Quote:
Originally posted by bobmsmythe
Unless you're a teacher or a priest (which you might be), I don't think you can do 403b. But 401k-- the private sector equivalent-- has some tremendous advantages over traditional accounts. Namely:
1) Tax deferred;
2) Possible matching.
I'd say, generally speaking, up your payments on the mortgage a bit, that way you'll clear a bit more when you sell. Start putting some money in your tax-deferred account, and if you can, make some back payments into it.
The one thing that confuses me a little bit is that you say this is a "second mortgage." What's the term on the first one, and at what rate? You may want to look at refinancing and consolidating, you should be able to get your rate down.
Bob
|
I work for a university, so I think that I only have the 403b availible to me. Will investing in this cause me problems if I decide to change jobs into the private sector and want a 401k?
I didnt mention my 1st mortgage because its at 4.875% and, I dont think I can do better than that with my money, so I dont think it would benefit me to put any money toward it.