Curious about the 5year aggressive plan to pay off your student loans. If you paying 2.5K monthly towards your loans and have ~200 leftover for personal expenses and investing, you'll more than likely need to work more than 5 years to to fund for retirement. Is it possible to pay off your loans and retire within 10 years? It seems just going the route of PSLF and aggressively investing your wealth for 10 years will yield a higher net worth. Of course you'll be locked into PSLF eligible jobs.
I bring in about 4k/ month after taxes, and invest towards my 401K pre-tax. My work contributes 200 dollars to my loans, so I pay 2300/ month out of pocket. That leaves me with about 1700 per month for my expenses and investments- but we live mostly off of my partners income. I break down and explain my budget every month so if you're curious about the details, you're welcome to watch one of those videos! I like my job and my goal is not to retire ASAP, but rather to have flexibility in how many hours I work, which will be very easy after I pay my loans off since I'll be freeing up 2300/month. I don't want to be tied to PSLF jobs or 40 work weeks for the next 10 years so I'm choosing to pay back what I borrowed!
HI Sandra! thank you for this video!
It is helping me!
CONGRATS to you on your journey to completing OT school and getting a job! :)
thank you for sharing!! so helpful!
Curious about the 5year aggressive plan to pay off your student loans. If you paying 2.5K monthly towards your loans and have ~200 leftover for personal expenses and investing, you'll more than likely need to work more than 5 years to to fund for retirement. Is it possible to pay off your loans and retire within 10 years?
It seems just going the route of PSLF and aggressively investing your wealth for 10 years will yield a higher net worth. Of course you'll be locked into PSLF eligible jobs.
I bring in about 4k/ month after taxes, and invest towards my 401K pre-tax. My work contributes 200 dollars to my loans, so I pay 2300/ month out of pocket. That leaves me with about 1700 per month for my expenses and investments- but we live mostly off of my partners income. I break down and explain my budget every month so if you're curious about the details, you're welcome to watch one of those videos! I like my job and my goal is not to retire ASAP, but rather to have flexibility in how many hours I work, which will be very easy after I pay my loans off since I'll be freeing up 2300/month. I don't want to be tied to PSLF jobs or 40 work weeks for the next 10 years so I'm choosing to pay back what I borrowed!