Debt Free Friday | Maxing out my 2024 Roth IRA

This week we are continuing on our journey to maxing out my Roth IRA for 2024! We plan to max out both of our Roth IRAs for 2024. The limit for 2024 is $7,000 per person.

Debt Free Friday Background: I use weekly payments to help me achieve my financial goals. I share every Friday a series called "Debt Free Friday" where we discuss my weekly debt payments, as well as any side hustle income we have brought in to put towards our debt. This consistency has helped me pay off over $132,000 of debt and become DEBT FREE!!!! If you want to join, please tag me in your posts or videos so I can watch them!

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PLEASE NOTE: I am not a finance professional and just want to share my journey openly and honestly. This is only my experience and not intended to give financial or legal advice.

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See you in my next video! XO, Amy

[marytran]

We were truly blessed and started our marriage with absolutely no consumer/auto debt/student loan debt and only had a mortgage. We are now on our third home move in-2017. We too refinanced on our current home end of 2020 at 2.5%, $510, 000. Wow. We went full charge on making extra pymts since. We are sooo happy to make it under 300k. We will continue to make extra payments. I’m going to trick myself to pretend our mortgage is ‘consumer debt with 37.99%int’ for next yr so we can be even more aggressive paying it off. 😅 we have a goal to pay it off in 2029. I feel being free from any kind of bad debt incl mortgage should always be the priority whether the rate is 0% or as high as 37%. Once we free up the mortgage payments…it can go towards college for my middle and youngest….since my oldest already had a head start. 🎉 Tfs!

[williamwarren]

Make it a goal … extra payment a year drops 7 years off ? My kids both dropped their terms in 20 / one dropped to 15 years and one dropped to 10 years ! They will be mortgage free in their late 40s/ 50s beating us ..: we paid off in 2022 ! It’s been the best ! Amy you guys are doing so well ! Glenda ( glad your on the mend )

[LisasFaithandBudgetPlanning]

We purchased our house in August of 2022 also! I wish we had paid down our interest rate back then. Our rate is 5.99% I actually am paying down our mortgage with an extra principal only payment every month. Our reason and goal is because we will be turning 65 in about 15 years so this will have our house paid off before retirement. I do post mortgage monday videos on my channel if you are interested in seeing how our number change every month.

[rachelfitzgerald]

I tell my husband all the time that I would rather pay off our mortgage than invest because it’s so motivating to me to work towards a goal! I think it is from paying off so much debt in the past haha
Gotta just set investment goals each year and work towards those instead.

[ceciliaruns]

Great job on the Roth! I don’t agree with paying off a home unless you are nearing retirement. I have a “House Payoff” brokerage account and plan to heavily invest in that account for the next 13 years then once I retire I’ll pay my house in full. You’d be better off not paying off your house since you’ll make more in the stock market. Only thing is you can’t spend your house fund! 🤣

[toyajc]

I have that same love/hate relationship with winter. I live in Madison, WI so I hear ya but the slowdown in schedule is so welcomed 😂

[annj]

What worked for me was getting succcessively shorter-term mortgages to bring down my interest rate and then, miraculously, in ten years it was gone. I didn't have to decide whether to make extra payments -- so long as you are comfortable with the new monthly amount, it's "set and forget".

[mattburton]

I purchased my house in October of 2022! The lowest rate I could get was 5.7% which I feel is so bad… but it could have been so much worse.
I usually have 5-7 financial goals per year, one being to pay my mortgage down to a certain amount… At the beginning of January this year, I owed approximately $233k on my home, and my goal was to get it down to $215k…. Stretch goal is to get to $212k, which I am already at $217k and some change…. It’s the last goal on my list this year, so I’m exciting about getting to my stretch goal!
BUT I alternate paying so much extra on my house every other year. So next year while I’ll have it as a goal to pay additional on the house, it won’t be a lot like I did this year…. that way, I don’t burn myself out on paying so much on such a huge amount every single year. I even make a tracker with just the amount I want to pay that year, so it’s not like I’m making such a tiny little dent in this huge mortgage amount…. I hope that makes sense 😊
Love your videos!!! I’m binge watching, I’ve been away for several weeks 😁😆

[catharinabra]

We’re not paying ”extra” on our mortgage, but we do pay $400 a month and of course interest (3, 99% on one of the loans and 4, 69% on the other two). Last year I did the math and realized we would get higher interest payments (at the time we had locked on 1, 69% interest) so I did the calculations for 5% interest and started pay down the mortgage with the difference. But now I’ve promised my husband to not do anymore sneaky payments like that because we have teenagers, we’re practically four adults who live together but we have to pay for everything so… 😅 it’s expansive but of course we want them home! I’ve even suggested they should continue to live at home when they start working because four working adults in one house would be great for everyones finances 🤑🤑

My goal was actually to be completely debt free when I turn 40m which is coming up this december. But we have our mortgage which is 30% of our house value AND I went to university with 0 debt which wasn’t in the original plan at all 😅

[barbaralynnbudgets]

I love seeing how quickly you are making progress on your Roth! 🎉😊

[tnjones]

We went from 4.5% to 3.25% after the 2020 refinance. This allowed us to be able to afford daycare since I was pregnant lol.

I prefer to focus on smaller goals (ER fund, vacations, etc) and recently decided to set a goal to purchase land in an inexpensive remote area. We get a NY tax rebate and put a portion of bonus/tax refund towards the principal of the mortgage. We are happy with the few years we are shedding from the 30 yr mortgage by doing so but it’s not a main priority. I’d like to max out Roth IRAs and 529s before focusing on the house since the rate is so low. The % return is higher on index funds than the mortgage interest rate.

[megwyn]

I would likely start university funds over mortgage reduction. I just figure mortgage debt is fine to be carrying.

[summerjoy]

You don’t want to know our interest rate. I’ll put it like this, the guy who processed our paperwork was impressed that it was lower than 7% 😂

[twelvepawsmom]

I would feel better paying off a mortgage if I knew I could pay cash for my next vehicle.

[ventureswithvee]

great progress on the roth ira! are you hoping to max it out by the end of the year or by the april 15th deadline next year?

[ruthl]

Do Roth IRA’s allow you to rollover your contribution room?