Real Estate Staging

Question: What should my saving priority be at this stage of my life?

I am a young (under 30) recent law school grad. I have a mountain of student loans, but zero credit card debt. I currently put 8% of my salary into my 401(k), have a small amount invested in stocks, and put my spare change in to a high-interest savings account while paying the minimums on my student loans. I live in an apartment but I want to save for a house. What, if anything, should I change about the way I'm currently saving that would speed up the rate at which I can purchase a home? Should I put less into my 401(k) and more into my savings or brokerage accounts? Something else? I need advice. Thanks!

Answer: Much of what you do should be determined by the rate of return that you are receiving on your 401K. If the interest that you are paying on your loans is greater than the interest gained on the 401K then you want to pay off the loan as fast as you can.

You can afford to invest in higher risk investments at this point in your life. Mutual funds have been considered safe in the past. Savings are not savings if you have debt. The goal should always be achieving debt free status.

Maximize smart investments. Avoid debt. Pay off loans. Do not buy expensive luxury items. (depreciation will get you).
Buying a house may save you money in the long run versus renting.

Just my thoughts.

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