Just for a bit of background, I’m a recent college grad (Class of 2021, whoo!) and landed a decent job which allows me to make the required student loan payments without going hungry. However, I’ve been pondering quite a bit on how to tackle my remaining student loan debt - around $30,000, for those curious. I’ve got some money left over each month after essential expenses and I’m not sure whether to put that towards paying off student loans earlier or if I should start investing instead.
Lately, with all the investment buzz, especially around stocks and crypto, it’s got me wondering if that’s the better road to take or at least worth the risk. Then again, investing almost feels like a luxury when you’ve got the Sword of Damocles, aka student loan, hanging over your head. It’s a little scary to think of starting to invest with all the ups and downs in the market.
On the other hand, throwing any extra money I have at the student loans to get them paid off sooner seems like the “sensible” thing to do. It’s the safer option for sure and would give me a real sense of relief to get that debt off my back faster. But, would that possibly be a lost opportunity to grow my money with investing?
I know there’s probably not just one right answer to this, but I’d love to hear thoughts from you folks - especially 🤔
