Hey @Shivam Patel, It really depends on your loan % interest vs your expected ROI in real estate. Paying student loan, I am guaranteed a return , no matter what. You just have to weigh your options and know your risk tolerance.
I started out with 155k student loans at different rates of 5-8% interest. I refinanced to 3.93% and HUSTLED intensely to off more than 50% of that balance. The interest rate was KILLING me before I refinanced. I still have some loan but I am at a much more comfortable place to start investing while continue paying off my bad debt aka this student loan. 🤪
One thing that has helped me is budgeting and create realistic financial goals . If you want to pay off loan intensely but also want some cash reserves in the mean time so you’re not completely left empty once loan is done, set money aside. Goal of say.. 6k yearly? Ok I need 500$ monthly allotment straight from my check into a diff savings accnt where I’m not tempted to withdraw. I also moved back home with mom and saved 1k monthly in rent. If you are on your own, consider househacking method? Has some time, consider wholesaling OR side hustle? In the mean time, learn as much as you can about the real estate world. The worst is to acquire more debt because you didn’t do your homework thoroughly.
Everyone is different. I have friends that pay bare minimum on student loans and purchase homes , stocks etc. For me, I don’t like this golden handcuff, I want it gone. Only you can make the decision that you are most comfortable with and just remember you’re the only one that has to live with it . Wishing you much success and financial peace!
