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How much is $10k/year to you?
- Thread starter jak stat
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Er ... you know, higher levels of education don't automatically result in big monies. It depends on field, job market, etc. Hell, sometimes, because what you do in grad school is so esoteric, it may not even be beneficial to do it.Tamanon said:
Really, you should be going to grad school because you love something and you want to learn about it further, or better yet, you have ideas. Wanting to make more money is not a good reason to invest that kind of time into school. Granted, that's just my opinion (and one that I've heard many times over from countless grad students).
siamesedreamer
Banned
$10K *might* be able to carry my debt load for 5 months.
Including living expenses I could prolly make it 3 months......
Including living expenses I could prolly make it 3 months......
TheQueen'sOwn
insert blank space here
I know I'm spoiled... but 10k/year??
Good luck sir!
Good luck sir!
reggieandTFE
Member
10 k/year is the amount I'm pumping into the whole in the ground where the monster feeds on my school loans: it's about 25% of my salary and horribly, half the money I pay each month goes towards interest and not my balance.
and btw, I live in Roscoe Village in Chicago and our rent is 1800/month for a four bedroom apt. And in the fall I plan on moving in with my gf and to live in the city in an area where she won't be harassed and I can find parking, we're looking at ~1000-1400 for a one or two bedroom place.
and btw, I live in Roscoe Village in Chicago and our rent is 1800/month for a four bedroom apt. And in the fall I plan on moving in with my gf and to live in the city in an area where she won't be harassed and I can find parking, we're looking at ~1000-1400 for a one or two bedroom place.
Yeah I'm getting a doctorate and starting at 45k. The salary will rise 3x-4x after 4yrs, it just depends on what field I go into. But for the first 4 years, I have to really worry about the interest. If I don't pay it off quick, I could end up paying lots of money later. Even without the interest it is a lot of money.Tamanon said:
Richard: Ortho? Eek and good luck!
Tyrone Slothrop
Banned
i'm ashamed to be in my mid 20s and living with my parents but all it really does is set me back socially. if you plan on primarily working and not really hitting up the bar/club/dating scene the next few years its not such a big deal anyway
WrathOfOtaibah
Banned
I make $10,000 a year after taxes just working weekends.
It covers a lot surprisingly. I am able to afford rent, car payments, car insurance, and food. There is remarkably little else I can afford though. So you can live a spartan lifestyle with $10,000 a year. All the essentials are covered though.
You just have to live in places where the cost of living isn't assrapingly high. $10,000 goes a lot longer in Omaha than in New York City. My rent is $225 a month and I have free internet, free gym, free phone, free everything except gas.
Move in with your parents also. You might take a few dings in your social life but you will be much better off in handling your debts, which is far more important. You can socialize with few worries instead a few years later instead of worrying late at night wondering if you can cover the payments if you live on your own.
It covers a lot surprisingly. I am able to afford rent, car payments, car insurance, and food. There is remarkably little else I can afford though. So you can live a spartan lifestyle with $10,000 a year. All the essentials are covered though.
You just have to live in places where the cost of living isn't assrapingly high. $10,000 goes a lot longer in Omaha than in New York City. My rent is $225 a month and I have free internet, free gym, free phone, free everything except gas.
Move in with your parents also. You might take a few dings in your social life but you will be much better off in handling your debts, which is far more important. You can socialize with few worries instead a few years later instead of worrying late at night wondering if you can cover the payments if you live on your own.
JzeroT1437
Member
If you think it's a lot of money, it's a lot of money.
If you think living at home is a problem, then it's a problem.
Figure out which problem you'd deal with better.
If you think living at home is a problem, then it's a problem.
Figure out which problem you'd deal with better.
bumpkin
Member
Well it all depends... Do you want to get laid? Let me put living with your parents into perspective:
I had my own apartment = lots of dates and lots of tail
Lived with my parents = barely any dates and hardly any tail
Chicks don't dig dudes who live with their parents. Just an FYI.
I had my own apartment = lots of dates and lots of tail
Lived with my parents = barely any dates and hardly any tail
Chicks don't dig dudes who live with their parents. Just an FYI.
