The answer sounds like a blatant “no”, but maybe you’ll see where I’m coming from.
I’m a 29 year old, single long term investor. No kids. Stable job. Reliable car. Emergency fund ️. No big purchases planned anytime soon.
I have a Roth IRA and a taxable account. 100% VTI. From what I understand, it’s not an incredible plan, but at the same time, will outperform most over the long run.
I’ve had a credit card for 9 years and have always paid it off each month. Regular use. I’ve never had to check my credit score, but I’d imagine my score is extremely high?
Anyway, now to my main question.
I get that no one knows the future etc, however I just keep reading that the next few weeks/months are looking like a downtrend.
As a long term investor, I get that this is excellent news and a great buying opportunity. Is my thinking correct?
It’s not like me to want to get a loan, I never have for anything. This is just a unique situation.
This might be a question more for the bank, but say I want a $7,000 loan to put into VTI (taxable account since Roth IRA for 2022 is maxed), what would I be looking at roughly since it’s new to me?
Say I get $7,000….how long do I have to pay it back and what will the total amount I owe be? Will I have monthly payments or can I pay it all off at the end deadline? As you can tell, there are numerous questions about a loan.
My biggest takeaway would be this, as someone in it for the long haul, I love the idea of DCA’ing over the next few months, maybe $500/week or so?
From a long term view, would that be more worth it in exchange for the $ thrown away (interest)?
If I pay $500 in interest but get the $ to start DCAing now, seems great in the grand scheme of it all?
There’s a lot going on here I know.
What are your thoughts?
If this is a good idea, what will I roughly be looking at, loan wise? For say a $5,000-$10,000 loan that I can pay back within 6 months?
Thank you!
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