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      11-24-2019, 03:47 AM   #11
Rmtt
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Drives: 2011 BMW 128i, 2008 LS3 C6
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Quote:
Originally Posted by Turkish Pickle View Post
go with student loans, build your 401k. if it's a matter of repaying the student loans, you'll most likely be fine just paying the minimal amount - if it's federal loans especially. also, low interest rate means you don't need to pay it off immedately! it'd be nice to have it paid off, yes, but you'll be fine if you just make the minimum payments until you start earning more.
+1


It sounds like you don't have a lot of options in your 401K plan. Also if you are planning a career change, maybe you can find a position in another job related to the field you want to work in....and one that offers tuition assistance. You may have to sacrifice and start off with a few classes a week in the evening while still working this job, but it could open the door for you to another job after a year or two.

Even if you don't contribute anymore to that $10K you already have.....not touching it would still surprise you with what you end up with as you sound like you are still pretty young.

It may seem like you aren't earning a lot, but $10K isn't going to wow you with the returns you will see especially if you are locked within certain options.

Any plans what you may do? My daughter is in the medical field, and works with 2 year graduates out of technical school that make $50K+ a year in their respective careers, and they get the same benefits as my daughter does which includes a 7% 401K fund match that is fully vested after 5 years.

I agree also with what one poster said above.....contribuite to it almost hurts once you are in a position to do so. One of my Vanguard funds has earned slightly over $3K per month the last 4-5 months in a row after averaging it out.


Whatever you decide....I wish you all the best. At least you recognize the situation....and that you aren't happy with it. Most people will just settle and never take that step out of their comfort zone.
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