also, any thoughts on how much I should have saved up would be greatly appreciated.
Thank you!
Submitted September 14, 2018 at 01:13AM by DC929 https://ift.tt/2CUtbkS
