I’ll try to keep this succinct while also providing enough detail. TL;DR at the end.
Age: 28
Income: ~57k
Savings: 62k
Student Loans: 9k (paying off in December once interest goes back into effect. Right now they are not accruing any interest)
Other debt: None. Car paid off.
Rent: None, live with parents.
I’ve been living with my parents for a few years to save up to purchase a house. I recently began thinking of going back to school for another masters degree in a field that would net a starting salary of 100k (yeah yeah... unfortunately I didn’t know about this field before getting my first masters degree). If I decide to go back to school, I will have all of my original student loan debt paid off before I even attempt to go down that path.
In my head I feel like it makes more financial sense to use the 62k I have in savings to put towards the 76k in tuition it would cost me to attend the program I’m looking at, rather than put that money towards a house. My reasoning is that I would come out of the program making almost twice what I make now. If I purchase a house, I’ll be paying off the mortgage with my current salary. Am I crazy to think it’s a good trade off to use my down payment money on a degree verses a house?
TL;DR: I have 62k in savings originally planned to put towards buying a house. Is it smarter to put that money towards a degree that will allow me to make double my current salary?
Submitted September 26, 2020 at 10:10PM by Illtossthislater12 https://ift.tt/369W89n
