How to grow my $11,000 savings for a year before paying student loans?

C

Cybroxer

New Member
The only debt I have now are my student loans.
I currently have $137,000 in federal student loans and can put $40000 to $5000 a month toward the loans.

Since all of my loans are on the Save plan and are not accruing interest, I have been putting the money into a high-yield savings account at 4.30%.
Currently I have around $11,000 saved up.

Does anyone know of a better way to grow the amount I have in my savings account for the next year or so to maximize the interest I can earn?
 
If you're feeling extra savvy today, here's something to check out: a specially designed whole life policy with indirect recognition loans. basically, you can add money to the account, and it earns a cool 5% interest. The kicker? You can borrow against it, and the total value still earns that 5% like nothing ever happened.

For example, say you've got $20k in cash value in the policy. You decide to borrow $5k from that $20k. Guess what? That $20k is still earning 5% annually, like you never touched it.

But here's the catch: if it's structured wrong, the cost of insurance could mess up what you're trying to use it for. There’s a book called Money, Wealth, Life Insurance that dives into the details. It even explains how huge corporations and banks have used this strategy. Definitely worth a read if you're into this stuff!
 
Back
Top