Tyrone Slothrop
Banned
i'd like to add that even though a girl will tell you its not a problem that you're living at home, dont listen to her. because it is and it will be
Richard Cranium
Member
I ended up living with my parents till I was 29 (minus around 7 years when I was an undergrad). It wasn't very cool, but I have no regrets. Now I live over 2000 miles away and it's kind of sad that I don't get to see them much anymore. I know they'd welcome me back with open arms, though. I wouldn't have a problem moving back in, but my gf might. :lol
I think this will be an increasing phenonmenon in the US as the cost and standard amount of education continues to increase. A college degree is about as useful as a high school degree was 20 or 30 years ago, but it takes 4 years and several thousand dollars to do it. Grad school is in even more expensive, and it's difficult to offset those costs.
I know I have to live a pretty spartan life because of college debt. I have pretty much no consumer spending. I only buy food. No games, no music. I pretty much play emulated games, get music from friends. Flights home cost a lot which I also have to put aside money for.
It would be a lot easier if I didn't have to worry about housing. I was paying only about $500 living with a friend for a couple years before I moved where I am now, and that was lucky I guess.
I know I have to live a pretty spartan life because of college debt. I have pretty much no consumer spending. I only buy food. No games, no music. I pretty much play emulated games, get music from friends. Flights home cost a lot which I also have to put aside money for.
It would be a lot easier if I didn't have to worry about housing. I was paying only about $500 living with a friend for a couple years before I moved where I am now, and that was lucky I guess.
Phoenix
Member
$10K is a good jump start for anybody. Ignore what people are telling you and whining about staying with parents and such. This is time for a mature move, and a mature move would be to take the 'free' money if only for a year - and invest 100% of that money, no extra PS3, no cruise, invest that $10k and in one years time you will be ecstatic about your financial position compared to that of your peers that are trying to get by on cheeseburgers and raman noodles.
WrathOfOtaibah
Banned
Phoenix said:
Agreed.
I'm pretty baffled at how people are so willing to throw their money away on liabilities instead of some solid assets. Let the bond interest payments get you your PS3 instead of your income. Get a kick ass stock portfolio so you can be debt free or at the very worst, be more than on top of your debts.
Richard Cranium
Member
Well, I guess it depends on what's important at that moment in your life. Personally, if I'm going to be working up to 80h a week for 3-5 years for relatively little pay, I'm going to say screw the debt and get that PS3, even if I'm a little bit behind financially.The Experiment said:
The Take Out Bandit
Member
It sounds like you've got a pretty solid head on your shoulders.
F*CK the naysayers and stick with your plan.
At the end of the day you need only justify your actions to yourself.
God knows, if I didn't want to murder my family; I could save a ton of money instead of paying rent, utilities, etc.
Great thread. I am graduating soon and all a lot of this stuff is going through my head as well. However, moving back in with my parents is not an option, and after reading this thread it looks like they gave me the best gift of all by paying for my school and giving me a debt free start. Also, is all of Texas that cheap? I really want to go to NYC but I realize that I need some serious money before that happens. I was thinking Austin would be a cool/cheap place to live while I earn money for the big move.
Phoenix
Member
galdevo said:
If you can get your parents to pay for your education, you're already significantly further along that most other people leaving school. Being able to take al the money that you make and invest it or use it just for what you need is a BIG thing as opposed to tossing large sums of money at student load debt.
WickedAngel said:
Nonsense; the absolute best plan is to avoid debt in the first place! I agree that the credit cards should be paid off first (since they're higher interest AND a lot less than 130K school debt), but there's absolutely no reason to keep them. Any lender doing their jobs is going to see those empty credit cards as a financial disaster waiting to happen.
Much, much better to have $10K filed away in savings/simple investments than to have $10K worth of available credit.
Why would he be ecstatic about investing $10k after only one year? If he does an index fund, he'll get maybe 12%...so $1,200. Just did a little calculation, by the time we retire, we'll need around $4 million. That's $100k at 10% compounded for 40 years.Phoenix said:
Phoenix
Member
Stele said:
Do you have $1200 dollar right now that you can spend on anything you need? Or more importantly, do you have $11,200 that you can spend on whatever you want?
