I'm single and 27, live in a relative low cost of living area and make 105k/year. I have ~32k in federal student loans (@ 4.3%), a car ~29k (@ 8%), and a private student loan ~17k (@ 6.899%).
Total debt is roughly 80k. I've been able to put away 2k/month into savings, but I just made a budget and realized I can turn that into 4k/month. I was wondering if it was better to start paying off my debts, or if it's better to start squandering away money for the next potential recession? I have about 6.5k saved up right now. If I start paying them off aggressively, I can have everything paid off by October 2020.
This is my first big boy job and I've had it for about 1.5 years at this point. I have no family to fall back on if I do get laid off. I was wondering what everyone's opinion here was.
I know you're not supposed to try to time the market, etc, but with the news of the inverted yield curve I'm worried that it will turn it into more of a self-fulfilling prophecy and make it happen sooner than the average ~300 days it takes for a recession to hit after the inversion. Since more investors these days look at those numbers now.
The reason I am asking this is because while I do work at a very large company, they've been having to do a lot of restructuring over the past few years to remain somewhat relevant. While my manager says that my job isn't at risk (right now), I don't have too much faith in the company as a whole.
Submitted March 27, 2019 at 08:33AM by KinkyBelayer https://ift.tt/2CJmCit
