As the title states, I'm seeking wisdom/advice about taking a career starter loan offered by USAA. I will be commissioning as an officer in the US military within the year and USAA is offering a loan ranging between $25k and $35k with a fixed interest rate of 2.99%. This will be a 60-month loan, so I won't be stuck paying it forever. USAA estimates that the minimum payment of $18.50/$1K borrowed. Payments will be deferred until 6 months after my expected commission date, so in my case, May 2020. Once I commission and start getting a paycheck, I will be making approximately 3K/month excluding housing and food money as those are separate accounts.
My thought is, I could take the loan now, and drop 2/3 to 3/4 into an investment fund with a trusted company and hopefully earn some money up until the loans deferral period is over and then I would simply close my investment and drop that money into the loan, hopefully having made some money in that process, while the rest of the money I use for personal use along with initial moving costs.
I do not have any loans with higher percentage rates to pay off, so this would merely be a move to earn some money and also have a little extra cash laying around until I actually start working.
Is there a specific company or firm that you would suggest reaching out to in order to discuss short term investments? Also, do you think that this plan is a wise idea?
EDIT: I am currently invested in stocks in both Robinhood and Fidelity and doing reasonably well there with smallish sums of money, so I am comfortable with the stock market, but I do not really trust myself when it comes to that large of a sum of money.
Submitted October 22, 2019 at 09:22PM by CRUNCHYpretzel20 https://ift.tt/2Bwco47
