5 Questions: Home Equity Loans, Student Loans, and Mortgages

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Listen Money Matters

Careers, Business, Investing, Education

4.4 • 2.3K Ratings

🗓️ 13 April 2015

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today we’re answering listener questions. Student loans, home equity loans, over paying your mortgage and a day in the life of a data engineer. We love to answer your questions on the podcast. If you are wondering, odds are someone else in the audience would like to know too. 1. I miscalculated and took out too much in student loans. Should I pay it back right away? Yes, pay it back if you don’t need it. Pay off the higher interest rate loan first. 2. Should I take out a home equity loan to pay for roof repairs? Yes, a home equity loan will have a lower interest rate than a personal loan or heaven forbid, putting it on a credit card. 3. Should we use Betterment as a savings account for a down payment, to bulk pay student or car loans, and as a place to keep a 3-6 month emergency fund? If you’re going buy a house in less than five years, no. Yes to the loans again applying the five year rule. Yes to keeping your emergency fund there. 4. How to allocate extra money to mortgage payments versus to a retirement fund or emergency fund? It’s almost never best to over pay the mortgage. It’s better to throw extra at the retirement account. If you do want to pay extra to the mortgage, pay more than once a month to cut down on the interest you pay. 5. What’s a typical day for a data engineer? Data engineer is a niche job so it commands good money. Andrew has an undergrad in info technology. He pulls data from various sources, builds warehouses to store it, and gathers insight from the culled data. He goes to lots of meetings. Show Notes: Betterment: The easy way to invest. Patreon: Help support LMM. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, I love everybody and welcome to listen money matters everyone has a price my name is Thomas and I'm here as always with Andrew
0:11.6	Andrew, how are you? What are you drinking and?
0:13.6	Well, this is your price
0:16.7	My my price is very high
0:18.7	Is it yeah, I don't like to do anything I don't want to do my price is a Klondike bar. Hmm
0:26.4	See, I don't know they're just they're cold and minty doesn't do it for me. I don't man like the Kit Kat bar
0:32.2	Are you still nursing that neutral ball? Are you done? I am still nursing this neutral ball. It's it's early
0:37.6	It's almost noon for you. That's early on the weekend turn on the Scotch anytime you want
0:43.6	I had I had some of it yesterday maybe too much yesterday. Oh, oh this the that bourbon that you're friend by you. Yeah
0:53.0	I
0:55.0	Maybe we should do an episode on like random unexpected money. I don't know
0:59.5	What do you do with random unexpected money Andrew? I'm boring. I invest it
1:08.0	Question oh, why what do you do with random unexpected? Well, it depends sometimes I invest it
1:13.5	But since I have plans for how like my my normal income works like it's piped through my system
1:20.2	Sometimes when I get normal unexpected money, I will let myself spend it
1:25.0	So like I wrote this script for no YouTube channel
1:28.1	I like volunteered to do it. I was like you don't need to pay me like well. We're gonna pay you
1:33.0	What they paid you? Yeah, they paid me do that's awesome
1:36.1	I don't write and I got I got a check for 80 bucks in the mail and I was like I didn't even want this like
1:43.0	I was totally willing to write the thing for free. So I'm just gonna go buy a nicer bottle of Scotch than I usually get
1:49.5	So I got a bottle of the McHallin 10 year
1:52.2	I was like 50 bucks. So I wasn't like back blew the entire 80 bucks on it, but
	...

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