I'm about to empty my bank acct and drop $20k to slay my student loans
So drain the account
Have no liquid cash
Still have 10k debt
This is why you can't get on the coli for financial advice. Breh just spend a few hundred and go see a halfway decent financial planner.
It doesnt matter if he has 2K or 200K
If you saved 20K once you can save 20K again no problem.
Better to have cash and some debt than no cash and no debt
Cash is God in America... anything can happen, and if it does with $0 in his account he will have to go into debt again
OneManGang
Veteran
This is really the only advice.
Bro, do not empty out your bank account for this.
Just pay double whatever the regular payment amount is if you're so anxious to get rid of it.
And you'll still have flexibility to do things with your money in case something unexpected comes up, because you'll really wish you had something more on hand than a note that says your loan has been repaid. If you should lose your job and can't find another for a few months, you could still pay all your bills, including your loans.
GreenGhxst
Veteran
That's what I was talking about
I said if something happens
It ain't that deep, thought it was implied
I just decided to use different verbiage
Concerned Citizen
HxH, LoSH 5YG, WW, DS9, IYKYK
If your bank account would be empty after paying it off AND it’s your only account leaving you without 6 months of expenses in savings, then you really can’t afford it and I’d be a dumb move
It's only 20kIf the opportunity presents itself, working overseas isn't a bad idea, especially if you'd like to save up money to pay off debts and your expenses while overseas are manageable
It may not be applicable in OP's situation, but I know a few people who've done just that.
Ngga if you don't give them 5k and keep it pushing they'll be off your back for a couple of years.
nikka talking about unloading the whole clip
nikka talking about unloading the whole clip
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If paying 20k would leave you without ANY savings (ideally you want 6 months of expenses but it varies by person) then I'd say pay like 15-16k, then throw 4-5K into a savings account then attack the rest of your student loans. If you still have liquidity afterwards then I'd say sure, go pay it off.
But I'm in the 'No personal debt' camp so my advice is skewed towards people staying out of debt. Some might say invest the cash or flip etc. All valid solutions granted you follow through with it (some do, some don't).
If this is your only debt then I'd highly advise clearing it out. There's a certain peace of mind you get when you're debt free.
But I'm in the 'No personal debt' camp so my advice is skewed towards people staying out of debt. Some might say invest the cash or flip etc. All valid solutions granted you follow through with it (some do, some don't).
If this is your only debt then I'd highly advise clearing it out. There's a certain peace of mind you get when you're debt free.
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5thbornpowerseed
All Star
20k in exchange for what? More points on your credit score? Think about that...20 thousand real dollars in exchange for greater potential to borrow more real money....
Makes sense to me.
A higher credit score is going to save him more money with a lower interest rate on a house. He'd be saving well over 20K in the future.
5thbornpowerseed
All Star
Makes sense to me.
A higher credit score is going to save him more money with a lower interest rate on a house. He'd be saving well over 20K in the future.
Would you rather have some p*ssy or the promise to get some p*ssy?
Why trade money for the potential to get money?
Never stressing about money
