I ask this question in earnest, because I've been worrying about it for at least a year now. Here is my situation...
I'm sitting on about $30k in my savings, but I'm unsure where I should be investing it because I have no confidence in the stock market or in my 401k. I lost about a third of what I had in my 401k when the economy tanked a few years back, and since then I've been reticent to put much in it (apart from what my employer sticks in for me).
I've thrown around a few other options, like should I pay down my mortgage or should I pay off my automobile loan? Apart from those two loans, I don't have any other major debt worth mentioning.
Or should I tie the money up in IRA's?
I guess what I'm really asking here is where's the best place to put my money right now where it can be safe and give me a decent return?
Thanks in advance for any help that I get on this from the community!
Thanks all for your comments and help; it was appreciated! I spoke with my wife about this last night (after having read all of your comments), and she reminded me that we have a 1st and a 2nd mortgage. Our lender talked us into doing it when we bought our house so that we could supposedly get away from having to pay mortgage insurance. I think it was a ruse on their part to get more in interest from us, because the 2nd mortgage has a rate somewhere up around 8% and it's a 15 year balloon! Anyway, we both decided that we're going to pay off the 2nd mortgage now, and then we'll pay off our automobile. The interest on our 2nd mortgage is way higher than our automobile loan is per month.