Hey all.
Quick and dirty:
I make $20/hour at a job I love and get to live in the mountains outside of a national park. My housing is fixed at $480/mo and includes all utilities and an onsite meal plan, so I seldom spend money on food. Health insurance is covered, I own my car, car insurance is $60/month, and because I live onsite I do not commute. I am 25yo.
I'm laid off right now (COVID19), but should return to work full time in June. I was gifted a reasonable amount of money (for me) by a family member recently, and had the opportunities to pay some stuff down.
So, I paid off my credit card (and will from now on use it only as a "gas card"). I also paid down my outstanding medical debts (about $2000).
I now only have one debt remaining- $8500 of a gov subsidized school loan at 2.5%.
I have enough to pay that debt and have some left over but..........
I have been buying and selling cars for a long time, on my own and with my dad. I've had quite a few and can usually make some money on them. Obviously we're in a buyers market, so to have any money at all puts me in a good spot. My dad got out of $75K credit card debt working hard and largely by flipping cars. His opinion was always to sell for a profit and use the difference towards the debt, and keep cash on hand.
He thinks I ought to hang onto the cash and flip some cars as opposed to paying off the very low interest loan right now. Currently I agree with him.
Thoughts?
J