I have a 400K debt left by my parents. I know that the moment I graduate, I’ll have to take over and clear it for them.
They’re old and do not have much qualifications nor enough savings, so counting on themselves to clear the debt is impossible.
I can’t move on in life if I don’t clear this debt first because, can you imagine, having my own family, my own house on top of this debt? I can’t. My family will suffer with me. I’m not going to leave my parents in the lurch either.
What are some ways I can clear this debt ASAP (within 5 years)? On average, a normal grad salary is between 5K to 7K(?) a month even after 5 years.
Maybe certain jobs get you 10K but I’m an average joe. I’m planning to scrimp and save as much but it will still take me forever to clear the debt.
Which means I need a second income. I’ve thought of investing once I’ve accumulated about 30K. I’ve been reading up on investing (stocks, forex, etc.) Many people said investing is long term, but I’m thinking along the lines of scalping and day trading. If this is not a good idea, is there anything else I can do? Am at a loss.