Monday, July 24, 2006

I’m Free…

Final exams are over!!!

Now I have to get ready for the August job fair. Through the bidding process, I got 3 interviews and I am really excited. I hope everything goes well and that I get an offer! I know that I am a really hard worker and that I will do a good job for whoever hires me. Most of the time, the hardest part is getting your foot in the door. I will also be attending 2 other job fairs in the next few months so hopefully something good will come my way.

Needless to say, a job at a firm would substantially increase my income. If I am fortunate enough to receive an offer and work for a firm, I will have to go into serious debt reduction. The question will be…Should I invest simultaneously with debt reduction or should I try to pay off as much as possible in the first few years. No matter what, I am committed to saving for my retirement so this question pertains solely to outside investments.

What do you think?
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4 comments:

Single Ma said...

Outside of a 401k and a small emergency fund, I think all extra income should go towards debt payoff with rates more than 0%.

Congrats on finishing another semester!

8:14 AM
Anonymous said...

Pay down the debt first, especially if the interest rates are high. Any returns you make on other investments could be eaten up by the interest on the debt. Even if that doesn't happen, debt can make it difficult in times of financial hardship or if you need to make a really big purchase. Besides that, being out of debt would provide a serious mental and emotional boost.

8:58 PM
Anonymous said...

I second what debt hater said. Pay off the debt and get it off your back. Then start saving, saving saving :)

Congrats on getting through your exams and good luck with your interviews!

10:48 PM
Chitown said...

Thanks Ladies!!! I am thinking that you are on the right track.

Right now I have about $50k in equity in my condo and by the time loans kick into repayment, I should have another $30k saved.

That means that I have ~70% of the private loans covered to pay off once I sell my place, which I expect to do 3 years after I finish school. Hopefully by then, I will have a little more saved and will be able to pay off the private loans in full and savings to purchase a new place. After that, I will just have about a $400/month payment for my Federal loans and I will try to attack those agressively as well.

Thanks so much for your comments!!!

8:13 AM

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