Pretty straightforward.

I'm a college grad with a degree in computer engineering. I make just shy of six figures and live a fairly lean lifestyle with the exception of a few vices here and there (nothing too big).

However I have about $65k in debt. I took the bitch path and took out student loans for my last 3 years of college as well as expenses. I currently stand at:

  • $15k federal
  • $28k private
  • $22k for my car I bought in February (great timing...)

I've been aggressively pursuing debt reduction for several months now and have paid off about $10k. I'm on track to average $2k per month from now on, which could have my student loans paid off totally in roughly 2 years. I'm not super worried about the car right now.

However, my parents are bidding on some land next to their house. Their city is trying to gentrify somewhat and developers want to build garden homes everywhere. I, as well as my parents, find garden homes abhorrent and we want to keep their neighborhood quiet and secluded. Asking price is $15k but they've bid $10k cash, and I told them that if they were outbid I'd kick in $2k for a total of $12k cash.

My mom has said the land will inevitably be mine when they're gone as I'm an only child. But if I do this I'll probably pay them the other $10k and just own it outright at some point.

My question is, is this a wise investment in your opinions? It would set me back a few months in terms of debt reduction but the thought of owning land that could possibly be of value down the line is enticing.

I'm currently taking advantage of CARES Act and aggressively paying debt due to 0% interest rates and forbearance of payment, although I know it ends in either July or September.

What are your thoughts?