Question

Anyone in a similar situation as me?  I take home after taxes about 9000 a month and I don’t have any debt other than my student loans. I’m not concerned about paying my student loans off at this time it’s a long-term plan.  So now what do I do I have sinking fund that truthfully I could pay off those amounts that I’m wishing to have in each account. I have my kids student college funds that I’m starting to put money into as well as a fund for baby number three. i’ve paid up most of my bills for six months and I have a ER fund. What else do I do? I feel like I should be doing something.   

Answer 1

I need to know what you do for a living  lol

Comments

@esquimau I am a medical social worker I live in CA

---

@yorkshire66095 gotcha! Cali makes a lot of sense now. Lol.  

---

@esquimau yes!  

---

@yorkshire66095 you go girl! And thank you for what you do!  

---

@esquimau  

Answer 2

Retirement plan?  

Answer 3

Pay off debt, beef up your retirement, invest, give to worthy causes, live life and have fun!  

Answer 4

Fully funded 401k, save more for kids college, invest in mutual funds

Answer 5

I know a lot of people are saying pay off the debt, but I’m in the same boat as you — I’m keeping mine around honestly because it’s boosting my credit score (I have hella low interest rates also like 3%) INVEST! I have an investment account and I just throw money in it all the time and it grows — I have an account with fidelity and they do all the work

Comments

@marlyn3 retirement?  

---

Yeah I mean retirement is an investment account, but I have both an individual investment account and a ROTH IRA account, they are always trading and buying on both of them

---

@marlyn3 I opened a Roth and IRA this year in addition to my jobs and maxed out the matching percentage!  

Answer 6

Invest for retirement and pay off student loans ASAP. Student loans will haunt you  theyre the absolute worst.  

Answer 7

Investing in stocks or mutual funds seems to be a good next step.  

Answer 8

I’d pay off the student loans as fast as possible. Interest adds up.  

Answer 9

Is there a reason why you don’t want to just get your loan paid off? I’m not judging you, just curious. I’d pay off my loan ASAP then if you have kids, start saving for college for them. Invest as much as you can.  

Comments

@eldaelden6636 I don’t want to pay mine off 100% because they are large 130k I am making payments but I am not rushing it’s a long term goal for me.  

---

@yorkshire66095 oh ok. Got it. My husbands student loans were $130, 000 also and it drove me nuts to pay on I HAD to get them paid off ASAP. But that’s my type A personality  

---

@eldaelden6636 yes I am like a type A/B lol

Answer 10

Do your research and hire a financial planner to ensure you’re putting your money in the best place possible. I am in a similar situation (I have a student loan and two mortgages (1 is an investment property)) and this is my strategy.  

Comments

@fransiscafransisco yes I am on the hunt for a good one.  

---

@yorkshire66095 Good. I don’t know if TBH does this but if you go to Dave Ramsey’s site, you can look for professionals that are certified in his methodology. This may be a start.  

---

@fransiscafransisco oh perfect thank you

Answer 11

Check out ChooseFI (the podcast and FB group) - there's loads of info on maximizing investments and retirement accounts. I probably wouldn't be in a hurry to pay off the student loans. What about putting money away to buy a rental property? Women in Pursuit of FI and Women's Personal Finance (Women on FIRE) are great groups too.  

Comments

@marlyn3 Rosemary wow thank you for these! I would love a small rental.  

Answer 12

I think a lot of people calculate how much they need to retire depending on family size and then have investment accounts to get them there. But if you want to buy a house I would save as much as possible to be able to get as low of a loan for that as you can

Answer 13

I would pay the student loans off. If you have the money to do it. You’ll end up paying a lot less the sooner you get it paid off. Then retirement.  

Comments

I agree and a lot less because of interest

Answer 14

Do you own a home? I would save up for a down payment if you’re currently renting.  

Answer 15

Max out retirement funding, start an investment account if maxed out. Can't borrow money for retirement.  

Answer 16

Pay off student loans first then Save for retirement. Set up a Roth IRA and max out your contributions. If you still have money either put it in your company 401k or open up another retirement account. You may not always have this steady of an income

Answer 17

I would personally do the student loans. Get it over with! Technically your not debt feee u til that is paid off. And think that’s the point that we all are striving for ‍♀️I

Answer 18

I have no advice that you haven’t already gotten here, so all I can say is. you go girl!  

Answer 19

Pay off the student loans! 10 years in I sat down and looked at mine to realize my payments had barely been covering interest and the principle had actually gone up

Answer 20

Why not pay off your student loans? You’re just racking up interest and paying more the longer you drag it out.  

Answer 21

Thanks everyone!  

Answer 22

Retirement and investments.  

Answer 23

Retirement for sure.  

Answer 24

I need to know what you do for a job!  

Comments

@ful1 I’m a medical social worker and I live in California

Answer 25

Hey there! I’m sorry but I’m snooping around saw your for sale posts! I have a 7yr old granddaughter that would love those, how do I order? Feel free to inbox me if you like!  

Comments

@quass aww no problem will message you now  

Answer 26

Pay off the student loans first then save for retirement. Just because things are steady for you now doesn't mean it will be in the future. If you eliminate the debt now, you won't have to think about it anymore, especially if the there is a loss of income. It would suck knowing you could have paid if off if God forbid you're in a situation where you no longer can. Just a thought