Debt And Investments Flagstaff AZ

Personal finance expert Mike Schiano explains why it's best to pay off your debt first rather than investing the money elsewhere.

A New Beginning Credit Consulting
(480) 695-6435
P.O. Box 30522
Flagstaff, AZ
 
LifeLock
(480) 457-5110
60 E. Rio Salado Parkway
Tempe, AZ
 
Only in Sedona / Sedona Psychic Wisdom
(928) 203-1194
PO Box 3294
Sedona, AZ
 
Hendrix Law Office
(480) 507-0908
770 N Monterey St
Gilbert, AZ
 
Premier Debt Solutions
(602) 889-7244
5450 East High Street
Phoenix , AZ
Prices and/or Promotions
Free consultation

Debt Free Consolidation Phoenix
(623) 570-1310
3621 W Saguaro Park Lane
Glendale, AZ
 
Verde Valley Guidance Clinic
(928) 634-2236
8 Cottonwood
Cottonwood, AZ
 
Kersting Zalena M Atty
(480) 345-2300
633 E Ray Rd
Gilbert, AZ
 
Christensen REX Atty
(480) 792-6651
3810 E Remington Dr
Gilbert, AZ
 
Private Debt Solutions
(480) 443-0313
15115 N Airport DR
Scottsdale, AZ
 

Debt And Investments

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Dear YOUNG MONEY,

I am going to be a college senior and currently I have $11,800 worth of student loans. My internship this summer is paying me very well and I would like to start investing in a Roth IRA. I would also like to take this last year loan-free. However, with investing in an IRA I won't have as much to pay for this last year, which will possibly mean that I have to take out my loan. What should I do, take out the loan and invest in a retirement account or pay the year off? (The loan would be for $5,500 and the initial retirement investment would be $1,000).

Thanks,

Tim


Tim,

My advice is standard when asked whether to start saving or pay off currently held debt. Always pay off the debt first. Especially taking into account the way the stock market is acting these days, if I were in your position I would attack debt now and avoid taking on additional debt if I could.

There will be plenty of time in the future to begin investing. In the meantime, if you want to start to save some money at a decent interest rate, plenty of online banks are paying 4.5% or more interest on savings accounts.

Good luck and please keep us posted.

Mike Schiano

"The DebtBuster"


Listen to a Money Minute with Mike at: http://www.inchargeradio.com/MoneyMinutes/default.aspx

Visit www.inchargeradio.com and read Mike's book, "Spend Your Way to Wealth."

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