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What to do with your HECS Debt?

The average HECS Debt in Australia is about $20,000. Is paying down your HECS debt the best decision? That depends: Scenario 1: Let’s say you have $5000 saved up and you’ve just started earning above the threshold of (insert) lets do some quick maths to work out the best financial decision. Using that money to pay down your HECS can be a good thing to do. But how does it stack up against other options? Scenario 2: Putting that $5000 into a high interest savings account in 2020 we find that due to record low interest rates in the current economic environment we would be worse off in this situation than had we put that money into paying down the debt. Scenario 3: Investing that $5000 at a conservative average of 7% annual return in the Australian Stock Exchange, diversified throughout high quality, blue chip companies and ETFs. This situation yields the strongest return and is likely to be the best situation. However, this is a hypothetical scenario and it would be unwise to invest all of your savings into the stock market in the hope of getting a 7% return. Always ensure you have a 3-6 month emergency fund built up first! Maybe you want to buy real-estate? Having that HECS Debt will impact on your ability to finance a home or investment property so this all depends on your personal situation. Follow me on Instagram: tommytremain_ Thanks for watching!