Hi guys. I am looking for financial advice. I am 26 years old. I graduated from college (two bachelors degrees) in December 2017 with $75,00 of student loans. I only had $2,000 in my savings at the time. I started a job in February 2018 making around $50,000ish/year (although I do work occasionally overtime), moved in with my parents to avoid rent costs, and started working on my financial goals. I paid off thousands of dollars of student loans. I now have $30,000 left of loans right now. About six months ago I switched from paying everything to my loans, to instead building up my savings. Right now I have about $27,000 in my savings account.
I really busted my butt for the past two-ish years to pay off a lot of my loans and build my savings account. Now I don’t know whats next. I’m still young and single with no kids. I have the opportunity with my job to make almost double my salary and travel (about 3 months in each place) that was my plan but now with corona virus that got out on hold. I’m hoping to do that later this year if the world permits.
Should I take my saving and pay off the rest of my loans? One of my goals is to eventually buy my first house but I don’t know what city I want to live I yet (the traveling was supposed to also be an opportunity for me to try different cities and decide where I want to settle down). Should I continue to build my savings for a down payment eventually? I’m not that educated on investment stuff but know a friend who lost $30,000 day trading so I steer away from stocks (maybe irrationally lol). Any advice on good options for next steps when it comes to where my finances are now?
My long term financial goals are to buy a house and have enough money for a family and babies and live a humble but comfortable life with vacations and fun activities for my kids. I would appreciate hearing your opinions on options from here! Thank you so much I’m advance!
Edit: spelling Edit #2- the loans are government loans with interest rates of 3% to 4% depending on the specific loan. I also have a 401k thru work but I’m not sure of the total. I have $5,000 of the above stated savings money in a CD for a higher interest rate, the CD ends in September.
Submitted July 07, 2020 at 07:12PM by brangpal https://ift.tt/3ea6JBE
