Advertisement

S

30 Jun 2020

∙

I'm 24 years old and would like to start investing but I have a student loan that I need to pay off. Any advice?

Hi everyone, hope everyone's safe and healthy.

As per the title, I would love to start investing, however, I also have a student loan (Tuition Grant) that I need to pay off.
What I have been doing is injecting into 2 Stashaway portfolios monthly and paying off my student loan in the amount suggested.

Is it wiser to pay off my full loan first before doing this whole investment thing?
What other avenues can I invest in?

Thanks for your time and wisdom.
Stay healthy.

1

Discussion (1)

What are your thoughts?

Learn how to style your text

Tan Wei Ming

30 Jun 2020

Founder and Writer at Frugal Youth Invests

Your main focus is to clear the loan as soon as possible so that the interest charges will not snowball into a larger amount. However, depending on whether your monthly cashflow allows you to invest, I would honestly invest a small sum of money every month to start the compounding earlier. Honestly, I still think that it is wise to channel more funds into clearing your loan first and when you are debt free then start investing...

Reply

Save

Write your thoughts

Related Posts

I'm still an undergrad with about 1.5-2 years left before graduating. I would really like to start investing and don't know where to start. I currently have around 1-2k for investment. Any advice?

I’m 19 years old and would like to get into investing. Should I invest in index or mutual funds? Should I save a monthly goal and use that to invest? My goal is long term growth. Any advice?

Hi, im 20 years old currently waiting for ns. I have just started investing a sum of money on Stash Away, and i would also like to learn other ways of investment for my current situation. Any advice?

I would like to do a Lumpsum Investment for 50-80k SGD - any advice on this please ; Aged 37 M ; I dont need this money for 3-5 years. Already invested in SPY/QQQ/VUG & Stashaway & SYFE RIETS

Student Loan vs Investment some quick b/g - 118k med sch student loan - Have savings to pay off ~55k before interest starts in 1 years' time; E fund intact - 63k left, interest was 5.25% Dec 19?

Related Products

StashAway

4.7

1293 Reviews

StashAway Simple Guaranteed 3.55% p.a. (Guaranteed rate)

Cash Management

INSTRUMENTS

None

ANNUAL MANAGEMENT FEE

None

MINIMUM INVESTMENT

3.5%

EXPECTED ANNUAL RETURN

Mobile App

PLATFORMS

Endowus

4.7

658 Reviews

Syfe

4.6

933 Reviews

Related Posts

I'm still an undergrad with about 1.5-2 years left before graduating. I would really like to start investing and don't know where to start. I currently have around 1-2k for investment. Any advice?

I’m 19 years old and would like to get into investing. Should I invest in index or mutual funds? Should I save a monthly goal and use that to invest? My goal is long term growth. Any advice?

Hi, im 20 years old currently waiting for ns. I have just started investing a sum of money on Stash Away, and i would also like to learn other ways of investment for my current situation. Any advice?

I would like to do a Lumpsum Investment for 50-80k SGD - any advice on this please ; Aged 37 M ; I dont need this money for 3-5 years. Already invested in SPY/QQQ/VUG & Stashaway & SYFE RIETS

Student Loan vs Investment some quick b/g - 118k med sch student loan - Have savings to pay off ~55k before interest starts in 1 years' time; E fund intact - 63k left, interest was 5.25% Dec 19?

Advertisement