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Myself (25M) and my soon to be wife (25F) are in an interesting position financially at the moment and I’m seeking some advice. We both work full time and currently own an investment property that brings in $640 a week which a decent investment loan against it. We currently live at my soon to be in-laws with genuinely no issues but our plan is too move out after we get back from our honeymoon and rent for around $500 per week. I have a massive HECS debt ($95k) and she also has one ($34k). Should our focus be to try and get rid of our HECS as quickly as possible? We also have about $80K in savings. I genuinely have no idea what to do. Side note: my fiancé about a year ago went through breast cancer and we both feel that life is too short to not do what you love. She loves to travel and cannot wait to be a Mum so I don’t want to deny her of this.
Any advice would be greatly appreciated.
1 - redit financial advice is not sound financial advice
2 - be realistic with your money goals. Identify what your plan is for the future. Are you wanting to do more travel and then potentially buy something or are you comfortable renting
3 - once you have a plan with the above. Make some decisions that work for both of you and that will help determine what needs to be paid.
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- 6 months ago
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- reddit.com/r/AusFinance/...