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Ask Dave

Cash After the Deployment

Christopher is in the National Guard and facing deployment. He has a house payment, and he wants to know what to do with the cash once the deployment is over. Should he pay off his house or something else?

QUESTION: Christopher in Boise is in the National Guard and facing deployment. He has a house payment, and he wants to know what to do with the cash once the deployment is over. Should he pay off his house or something else?

ANSWER: The first thing is to be debt-free except the home and a full emergency fund of three to six months of expenses. Then you are putting 15% of your income into retirement, which is Baby Step 4. If you are single, then every dollar extra after that gets thrown at the house. Then when it is paid off, we invest the extra money into good growth stock mutual funds and maxing out all your retirement options after that.

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Get a FREE Customized Plan for Your Money! 

Answer a few questions, and we'll create a plan tailored just for you. It only takes three minutes!
Take the Free Assessment