Putting your advice into action (sort of)


Last week I put up a post that was a little out of the norm. The situation is that I have a good amount of cash on hand and could pay off nearly all my non-mortgage debt. It’s been a situation that I’ve seen coming for a little while now and still hadn’t decided what I wanted to do.

I got a ton of great advice from a lot of people. I couldn’t be more thankful! Readers said a variety of things and asked a lot of good questions about the type of debt, my true motivations, etc. It certainly made me think a lot about the situation I perceived myself to be in and the best step moving forward.

After looking through everyone’s input, I learned that this is a personal decision. Personal finance isn’t black and white and everyone’s thoughts and opinions are based on the knowledge they have acquired (because it certainly isn’t taught in schools) and the experiences they have had on their own personal journey. In my post I gave two options. I have people throwing out options three, four and five! I’m so grateful that people would take the time out of their day and their journey to not only read my post but to give me their opinion.

The beauty of all of this is that its my decision. I’ve worked hard to put myself in this position so get to make the ultimate call. My decision right now is to punt it.  Thats right, I’m not actually making a decision. Here are the keys to my decision.

First, none of my debt is high interest. So the worst thing thats happening is that I’m losing a little interest. Because my cash is just cash, its not like its going to disappear if the market drops. Because I love cash so much I know that once I pay off debt that cash is gone for a while.

Another huge factor are the life events happening soon. At this stage it doesn’t look likely, there still a lot of uncertainty about my household income until the little one comes. Once that is figured out maybe I’ll make a decision then. Before the little one gets here the wife and I want to do some renovations on the house, so I’d like to see those paid off before making any huge decisions.

Overall, this was a great experience for me. I got some fantastic advice from some great readers that I can take into account when I’m closer to pulling the trigger. I couldn’t be more thankful! In the mean time I will keep pushing towards my goals!

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