I’m 35. My family taught me nothing about planning for retirement, investing, saving, or debt. I know I’m late to the game to be smart about my finances and I’m hoping to get steered toward the right path.
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I’m employed full time with a salary around $60,000. I also kind of hate my job but am very grateful for it.
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I have $23,000 in student debt. Most of this is paused at 0% interest and no monthly payments during the pandemic’s national emergency forbearance. I have one loan still being paid monthly. This one has about $3,000 left at fixe 5% interest.
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I started contributing to my Roth IRA a few years ago and have $15,000 there. I expect to keep making the maximum annual contribution every year.
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I have a $4,000 in stocks that I basically got lucky with (TSLA).
Now the main question. Between my emergency savings account and checking account have around $40,000 just sitting there. I think I should pay down a chunk of my student loans, but I’ve seen that federal student loan forgiveness might be on the horizon and it’s not accruing interest right now so maybe there’s no urgency there and it’s better to wait. I also think I should invest in some sort of low-risk mutual fund but I’m overwhelmed by the options.
I’m under the impression that I’m just not doing myself any favors by leaving my savings sitting in these accounts, that I should somehow make this money work for me, but I’m anxious about the pandemic and really don’t want to accidentally make a stupid investment and lose money.
Thanks in advance for any advice.
Submitted February 15, 2021 at 11:49PM by mrthrowaway202123 https://ift.tt/3u1VG6D
