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I'm a recent grad looking for advice on how to maximize my salary long-term. If anyone can help me figure out this math so I can make a decision to maximize wealth long-term, I would really really appreciate it because I'm definitely feeling lost. Here are my stats:
Salary: $205,000
Loans: I have three student loans: (1) $20,500 at 4.3%, (2) $20,500 at 5.28%, and (3) $20,500 at 6.54%. So far, I only have one month of interest accumulated, and I do have the option to pay off each debt separately (so I can pay off the 6.54% loan first if I want to).
Investing: I currently have an investment account with Vanguard that is returning about 12.8%
Retirement: I have a 401K with Charles Schwab that my new employer opened for me; so far, it's set at the default of 5% contribution, but I can max it to 10%.
Savings: I have about $22k in savings that I can use flexibly to pay off the student loans or use a different way.
Other Expenses: low
Questions: What would you all do? Should I make minimum payments on the student loans and instead contribute to my 401k or Investment account? Should I use the $22k I have saved to pay off the loan that's at 6.54%?
submitted by /u/Successful-Form6720
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Salary: $205,000
Loans: I have three student loans: (1) $20,500 at 4.3%, (2) $20,500 at 5.28%, and (3) $20,500 at 6.54%. So far, I only have one month of interest accumulated, and I do have the option to pay off each debt separately (so I can pay off the 6.54% loan first if I want to).
Investing: I currently have an investment account with Vanguard that is returning about 12.8%
Retirement: I have a 401K with Charles Schwab that my new employer opened for me; so far, it's set at the default of 5% contribution, but I can max it to 10%.
Savings: I have about $22k in savings that I can use flexibly to pay off the student loans or use a different way.
Other Expenses: low
Questions: What would you all do? Should I make minimum payments on the student loans and instead contribute to my 401k or Investment account? Should I use the $22k I have saved to pay off the loan that's at 6.54%?
submitted by /u/Successful-Form6720
[link] [comments]
Continue reading...
