[Caitlin]

I’m currently torn on what to do with extra income after the bills are paid.

I’m a nurse with 10 years experience, planning on applying to CRNA school Fall of this year, with the hope to start Fall of 2025. The only debt not paid off is a new car I just got with a 0.9% interest rate, planning to have it paid off before school starts but with such a low interest rate I’m not super worried about it. I have a paid off house and about 15k in a high yield savings account, no credit card debt.

I’m hoping to have plenty of cash set aside for when school starts, I shouldn’t really need to worry too much about having to work during school past maybe the first year in. I know I’ll graduate with 100k plus in student loans.

Do I continue to pour everything extra into the stock market? Divide it up between investments and my high yield savings? Focus on boosting my savings for when I’m in school so I don’t need to take on more debt than I have to?

[Christine]

Invest as always, build your retirement.

I agree with you don’t sweat the car payment.

Continue to add smaller amounts into the HYSA.

If it’s CRNA you can’t avoid that debt, just be sure to turn around and pay it down aggressively once you start earning more.

[Tara]

I’d throw everything extra you have into a HYSA then use it as the bills come up to cash flow school. Obviously there will be loans too but this will help decrease the amount.

I’d avoid student loans as best you can. They are the worst.

[Alex]

Why don’t you pay the student loan early or don’t take any at all?

That is the riskiest debt of all and the market is another risk. 5% of portfolio growth is not equal to 5% in interest loan. Student loan is the riskiest loan.

[Scott]

I would stack cash in a HYSA and do everything you can do to minimize your student loans. Graduating debt free will be way more powerful to building wealth than anything the stock market can do.

Once you are making bank, you will have way more money to invest in the stock market at that time.

Also, check out: Considering opening a HYSA with Ally Bank. What are the drawbacks?

[Sarah]

That’s school program feels really expensive— and it seems hospitals these days pay for a lot of these, or at least give some level of tuition assistance. Are their more affordable online options? But to your questions: Facing taking on 100k in debt and a new car? How much is your car note? I’d stack cash and listen to Dave Ramsey every single day. Everyday. And buy Rachel Cruzes book Love Your Life not Theirs, bc it’s essentially the lady version of her dads (Dave’s) books.

What do your investments look like currently? 401k, HSA, etc?

Your being very “normal” and I’m very concerned your shackling yourself for years to come, fixable but not fun.

[Kasey]

Nurse here! So, I get where you are at. Unpopular opinion but I’d pay off that car, a 2k payment or whatever it is can be hard for a student not working. I’d personally “ pause “ hoard cash. Basically the Ramsey version of prepare for the storm. (2 years of loss of wage) you new income will be so much higher you will be able to catch up later.

Good luck and congrats on leveling up your career!

[Author]

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