I'll start with a bit about me.
Age:26 Income:34k/year. Currently working and going to school (nights and online courses) 550 credit score. (Oof ik. Missed 2 payments on my student loan but it's actually in two separate loans so it looks like 4 missed payments. ) ~7,000 in work 401k's 0 savings 1200 cash in the checking account b4 I receive the inheritance.
Debts: Auto loan:5,400 balance 151 mo payment 5.6% interest School loan: 12.5k balance 0 payment (deferred for school) and 4.6% interest. 0 revolving credit card debt.
Monthly Obligations: Rent (my portion): 600/mo Spotify:10 Gym:20 Insurance:80 set aside TV:56 Internet:45
I have 60 Credits left at school at $512 a credit. (Currently receiving abou3k in loans and 1.7k in grants per semester financial aid)
Goals: Improve credit score to 700's by this time 2021. Graduate in May 2021 Own a home by this time 2022 Not be single by this time tomorrow ( okay this one y'all can't help with)
Okay so. That's me and my situation. what should I do with the 34,000 (that number is post tax) to help me reach my goals.
I've gotten two bits of advice so far. One financial planner with limited knowledge of my situation recommended immediately paying off as much of my debt as I can. Which seems doable as I'd have about 16,000 remaining.
My dad. (smart guy, well off financially but obvs not a financial advisor) recommend I not immediately pay off my student loans because 1 they are in deferment and 2 because for a student loan it's a lower interest.
Any thoughts?
Submitted September 01, 2019 at 09:32PM by Hiiawatha https://ift.tt/2NGgpdz
