Quote:
Originally Posted by O.city
Well guys, could use a little help or advice here.
The wife and I are doing well, bought some land getting ready to build a home. I max out an ira for both of us each year. But I’m not sure if I should be doing more or putting as much as I can towards my student loans. I started with 300k at about 7 % 4 years ago and I’ve taken down 50k or so of it total but the interest is killer. I’m getting ready to join the national guard as a dentist and get some help there with the loans so I think that plus what I pay, I can get the student loans done in about 3.5 years.
So, question is would you max out and get out from under those first or try and put more into a brokerage account?
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To clarify, you've got $250k in loans left at 7%? If so, I'd hammer away at those before you worry much about anything else. That's like a guaranteed 7% rate of return, which might not be matching the stock market this year, but in a typical year is pretty solid. Though you can never predict the stock market, it seems unlikely that this bull run can continue for long without the actual GDP increase to support it.
(And on a side note, I'm sure I'll envy you someday when those loans are gone, but yeesh...$300k in student loans is ridiculous. I had about $20k, and I thought that was a pain in the ass to get through. Good luck, man.)