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Our 2009 Goal - Pay off car loan

December 22nd, 2008 at 01:13 pm

El-Erian of Pimco said on CNBC market bounce for 2009 "will be a prolong U shape because govt bailouts. In the good ole days, government was a referee. Now the government is both referee and the player. Government involvment changes the rules and regulation which makes things unpredictable and creates distortion." This doesn't bode well for our investment outlook, so we decided to change our contributions to maximize the highest benefit.

We're not completely pulling out from the market. We are long term investor while still putting contributions towards our pension and DW's 403(b). But we won't be putting extra towards ROTH and IRA this year. Instead we are going to apply those contributions in paying off our family van (06 honda odsyssey) anywhere from $300 to $400 a month extra on top $700 monthly payment. Our car balance as of today $13,291.00. We plan to pay it off by Dec 2009.

In January 2010 we should have an extra $700 a month to do whatever we want. It most likely going to towards EF until we figure it out.

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