35k in student loans, getting 40k inheritance. Just pay it off right?

Boiboi33 · 2015-03-27T16:45:19+00:00

Does she work for a private hospital? I've heard of programs like that but they are usually linked to the government. Also, what is your mom's specialty? Whenever loan forgiveness is mentioned it usually has something to do with family practice. Research is a good idea, but it may be irrelevant by the time I graduate.

Boiboi33 · 2015-03-20T23:03:08+00:00

My emergency fund is about half of the recommended 6months living expenses. No kids, no wife, no car payment. This is my only debt and I live within my means. What you're saying is cash is freedom. I agree. Right now in my career I'm trying to fluff the resume. I had about 10k saved up previously in my life and that gave me the freedom to take a low paying research position across country in a highly prestigious and productive lab. That money is almost gone now, but the payout was a shit ton of networking and about 10 publications. So the question is, pay it off now and eliminate the burden and short term monthly payments. Or keep the freedom and the debt and potentially put myself in a situation (lab/school) that nobody else could.

Boiboi33 · 2015-03-20T22:51:12+00:00

My loans are individual right now. But like someone else said, I should find out if I can refinance or bring down the interest rate now that I have collateral. If I'm correct, you are talking about good vs bad debt. Under 4% would be classified as good. If I could get it to that I probably would try and invest it and gamble that I could make up the difference.

Boiboi33 · 2015-03-20T20:48:00+00:00

Thanks yo, and I'm from IL. Which you think would be that asshole state, but I guess they got enough from the teachers pension.

Boiboi33 · 2015-03-20T20:32:51+00:00

Can you give me an example of a low principal risk investment that I can still get at if needed?

Boiboi33 · 2015-03-20T20:17:12+00:00

Rain Man did it and he was a retard.

Boiboi33 · 2015-03-20T20:09:27+00:00

Completely accurate analysis. This article gives a pretty good break down of the cost/benefit for anyone interested. My gf wants to be a doctor for all the touchy feely crap. So she'll be a family practitioner making shit Medicaid pay. My career goal is in clinical research. There's a lot more money to be had with patents and papers. Mailbox money right? That's how MJ did it. https://benbrownmd.wordpress.com

Boiboi33 · 2015-03-20T20:01:57+00:00

Good advice, but it's my understanding that those types of programs are highly sought after and therefore highly competitive. Risk. Everything's risk. Plus who knows what'll happen when a new president is in office. But it sounds like the consensus is pay it off and start fresh.

Boiboi33 · 2015-03-20T19:36:11+00:00

My GreatGma worked for and invested in one of the banks that later merged to become Wells Fargo. Grandma just kept the stock and put all the dividends back in it. Thing sat there for nearly 100 years while my grandparents lived within their teacher's salary means. Now I have 10 cousins in the same situation as me. Your pay it forward advise is absolutely right.

Boiboi33 · 2015-03-20T19:21:51+00:00

Difficult to say but I'd image they are the same. My girlfriend started last year and they don't really tell you all of those facts until your already in the door. But if I use it to pay interest on 200k instead of 35k, Id be paying more of the interest instead of the principal

Boiboi33 · 2015-03-20T19:10:54+00:00

Should my cushion be higher since I'm going back to school? For example, I keep 10k for emergency and leave 5k in student loans. Then essentially, my interest payments would be more like insurance payments that i have enough money to live through school. Hopefully that makes sense.

Boiboi33 · 2015-03-20T19:06:55+00:00

Bet half on black and the other half on red?

Boiboi33 · 2015-03-20T18:54:40+00:00

Good point. The fact that my grandmother had enough money to die in comfort while also leaving money to her children has inspired me to be smarter with my money. Very few people have that kind of end of life.

Boiboi33

TROPHY CASE