Pay off Car or Move Out? Advice for a 20 something

[IWasntMadeToPlayTheSon]

Man shyt if I could’ve chilled in my moms crib until I was 30 I would’ve

 

[NZA]

boy, if you dont pay off that car...

 

[DropTopDoc]

Stack money pay off the car, then move out

 

[Bossyyyyy]

Damn bro you got loans too. How much?

Just below $28k

 

[Bossyyyyy]

Man shyt if I could’ve chilled in my moms crib until I was 30 I would’ve

Outcho mind

 

[Arianne Martell]

My interest rate is 3.99%

take that savings money and put in in a vanguard index fund account


And keep saving

 

[Cryptocurrency Scarface]

Pay off the car and then invest in Bitcoin

next time make all your payments using cryptocurrency

 

[Arianne Martell]

Just below $28k

And you talking about moving out

keep your head low and pay off those loans while you have an advantage

 

[Mr swag]

Pay off the car. Thank me later

 

[Conan]

My interest rate is 3.99%

Continue making regular payments, and as the other breh suggested, open a Vanguard account and park savings in an index fund account.

 

[Mindfield333]

Stuff like this is really good. Thank you. It’s questions like these that I don’t always know to consider. It’s a Lexus and I plan on keeping it until the wheels literally fall off. I bought it w the intent that I would be able to trust it, and so far it hasn’t given me too many problems outside of buying premium gas smh


Side note: for ppl that graduated, took a break from school then went back to school, how did you handle your undergraduate loans? I know I want to go back to school, and will be, so the idea of trying to pay them now seems kinda pointless

Tbh I fukked off a lot of shyt in my early 20s . Since then I’ve rehabbed my loans later, so I’m still paying them. But my credit score is like 720… it was 570 when I was 25… maybe less. Looking back at things I did when I first had a high 4 figure savings like buy living room set/bedroom set out of pocket when I could’ve just paid in installments… you never know what the economy will do. I’d never do anything to deplete my savings again unless it’s that necessary or I can get equity out of whatever I’m copping(like a house)

 

[buzzkill]

Honestly sounds like youre good either way and you're smart with your money so if u move now you'll be good

If your job is secure and u got 8k saved you aren't really losing either way

8k is a nice emergency fund(maybe too much just to have sitting in a savings account) if you can't stand living at home don't make yourself miserable. I know that feeling

Obviously the best financial decision would be to pay your car off and don't get into any more debt but sometimes the best financial decision isn't the best for the life you want to live or mental health.

You could also pay your car note ahead and get it to like only 4-5k so you have some breathing room incase something happens

 

[Actually6Foot3]

Outcho mind

it boggled my mind that grown men still want to live at home till 30 likw bruh do to get tired of getting hotels and sleeping at shorty crib sheesh

 

[malbaker86]

Just below $28k

nikka $28k??? if you don't stay at home and pay down that student loan and pay off that car, you'd be hustling EXTREMELY BACKWARDS

 

[-DMP-]

Just below $28k

I think you just have to weight the pros and cons of each and consider your short and long term goals. Which one helps you get there most efficiently?

you have car debt and student loan debt.

staying at home you could probably pay both off in a few years and be debt free for the rest of your 20s. Maybe even longer.

or you could do like others have said and continue to stack, maybe even start investing and have a nice nest egg when you move out.

It’s cool that you have the options to be honest.