When I was in law school, I borrowed extra money from my student loans to fund two years of Roth IRA contributions. By my reasoning, the Roth IRA accounts were “use it or lose it” space and it would be silly not to take on additional debt at 6.8% in order to take advantage of $11,000 of tax-free growth forever. It’s probably the only time in my life were I invested on margin, but the benefits of Roth IRA are too big to pass up. They’re wonderful investment vehicles and you should be taking advantage of them too.
Let me start this article by saying congratulations. You’ve finally made it. After 18 years in high school, four years as an undergraduate and three years in law school, you’re actually making some money. It’s a day to celebrate, but you’ve also realized that managing your money is a part time job. One of the first decisions is deciding what order to prioritize your investments.