Hello, and thank you in advance for any help you may offer. I just turned 23 and graduated with my MBA in international business, and I’m not the most educated in personal finance unfortunately. I make about 4K-7k per month after taxes (depending on monthly performance). I have 58k in debt. I have 20k in the bank currently. My loans are as follows: 20k @ 6.8%, 10k @ 6.6%, 10k @ 6.6%, 18k @ 3.2%.
I’m honestly nervous because I am not sure what to do. I feel like I am way behind for my age in what my loans are doing to me, but I am glad I have my education. I think part of me is sooo anxious about loans I just want to chuck money away because of how anxious they make me (like tossing at night, anxious). I have no credit card debt. I am living at home and my only monthly expenses are $278 for car payment, and also I pay for my gas. I have a separate bank account not listed above that I use for “fun” money and traveling but this shouldn’t be touched as these things are important to my well being and sanity. Credit score is 780 and not sure if this affects anything.
Should I invest my money into my loans or invest? I obviously understand how compound growth works and I want to take advantage of it, being so young.
Am I behind for a 23 year old? (Can you tell that finances give me anxiety yet? Lol.) i only just turned 23 but it seems like all my friends who DIDNT do an MBA degree have no loans and are out there loving life- meanwhile I’m at home stressing and refinancing what I owe to the gov’t.
Thanks again, cheers.
Submitted September 30, 2018 at 10:55PM by finance_throwaway128 https://ift.tt/2OYu5hF
