V
vPinoy
Guest
Not to be rude, but please don't answer if you have no clue about Personal Finance / Economy (sorry).
I just received a bonus roughly $17K after taxes. I have two car payments totaling $700/mo and total still owed on both cars is ~$20K (about $11k and $9k). I have money in the bank plus investments, so I'm not looking to "save" this money, but would like to know how to better use it. With the economy the way it is, should I...
1) Pay off one car to lower my monthly car payments by at least half?
2) Finish my basement / build a deck so I can raise the value/equity of my house and "spend money" to help the economy?
I'm leaning more for #2 because I keep thinking that I am paying off a car that will depreciate as soon as it's paid off (thus, the value of the money that I put in was "wasted"). But if I spend it on the house, it's like an investment because the equity will go up and I just helped the economy.
Any Personal Finance / Economy experts out there that can shed a light on this dilemma? What would you do?
I just received a bonus roughly $17K after taxes. I have two car payments totaling $700/mo and total still owed on both cars is ~$20K (about $11k and $9k). I have money in the bank plus investments, so I'm not looking to "save" this money, but would like to know how to better use it. With the economy the way it is, should I...
1) Pay off one car to lower my monthly car payments by at least half?
2) Finish my basement / build a deck so I can raise the value/equity of my house and "spend money" to help the economy?
I'm leaning more for #2 because I keep thinking that I am paying off a car that will depreciate as soon as it's paid off (thus, the value of the money that I put in was "wasted"). But if I spend it on the house, it's like an investment because the equity will go up and I just helped the economy.
Any Personal Finance / Economy experts out there that can shed a light on this dilemma? What would you do?