While in Ireland he was able to travel, and took my two brothers with him for a three-month long trip around Europe. Because of the diligent saving in hisAfter he passed, he left the remainder of his 401 to me and my two brothers. Although I inherited around $50,000 and had roughly the same amount of student-loan debt, I decided to keep most of that money invested instead of paying off my loans in full, and I'm glad I did.
My then-boyfriend and I were renting a small one-bedroom apartment and before our lease was up we needed to decide if we were signing on for another year or purchasing a home. I had been saving in my ownand knew there was a special rule that allowed me to withdraw $10,000 without penalty or additional taxes to put towards a first-time home purchase.
When we bought our first home we paid $210,000. Five and a half years later we sold it and netted roughly $80,000. That money helped us purchase our next home as well as, which ended up being great timing with the COVID-19 pandemic a few months around the corner. Also, taking the money that was invested in the stock market to pay off loans that had much lower interest rates than the rate the market was returning seemed like an irresponsible thing to do. I wanted the money to continue to earn and know that if I needed it down the line for something else I could access it.
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