Should A 22-Year-Old Build A Business Or Work Longer Hours At Their Job To Pay Off Loan? 'I'm Stuck Between Normal Life Vs. Building My Own Thing.'

Paying off your student loans as quickly as possible will free up your budget, but working extra hours at your day job will give you fewer hours to work on your business. That's the conundrum a 22-year-old faces, and he turned to Reddit for advice. 

He has $23,000 in student loans and was bringing in roughly $2,500 per month working at a gym. He worked six to seven days per week to bring in that money, but he recently cut back to three days per week of working at the gym. He wants to use the extra time to start a business, but he isn't sure what to do since he still has student loans. 

"I'm stuck between normal life vs. building my own thing," he said.

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Luckily, the Redditor lives with his parents, which significantly trims overhead expenses, but it's still harder to keep up with student loans. Redditors offered their suggestions in the comments. 

Get A Higher Paying Job

Only walking away with $2,500 per month after working six or seven days per week isn't a good deal for a 22-year-old with a finance degree. The job market may be tough, but it's feasible to find a full-time job that pays well over $2,500 per month. 

If the 22-year-old continues to apply for jobs, it's realistic to land a job that brings in $5,000 per month or higher. That's a significant upgrade, which will make it easier to pay off student debt. 

"Look for something that could pay a little more to start chipping away at that debt," one commenter said. 

A higher-paying job is the lowest-hanging fruit. It gives the Redditor the opportunity to earn more money while working the same number of hours.

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Pay Off The Student Loans

Many Redditors encouraged the 22-year-old to prioritize paying off student loans. A higher-paying job makes it easier, but they emphasized putting that extra money to work on the principal.

"If it were me, I'd keep my hours tight enough to cover essentials and chip away at debt, but reserve solid blocks of deep, distraction-free time for building my brand or business ideas," one Redditor said in the comments. 

This approach places a strong focus on paying off student loans. The sooner you remove them from your monthly budget, the more room you will have in your budget to invest in assets and accumulate wealth.

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Building A Business In Your 20s Is A Great Move

Several commenters said that it is a great idea to build a business. That doesn't mean the 22-year-old should commit to their startup full-time, but starting young offers some key advantages.

"Start building. Time is on your side," one commenter said.

When you are in your 20s, you have more time to experiment, make mistakes, and rebound. You'll also have more time to commit to your ideas than someone who is in their 30s and raising a family. It's good to start young. Securing a high-paying job is a good first step that will make it easier to pay off student loans. Then, the 22-year-old can commit their extra time to growing a business.

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