GaryMyMan USA Fan Lower Garden District Member since May 2007 10632 posts
re: Money Management as a Student (Posted on 10/1/12 at 11:04 am to TheOcean)
quote: Is it tough to get into that field?
There is a lot of cronyism in the oil business, but with a JD you jump ahead in line. I'm independent right now but just began applying for in-house landman jobs at the bigger oil companies in Houston & Dallas - most either require or prefer a JD. What I like is that there is a lot of upward mobility potential for a young person with a professional degree.
re: Money Management as a Student (Posted on 10/1/12 at 1:40 pm to TheOcean)
Investing it is an option. But without experience and time it will be hard for you to beat a 6.8% IR in terms of market returns. If focus on paying down debt. Plus you gotta consider time value of money thing.
But take a portion of your cash and start a Roth IRA.
re: Money Management as a Student (Posted on 10/2/12 at 10:05 am to TheOcean)
quote: Wouldn't it be better just to use the money to defer having to take more loans out?
Well perhaps. But at some point you've got to start saving for retirement. Our older generation unfortunately started saving to late as a majority.
In a tax deferred account taking on moderate risk, compound interest and all those things could give you nice gains (outpacing the interest rates on your loans overtime). Tho this is not an easy task expecially after the freakin government got rid of subsidized loans.
I've been going thru a similar debate with med school loans, tho I worked as an investment analyst for a few years so I know a thing or two about risk/returns and portfolio management.
So I'm leaving some of my saved capital in an IRA and taking some risk with the hope of solid long term gains