My wife and I have started to become very adept and aggressive at saving. In 2016, we paid off $26,000 in car loans and credit card debt. We are now only left with student loans which are a combined $60,000 and are deferred until next month. I plan to enter an MHA graduate program in Fall 2018 which would add $60,000-$80,000 more in debt. We are planning to live in an RV full-time during my studies to minimize expenses.
We are living in Korea this year and plan to save nearly $35,000 this year which has brought us to consider the following two options:
-Begin paying down student loan debt aggressively (approximately $30k per year, taking ~4 years all things considered) OR...Save for 2 more years and buy a small house outright in cash, then begin making large strides in paying off student loans.
We are currently seriously considering that we should buy a house first as it would be an asset and potentially become a source of capital gains if we were to renovate and then flip, along with the fact that our educations or degrees could never be repossessed in the way that a house with a loan could be if something bad happened.
Is this foolish or wise? I know that putting less emphasis on the student loans will cause interest to continue to accrue and that is a factor to consider. We are also investigating investment options that would give returns to allow us to pay off our loans from income other than wages.
Submitted May 16, 2017 at 08:10AM by Matty-ice1 http://ift.tt/2qnnOm7
