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Need help figuring out what to do with my “extra” cash...should I pay off student loans or invest elsewhere? Cont...

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Pay off first

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Get rid of the debt, no question. School loan, mortgage, etc. hold onto the 6 months emergency fun. The only reason to hold the extra money is to invest it - meet with a financial planner and get your investments started. Don’t put it off - every month is precious when it comes to loans and investments. I learned that a bit late, but I learned it!

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6-12 months of expenses in an emergency fund is a good idea (perhaps in a bond fund) , but if your so is also a high earner, you may be comfortable with less. Otherwise, investing in a broad market index fund should average about 7% returns, which is a higher rate of return than paying down your debt. That said, some people drive peace of mind from eliminating debt, which is certainly understandable

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Salary ~150, maxing our 401k, just purchased a home (conventional, 4.375% interest), have roughly 100k in student loans (4.875 interest) rate) , 20k in emergency fund and 50k additional just sitting in bank (1% apy). Not at all savvy with how to invest...should I pay down my student loan debt or let it sit? Should I be doing something else? Any help appreciated

Look into an IRA if you don’t already have one

EY1 is correct. P1, I would disagree about paying off the loans. They are low enough interest that you can outperform simply with and index fund. Also, you keep liquidity if you invest- you atill have access to 50 in the stock market but 50k paid off loans is gone. Also, not to be mean but I really think most consultants that have less than like 500k certainly don't need a financial advisor to take 1% of your wealth per year. If you're smart enough to be a consultant you are smart enough to Google how to invest. Above 500k it *might* be be worth one because of more complex tax loopholes available to the wealthy.

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