I’m currently 24 years old and have a job that pays 92K annually as well as 50K in student loans to pay off. After taxes my income is about 63,000 dollars.
My loans are very low interest so interest is not an issue. I thought up 2 ways to pay off my debt:
1) Pay it off as quickly as possible by living extremely frugally for 2 years.
2) Live a comfortable life style and take 6-7 years to pay off my loans.
If I take the 1st option I will rent a cheap studio apartment and keep on driving my current car. If I take the 2nd option I will buy a new car for 20K and rent a semi-upscale apartment.
Which option sound best?