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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)
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...
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