Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


28 October 2008

More Thoughts on Student Loans.......

In the last blog I discussed ways to reduce the amount of money you may need to borrow for school and ways to repay more quickly once you graduate. We also received some great comments that are real world examples from people who shared their experiences and thoughts.

Stefan's idea of looking into Internships is excellent! He landed an internship that he worked at until graduation. So it wasn't for one term - it lasted 18 months. He was able to gain experience and his employers were flexible with his hours due to his school schedule. He also received pay increases as he took on more responsibility. This internship experience helped him gain his full time job after graduation.

M - brings up a great point - that most schools will offer job fairs. The fact that he found out he was really good working with computers and changed his career direction is very exciting. Being willing to try something that is new can be a real life changer!

J- is one of the really fortunate individuals who didn't have the additional stress of worrying about loans. However, her idea of working to save an emergency fund is an excellent thought. Once you graduate there are many costs - needing clothes to interview and work in, possible relocation, car expenses and commuting costs, housing, repayment of student loans just to name a few. Having a bag of money saved makes all this much easier. The last thing you want to do is start charging everything and creating debt. That is a trap that takes years to get out of.

Again, the goal is to borrow the least amount needed while you figure out ways to increase your ability to make a few bucks and reduce your costs. The principles are the same ideas we discuss regarding retirement savings. Determine what you really value and spend your time and money on those things. Find those free activities on campus, free food, have a pick up game of touch football, grab a Frisbee and some friends, cards anyone, get involved in student groups - support your passion.

In the next blog I will go through repayment of loans using different time frames. Again, more than anything you don't want to be finishing paying off your student loans as your kids are starting college.

Keep the thoughts, comments and questions coming........

Stay tuned................

1 comment:

Josh said...

My girlfriend is in pharmacy school and is receiving student loans. Her loan covers her tuition and gives her about $1,200.00 every quarter. What could she do with her money that would benefit her after pharmacy school?

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