About 40k right now, not sure how I should go about paying it. My mom is paying some of it for me until 2019.
I’m 22, live with my parents and make close to 50k a year. How much should I invest/save?
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About 40k right now, not sure how I should go about paying it. My mom is paying some of it for me until 2019.
Mirin4rmfar
Superstar
I would try to be debt free as soon as possible. My student loan wasn't that big but at the current rate I was paying the interest rate would have had me pay an extra 2K so I paid it off. My savings took a hit but it feels not to have this huge chunk of money going towards student loans anymore.
filial_piety
Banned
IMO, YES...
take 90% of your income and save it...use the other 10% to be young.
Secure Da Bag
Veteran
You have 3500 after taxes, admittedly spend it on nonessentials, and let your mom pay part of your student loans? Pay your own student loans, B.
You have 3500 after taxes, admittedly spend it on nonessentials, and let your mom pay part of your student loans? Pay your own student loans, B.
I know bro lol i know. I’m just now getting used to this responsibility shyt, I’m going to start paying it and my car insurance.
Look into it a ira Roth account, you can invest 5,500 a year and you can always take the money you invested out tax free, but if you touch anything that your money earned then you'll get taxed.
As well as, look into a bank with high saving interest like for example, my old bank I get 0.15% on my savings, I switched to another bank and they give me 5.12% on savings on the 1st thousands., and each month I getting back nearly 4 dollars, so as you're saving make sure your savings is making itself money.
Take a look at robinhood an app which removes the small fees you deal with to get into the stock market game.
This article is a good read: How to Invest $100 a Month and Why It Can Be Life-Changing
As well as, look into a bank with high saving interest like for example, my old bank I get 0.15% on my savings, I switched to another bank and they give me 5.12% on savings on the 1st thousands., and each month I getting back nearly 4 dollars, so as you're saving make sure your savings is making itself money.
Take a look at robinhood an app which removes the small fees you deal with to get into the stock market game.
This article is a good read: How to Invest $100 a Month and Why It Can Be Life-Changing
what job do you have that allows you to make 50k a year while still being a full time college student????
Whats your take home, you should throw that money in an IRA and mutual fund tbh
the cac mamba
Veteran
breh, wait a second. you have "3k a month left over" but you have 40k in student loans?
you need to pay AT LEAST 2 grand a month toward loans until that shyt is gone. dont spend on anything else big until then
so you dont pay taxes?
dudes always tell on themselves when the coli starts talking money
TheBoyDuddus
Pro
You're 22, you don't have any money to invest. Why are you asking about stocks?
No..Money..Mo..Problems
it is what it is
Stay home till your 27 trust me you aint missing shyt living on your own. Open up a brokerage account fukk a 401k and skip the fees.
Starting on your next paycheck put 3k each month in an emerging markets index like the Russel 2000. 35k x 5 year is about 175k invested. You can easily get 8-15% return on investment annually. Than when you 27 move out and live recklessly with your salary and don't touch your investment. By the time you hit your 40s you will have 1-2 million in the bank.
Starting on your next paycheck put 3k each month in an emerging markets index like the Russel 2000. 35k x 5 year is about 175k invested. You can easily get 8-15% return on investment annually. Than when you 27 move out and live recklessly with your salary and don't touch your investment. By the time you hit your 40s you will have 1-2 million in the bank.
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what job do you have that allows you to make 50k a year while still being a full time college student????
Got an IT internship and turned that opportunity into a entry level software engineering position