I'm currently lucky enough to be in a position where I have extra money coming in. It's not much, $500-$1000/mo with no assignment on it yet. before I get ahead of myself let me do the breakdown.
I have 6 months of emergency fund in a boring hysa
50k in general savings @ 2.45%
125k in investments @~ average 6% for the past 5 years (i did not know about index funds until recently)
I have no debts or car loans
I have ~300k mortgage @ 3%
I have maxed out my roth ira for the year
I have 401k maxed
I have a household income of $55,000/yr. (wife quit work to stay at home with 2 yr old son) Wife does not want to start a 529 for the child as it locks him into college when trade school might be an option and from what she's read the uses for 529 funds are quite strict (she might be wrong but we're just not going to do it unfortunately she's firm on this and I don't mind)
Should I just be throwing this fluctuating amount of money into my mortgage? Or a high yield savings? Or adding it to my investments? I'm a bit apprehensive only because it is such a fluctuating unknown amount week to week. Some weeks I make 3k some weeks I make 0. Averages out to about $750 a month but even month to month thats not true.
I'm not even sure if the inconsistency even matters. What should be my assignment for this extra money?
If it matters at all, I flip stuff when I have free time, literally anything I can find, I have no niche. After seeing my situation what do you think I should do with the extra money?
If I left out any information please let me know and I will do my best to supply it.
Submitted April 18, 2019 at 04:13AM by jaedaddy http://bit.ly/2GsRgiu
