What's better than one paid for E9X? Two paid for E9Xs.

"E90M3" (e90m3)
06/08/2019 at 13:22 • Filed to: None

I took my $ 1340 in cash back from my credit card and combined it with $5k I transferred from my savings account and scheduled payments to complete paying off my 328i. While there were better uses of this money, I wanted to have the car paid off before I thought about getting a house. That $500 a month, not the minimum payment, I was paying on the car will now go towards replenishing the money in my savings. I also think I’m going to start investing, and this will help give me a little extra cash.

DISCUSSION (18)

Dr. Zoidberg - RIP Oppo > E90M3
06/08/2019 at 13:33

Kinja'd!!!

Yaaaaaaaaaaay sooooooooo when are you gonna get rid of it now that it's paid off?

BlueMazda2 - Blesses the rains down in Africa, Purveyor of BMW Individual Arctic Metallic, Merci Twingo > E90M3
06/08/2019 at 13:36

Gib.

Kinja'd!!!

E90M3 > Dr. Zoidberg - RIP Oppo
06/08/2019 at 13:45

I tend to keep cars awhile. Had my explorer for 9.5 years, had the M3 since July 2014. I sold my 128i because I was unemployed. There isn't really anything right now that I want more than my 328i.

Wobbles the Mind > E90M3
06/08/2019 at 13:45

A wesome job! Seriously!! That’s an instant $6,000 a year back into your pocket. T hat counts as a return on investing in yourself, which is the best investment you can make .

Do you have any retirement accounts?

Dr. Zoidberg - RIP Oppo > E90M3
06/08/2019 at 13:46

But you had posted on at least a half dozen occasions that you were strongly considering replacing the 328i. Your historic revisionism is no match for me!

E90M3 > Wobbles the Mind
06/08/2019 at 13:47

Other than my 401k, I don't have anything. I need to get started on that.

E90M3 > Dr. Zoidberg - RIP Oppo
06/08/2019 at 13:49

I've thought about it, but it just doesn't make sense for me to actually do so.

Wobbles the Mind > E90M3
06/08/2019 at 14:03

Look into your 401k first and if the company is offering any type of match. If your company does a 25%-100% match on what you contribute (to a limit) then that’s a guaranteed, risk free and instant 25%-100% return on your investment. If you are comfortable contributing up to the maximum for the company match then go for that next.

E90M3 > Wobbles the Mind
06/08/2019 at 14:08

They match 3%, I believe.

Wobbles the Mind > E90M3
06/08/2019 at 14:31

Then contribute at least 3% if you aren’t already. In the short term, make sure that you are accumulating your extra savings in an account that returns at least 2% a year (a high yield savings account or money market account are great).

Now you are investing in yourself by keeping more of your cash per month instead of paying it out to other people.

You are investing in your future by getting the free money your employer offers and letting it all compound over decades.

And you are building your short term wealth through savings by using a secure (and FDIC insured) account that bea ts inflation.

Take those wins because you are officially investing and investing well. The next step is to watch videos, read books, ask questions, and make goals on how much you want to make and how long do you have to make it. The amount to make and the time to make that amount will determine all your financial moves.