Hello everyone,
Really liking this forum and whole website, I was just hoping to get some advice about what to do with some money I'll be getting over the summer. I'm a first year medical student in Canada, so I have a lot of student debt, most of which is through the government so it doesn't accumulate interest. However I'll have about $12,000 debt through the bank by the end of the school year. The interest is at prime, which is around 3%. I have secured a research job for the summer and I think I'll be making about $5,000 for 10 weeks of work. I don't know much about investing, aside from some basics learned from reading the articles on here, but I have some friends who have been quite successful at investing so I was just thinking if it would be worth it at this point in my life. Does anyone have input on what to do with the money, I know it is not a lot, but if I put it in something that was long term, it would probably give me a return greater than 3%, right? Or should I just put it all towards my bank loan and not even think about investing until I have paid off all my debt? Most doctors in Canada (US is a different story with their insane tuition) can pay off their debt quickly once they start work, so that's why I was thinking to start investing now and start building a portfolio, as opposed to my first investment being at age 30.