Hello humans! I am 23 and finished my bachelors last year (borrowed 15k) and have yet to land a ‘real’ job. I currently work at a restaurant that has survived covid ridiculously well and am still making a little over 3k a month after tax.
More background info—Iowan resident. I had to buy a new car when mine was totaled 12k in loans with an interest rate of 3.2% and a five year note (230 min payment). Student loans have roughly 4.5% interest rates between the five of them (totaling 13.5k right now). Minimum payment is 130 but I pay 400 or more since payments started. Credit score above 750. No credit card debt, I only use my cards to build credit.
I’ve saved 7k in the past six months (my emergency fund) and am moving in with my bf and our rent will only be 500$ each (currently I pay 825$ for a studio) so I think it’s time to start investing.
I’m trying to figure out what the perfect debt repayment/investing combo would be. With inflation and my low interest rates on my loans would it be better to prioritize investing? (Or is that a fallacy?) I opened a Roth IRA with Fidelity but have absolutely no idea what to do next. I’m so sick of feeling like I’m failing at life—I want start setting up a life for myself in the interim of looking for a job in my field.
Also, I do not have any major expenses around the corner and plan to live child free, so investments won’t need pulled out anytime soon. Thank you so much to anyone who offers advice!!
Submitted July 21, 2020 at 06:54PM by oceanwavee https://ift.tt/3hnqOpX
