 Investing some money, what should I do? |
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KiNG⋆LATiNO | Where should I invest my money? (see details)? |
I have a student loan debt about 20K$, i make 50-75K a year, no credit history, and a 93 Camry with 205K miles on it.
Im getting a $2K tax return.
If my goal is financial growth and my car is my primary means of transporation, should I :
A. Get a new (used) car?
B. Put the money towards my student loan
C. Save my money in a Money Market account?
D. Invest NOW in Index Funds
E. Other (please state)
and Why?
Additional Details
Well yes of course I have a credit history, but it is shot to non-existent (e.g. I've never had credit cards) But this fact is somewhat besides the point of my question. |
 |
 
Joe
 |
It is general recommended that you have a emergency stash of money equal to ~3 months salary stashed away in a Money Market before investing in other things. Once you have about 12-13K in a money market you can look into investing. The first place to look is at a 401K at work. If you have no 401K considered an IRA, possibly a Roth IRA invested in an Index fund. The advantage is the IRA's and 401K's are tax deferred. Paying off your student loan is a reasonable idea as well. The stock market does not guarantee a return, paying off your student loan gives you a guaranteed return in lower interest payments in the future. If you are taking the standard deduction (which I suspect you are), you can't write off your student loan interest.
If your car breaks down, you can use the emergency stash for a new car. You may also need it if you lose your job; it happens to the best of us. |
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Common Sense
|
The "simple" answer.......
Do all of the above. Each one is important. Try to put "percentages" of each to equal your perceived level of importance (yours... not anynone else's). Mine would be to reduce the debt. But I would still move on the other objectives even if it meant "small" contributions..... |
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popcornman666
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well first off i hate to tell you that u have a credit history since you got a student loan. you really need to get a credit check and make sure you have a good score if not it can really screw you over in the long run and you should invest in repaying those loans as soon as you can the longer you go with out paying them off the more damage you do to your phico score if that gets to bad you wont be able to get a mortgage for your house. if you need to buy a hose that is. you really should post saying if you own your place rent it or still live with Mommy and daddy
(second mod stats hear)
as for bond girl down thier why most bonds you pay for you cant cash for some time usaly about five years with out geting a pentey fee of some kind attached if they even will let you cash out early i dont think our young friend needs to be freezing his asets this early in the game when he stell has a loan (and further more plz dont invest in the stock market you aint ready and you could lose all your money with one dumb move) |
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cgimwei
 |
Goal is financial growth. The answer is (E) Put the money in a ROTH IRA.
Student loan gives you no return
Money market, you will be lucky to get above 5%.
Index funds, the margin may eat up your capital
A Roth IRA is the best. |
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southcoastgirl01
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E.... buy us saving bonds, If you buy a bond for 25.00 a week they will match total bond. |
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Evelyn
 |
I won't pretend to be an expert, so I won't give you any advice on what specifically to do with your money, but I will point you in a direction that might help.
Have you read the book Rich Dad, Poor Dad? A friend of mine got it for me for graduation and it taught me a lot about how to think about and deal with money so it grows. It's by Robert T. Kiyosaki. There's probably one at your local library if you don't want to buy it. Good luck! |
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LFH
 |
Your studnet loan is tax deductable and since most student loans have low interest rates (I assume yours is like that) I wouldn't pay it off. Keep paying your student loan on time and it'll help you with your credit score. Your car is old but if it still runs, then why bother with a new one. Taking on unnecessary debt is a BAD thing. However, if it's not running well, how about leasing a new car with very little down. Payments on your lease is also tax deductable providing you keep good records. I would invest the money. Money market funds are good but shop around. Try the ones on line, like E-Trade. They typically have a better return (nationally) because E-Trade has no over head like a typical bank. You may also want to try what's called ZERO CUPONS. I'm not sure 2K is enough for that, but it doesn't hurt to ask. Z.C. are long term investments and the best part- NO TAXES when they mature. 15K Z.C. yields a 100K in 15 years, taxfree. Good luck. |
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