Evaluate My Financial Plan Please

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sunynp
Posts: 1899
Joined: Tue May 24, 2011 2:06 pm

Re: Evaluate My Financial Plan Please

Postby sunynp » Tue Nov 22, 2011 8:51 pm

I would take money from loan repayment to balance your budget. I know you have to pay them back and you have a huge amount of debt, but I would save first for emergencies. It wasn't that long ago that people were laidoff, even though they were great attorneys. I hate to say it, but right now, I would feel better having more of a cushion if a crises hit. You may be able to defer loan payments while you look for another job, but you have to buy food and pay rent. Hopefully this will never happen to you, but cash in hand or even retiremrnt you can borrow against, is better than paying down debts. I'm also very risk adverse, I would never have borrowed that much in the first place, so I am much more conservative than you are. Keep that in mind while evaluating my opinion.

If the economy seemed more stable, I would say the opposite. In six months, it might be more stable, and then I would save less and pay more on loans.

Probably the best plan was proposed earlier in this thread - build up your emergency fund and then reevaluate. Also, your firm has to have a relationship with private banking- see if you can get some free advice from the private banking group .




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