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JASON
Listen. If you have the money now, put it in your ROTH. You should be maximizing all of your retirement funds, if at all possible. You never know where you’ll be next year. Don’t lose the advantage of time…when it comes to your investments. Procrastination is expensive…
GREG
with home equity (home prices) down and continuing to circle the drain, do not take a 2nd mortgage you may end up “upside down”, go the safe route….
MERRILL
Assuming you can do without the cash, you would be better off financially to max out your Roth each year. You’ll earn, say, 7-8% long term tax free on your Roth. The home equity line is deductible for current tax.
ROY
If your job is good but not great as you state it, I would make sure I have enough cash to cover living expenses at least for 6 months
before I plunged into a home project.
For tax purposes I would place money in an IRA unless you think you might have to pull it back out anyway.
There is nothing worse than no money in the bank when times get tough. Maybe you should hold off on your project
till you build more of a security net. The credit crunch is not over yet so lower loans might be coming-
ALLAN
If the home rehab project leads to a potential inflow of funds (aka rental unit/section) put most of your funds into making that happen…just play by the rules, document everything and in the end you’ll have cash to stash in a IRA