Clear off debt or invest?
For context, my parents didn’t give me much by ways of a financial education so I’ve learned everything I know off my own back. Made mistakes, made better choices and learned.
When I was 21 I had a bad relationship and ended up getting into some debt, it snowballed from there to the point I was in 30k of debt by 26. But I have been earning enough to maintain payments and not be financially screwed. I sit at around 50k GBP earnings per year right now. I work in sales so it can fluctuate and this year I’m expecting to make about 60k. Age 28.
I have managed to save up 12k, but I also still have 15.5k debt left. I’ll be getting a large paycheck next month of about 5.7k take home.
My savings are in high interest accounts and Ive saved up about 6 months worth of living expenses as a safety net.
All of my debt is on 0% interest credit cards and none of the promotional offers end soon. The closest is 12 months away.
My conundrum comes from my split between invest or finish repaying the obligations. I can put around £900+ a month into my obligations or I can invest this.
I believe if I’m smart with my investments using the S+P 500 and some high value shares like Sandisk or Seagate I can start making headway with my net worth.
I want to have £100,000 net worth by 30 ideally a combination of cash and shares.
I’m open to advice and ideas. Thank you!