Great podcast this week! Student loans, used car purchasing, hoarding cash and more! ! We also had questions sent into us this week with a common theme around the rising cost of living, looming inflation, gas prices, housing markets, stock market and more. We have received so many positive comments about these episodes. If you have a question for us please email to podcast@rocklandusa.com
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QUESTION 1Asking for advice. Son 26 lives at home with us. He has 72k left in student loan debt. Has 45k in checking. Monthly take home 3600.00. Monthly expenses 650.00. Haven’t paid on loans since they’ve stopped payments but with it maybe starting back up in June here is what I am thinking. By end of May he should have 60k liquid in checking and I think he should take 55k and throw it all at student loans leaving 17k to pay off then just throwing 2000 or slightly more monthly to have them paid off in like 8-9 months. Any thoughts or other suggestions?
QUESTION 2
Is it stupid to take out a car loan so we can hang onto our cash? Thinking of buying an investment property soon. Does anyone know of any great rates for a used car? They are crazy high!
QUESTION 3
When do you guys decide if/when you get a big, fancy house? I’m currently in a nice 3/2 house, almost paid for, in a really good area. Who doesn’t want a big house, 3 car garage, pool, and an outdoor kitchen? I’m 40 so maybe I’m still in my “show off phase”. I can easily afford a nicer house but at the same time I’m comfortable where I’m at. Anyone with any insight? I figure a nice house is in itself an investment.
QUESTION 4
At age 25 years old how much should I have in my checking account?
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