Let me say this - having $10k invested gets you closer to $4 million dollars faster than having no money and still being in debt.
DCharlie said:
God, a 3LDK just sounds like a behemoth to me. But I'm single, so I could never use that much space. It reminds me of some JETs who would get like 2 story houses, and pretty much every room would be empty. a 1 LDK/1 bedroom apartment is about all I need really. those horrible wanroomu apartments leave a little bit to be desired of course, but.
DCharlie
And even i am moderately surprised
i actually preferred when me and my (then girlfriend) wife had separate places. Here she has her games room, i have mine - so all our joint gaming is done over the internet - where as before the pair of us would play in the same room in our respective 1LDKs.
Small differences and all that - but there's a lot to be said for 1LDK. That said, we could have 16 player halo matches here , so i guess that's not to be sniffed at.
Now i'm entering the world of actually buying a property! Gah... I'm about to get into SERIOUS debt!!! haha.
To the OP, $10k is a lot - live with your folk for a while. If it's convenient, list your debts so you know which ones to handle first (credit card debt) and which ones to handle later (student loans) - at this stage clearing out your 'bad' debts is better than investing. As far as 'good' debts eg. borrowing for investment... well we'll handle that later, eh?
Pachael said:
I get all these cold calls from off shore investing places. It really isn't that bad of an idea for a someone living abroad to start a retirement fund for. But I still have huge college loans, a couple with almost credit card style interest rates. They're like 'oh well, with your low college loan rates, you can make more money by investing with us than by quickly paying off your loans'. Then I tell them the amount and interest rate, and they try as hard as they can to spin that, but they just can't.
DCharlie, whole rooms devoted to gaming in Japan, wow. Are you in the 23 wards? I can't imagine shelling out to rent a 3LDK in minato-ku. Buying here is a big step! My old roommate bought his apartment. I don't have permanant residency yet (4 more years, if I stay that much longer), and I can't get married even if I did meet the right person, so buying is kind of out of reach unless I pay someone to be the guarantor. No way.
jak stat said:
It's still money imo, and in certain countries its' pretty normal as rents/cost of owning a home are very high.
Edit: Well as long as you pay your bills and give your parents some money for staying at their place, I dont see any issues or anything to be ashame of
DCharlie said:
gaymers can't get married except in canada and some european countries.
I'm in minato-ku. I was in Akasaka for a couple years, but now I'm near sengaku-ji. I was looking at getting an apartment for myself in akasaka, but I just can't justify paying 6 months rent up front. It's just rediculous for renting. I'm living in a guest house. Was totally expecting furyo enrish teachers in abundance, but there is a suprising number of legitimate (yeah flame me gaf, whatever) people living there. Law students, etc. It's a two story apartment very quiet. My roommate is here doing doctorate medical research, and it's about 9man and that includes all other expenses (utilities, internet, etc.)which isnt bad. The mita sen is really empty during rush hour, so yeah, not as nice as akasaka/nogizaka, but certainly doable, esp. if I don't have to pay a bazillion yen just to move into an empty apartment.
davepoobond said:
I have a proposition for you, you give me your 10k a year and I'll give you you 100,000 in twenty years!
80 years saved!
But anyway, to answer the question $10k is a lot, I moved home after College and saved pretty much that a year. Works out for the best in the long run, every penny you spend on rent is money down the drain (where as money a mortgage is money going back into your pocket (bar interest)). It's worth the pain of living at home to build up some savings so you can afford that deposit on your own place sooner rather than later.
bggrthnjsus
Member
exactlyTamanon said:In theory, you'll save money, but you'll also lose sanity and also respect from your peers/women
i've been living with my parents since i graduated college last semester to fill the space between moving back out when i go to med school and almost every single day i think about burning the house down and going down with the ship. also it doesn't help that my house is a festering stockpile of allergens and i can feel myself getting sick almost the minute i walk inside.
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