Hello, I embarked on the wildly expensive journey to becoming an orthodontist. I took out 750K of student loans. Yes, you read that correctly.
I would love to have some advice on how to allocate my monthy savings.
During the pandemic, I made some serious payments towards my student loans. I saved my money in a money market during the pause and then the day before the pause was lifted, I made a large payment towards my student loans.
I am now at 370K of student loan debt. My debt to income ratio is finally at a reasonable level. I can finally breathe, kinda... 🥴
With paying my all of my monthly expenses including my minimum student loan payment, I save about 7K each month. That is with me budgeting to max out my 401k, back door roth, HSA accounts, etc.
I have a 6-month emergency fund in a money market that is considered to be liquid if I need it.
So with 7K of monthly savings, how much should I put towards savings, investments (meaning essentially non-liquid investments) vs extra payments towards my student loans?
I have:
- 122k left of student loans with 6% interest
- 55k left of student loans with 5.8% interest
-193k left of student loans between 4.3-5.3% interest
As for my financial goals in the foreseeable future,
- I may make a real estate purchase in the next 12 months, which I would need to save an additional 20K for.
My debt has caused me debilitating amounts of stress and anxiety, and has significantly and detrimentally affected my mental health, so please be kind 🙏🏼
Thank you for your advice 💓
original posted by Super-Addition-952 to r/personalfinance on Sun, 10 Mar 2024 15:47:35 GMT.