Should I Invest or Pay Off Student Loan Debt?



Welcome to my MissBeHelpful Channel! Should I start investing money or pay off my student loans? I get this question a lot from young people and older folks alike. While many would assume that the answer is obvious, it really isn't. This decision is important in the long run and can even affect how much money you save on taxes. This video just scrapes the surface, so if you're interested in learning more about this topic - definitely research a little more to help you make your decision - here are some helpful links: https://studentloanhero.com/featured/pay-off-student-loans-or-invest/ https://studentloanhero.com/marketplace/advisors/ More from MissBeHelpful: My VERY FIRST video (AWWW): https://www.youtube.com/watch?v=SO-xx4acDEM&t=206s Budgeting Basics: https://www.youtube.com/watch?v=_au8Vm66xTs&t=9s How I Save Half of My Income: https://www.youtube.com/watch?v=swaKg2PmSJI&t=1s Why You Need to Start Retirement Saving in Your 20’s: https://www.youtube.com/watch?v=T9P2Fp-hb3I&t=13s How To Improve Credit With Limited or No Credit History: https://www.youtube.com/watch?v=dslSyGRM6s4&t=7s Best Apps to Save for Retirement with a ROTH IRA: https://www.youtube.com/watch?v=mwiUPkBI-1Q&t=27s Best New Way To Improve Credit - No Credit Card Required: https://www.youtube.com/watch?v=6b9eMsb7K8U&t=1s How I Use the Grace Period to Avoid Paying Interest: https://www.youtube.com/watch?v=crUU0teDcH0&t=32s How My Friend Saved HUNDREDS With A Balance Transfer: https://www.youtube.com/watch?v=oJ0fnC-5Vlk How to Make SMART Money Goals in 2017: https://www.youtube.com/watch?v=eKQGbYsKrsk How To Earn Rewards Without Hurting Your Credit Score: https://www.youtube.com/watch?v=_djpGzJ3uks&t=2s Why I Don't Care About A Perfect Credit Score & You Shouldn't Either: https://www.youtube.com/watch?v=gwj2ywlmf0Q Should I Invest or Pay Off Student Debt?: https://www.youtube.com/watch?v=MO8DPXZps80 Let’s connect: FACEBOOK: https://www.facebook.com/missbehelpful/ INSTAGRAM: https://www.instagram.com/missbehelpful/?hl=en SNAPCHAT: Coming Soon! BUSINESS INQUIRIES: Missbehelpful@gmail.com ’Til next time… PEACE!

Comments

  1. Soo I got super inspired by your videos & opened a ROTH IRA @ Vanguard through the app I put in $200 but idk how to use the app what to invest in or any of that im so confused lol 😣😣😣 so many options & idk whats the right one!! help
  2. Step 0 Stop going into debt
    Step 1 Save for emergencies
    Step 2 Pay off your debt
    Step 3 Save for emergencies more and start saving for retirement.

    I go by this and I really think it's a great idea. The reason why I say you should contribute 0% to retirement while you're paying off debt is because, the more you go without contributing to your retirement, the sooner you will want to become debt free and the more of your income you have to pay the debt off. Debt is a burden, that's all there is to it. You might as well be done with it as soon as you can, so you could contribute even more to retirement. Why limit yourself to $200 one time? It took me 7 months to pay off my student loans because I ripped it off like a bandaid. Now I put 5% into my 401k while I build 6 months worth of living expenses. After that, I continue 5% because it's my employers maximum match, and I will start with my Roth IRA, at 5,500 a year for 20 years.

    Some say this is a bad idea, but the thing is, if you keep your debt for too long, in the long run you are paying more in interest, whether it's your student loans, your automobile, or your mortgage. If you get this all over with sooner rather than later, you will have more access to your income and be able to leverage your retirement savings in the long run. People waste too much money on interest. They have to pay it back with after tax dollars, and spend the rest of their taxed income on things that come with sales tax. So many things will rob you of your wealth during your life and we are all worth more than that. Thanks for your content, this was just how I look at it and what I've learned over the past 8 months. I honestly think this is the most powerful and sound way of looking at it, but I think what I do agree with you is on definitely putting money aside for retirement and budgetting
  3. Yes, everyone's situation is different. Here is a piece of mind though: As inflation goes up at least the cost of your student loan does not. Also consider Investments which can be a safe haven against inflation.
  4. Hey @MissBeHelpful I had some questions and am not sure if you are on & off of YouTube on a daily basis. Do you mind contact by e-mail or any other application? I'm so serious about building credit. That and other financial areas. I've only watched your "Free credit score checking" video so far. Thought I'd reply to a more recently posted video for a rapid response. My name is Tajé by the way. Please let me know as soon as possible. Thanks and have a blessed day!
  5. The only reason why i would not put all my money to student loans debt is if my company matches my retirement account.
  6. I really want to start my roth ira but i am still in debt. I might do this with my tax return and put the rest into debt.
  7. Great advice. I went with the "do both" mentality not long after graduating college by focusing on cutting my spending down as much as possible, saving money into a separate saving account (that I NEVER touch) and attacking my pesky student loans. I've managed to drop my loans down from 20k+ to under14k in a little less than 3 years. I still want to pay off more whenever possible. Retirement is something I never focused on but now that i feel some pains in my body I never felt before, because you can't beat time lol, I've been trying to learn about retirement plans and such. Thanks for the good info @missbehelpful
  8. can u do a video about saving money for a child's college fund
  9. How and where can I go to apply for a Roth IRA? Can I have both Roth IRA and a 401k?
  10. I wish more women where like you
  11. I feel so blessed that I subscribed to your channel
  12. you are so cute😌 thankyou for sharing god bless
  13. first of all, your video came flying onto my notification going Ding! and then I clicked it thinking it was just a quick answer to paying off the debt or investing...but instead...I got a whole shabang of great advice and eye openers (the coffee might of helped with that too. not sure.) either way thank you for your time and effort to sharing your knowledge on this subject. You get straight to the point, unlike others who give too much info and become overwhelming.
    By the way congrats on the new position recently! woot!
  14. Was that you on the Harry show earlier in the week?
  15. I have been googling this topic for some time now. Im so glad you made a video.
  16. I've been saying do both invest and pay off debt and ppl looked at me crazy 😜 so i glad to see other ppl think alike
  17. PS thanks for the video! even though these are US focused they're really inspiring me to manage my money better
  18. great video.
  19. I live in the UK and housing is incredibly expensive here. To buy even a small home with my partner within commuting distance of work I will need to save around £10k per year over the next 5 years to afford a deposit (down payment) by the time I hope to move out of the city and start a family. This is a pretty huge ask on an average London junior-management level salary. My dilemma is how to trade off saving for a house vs. contributing to my pension. My employer matches contributions of up to 5% of my salary, but right now I'm only contributing the minimum (1%). Should I prioritise saving for a house, and increase my pension payments after I get a mortgage, or should I put saving for retirement as my top priority?
  20. Keep putting out good content . My score went up 36 points in one month thanks to your credit utilization video .


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