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hollowtips 3 years, 8 months ago.
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Some people say it can make your life, some say it can break your life.
I’ve heard and read about lots of successful people who go “If the bank never offered me this loan, I could never have done this and that….”
“Loans are essentially money when you need it. It opens a lot of opportunities for you in time which would otherwise be lost if you don’t take the loan and chose to ‘earn it up’ instead”.On the other hand, my own family’s been on the run from the bank for four years due to an unpaid edu loan of my brother. Apparently, the bank has hired a recovery agent to look for us.. and thank god we sold our previous property and moved to another city where they couldn’t find us!
Recently after the state elections, the new government has issued a lot of ‘schemes’ but most of them are less ‘schemes’ and more ‘loans’. There is one particular ‘scheme’ (government scheme) which I like: its Rs. 60k (=$1000) per annum till you complete college after which you get the option to pay it back six months after employment or 1 year after completion of course (the six month option gives me an additional 15% subsidy).
I don’t want to be trapped in a loan because of what has happened to my brother; I don’t think I can handle the tension that comes due to non-repayment of the loan (specially if you can’t get a job right out of college).
What do you people suggest? Should I go for it?
A bird in the hand is worth two in the bush.
What are you interested in, what would you study?
Oh and they will find your parents and brother. Eventually. Then OMGBBQWTFPWN you with interest and penalty fees. Its how banks turn you into a debt slave.
It is by caffeine alone I set my mind in motion, it is by the beans of Java that thoughts acquire speed, the hands acquire shaking, the shaking becomes a warning; it is by caffeine alone I set my mind in motion.
My suggestions if you want to go to get a degree and be debt free…
1. Complete an associates at a community college then transfer to go on for your bachelors, you’ll save a ton of money this way.
2. Commute for your bachelors, if your parents let you stay at home take full advantage of that.
3. Get two jobs. Look for jobs that offer tuition reimbursement. If you get two employers that will each pay 1-2k a semester towards your school that adds up to quite a bit of money over the course of a bachelors program.
4. Don’t be afraid to go part time. A lot of people will end up taking a fifth year anyhow because they switch majors or fail a class that is a pre-req for another class and their schedules get screwed up. If you stretch it out for 6 but pay as you go, its not that big of a deal. Most people take more than a few years to pay their student loans off so if you go part time and finish with no debt you’ll be better off in your late 20s than people that graduate a year earlier and have 30k+ hanging over their heads.
5. College is to get a piece of paper that will let you get a better job…partying and spring break trips and all that s~~~ everyone associates with the college experience is f~~~ing worthless if you end up financing it and paying for it for the next 20 years. Silently laugh at the idiots borrowing play money in college, because soon as they have to start paying it back their life sucks, and if you avoid that trap yours won’t.What are you interested in, what would you study?
Initially I wanted to go to med school, but I failed the entrance exams; I don’t blame myself because there is very stiff competition for seats. On top of that, adding to my bad luck, the government scrapped all state-level and university-level entrances and made it all natinal, where my chances were 0.01%.
I always have other options like naturopathy/homoeopathy but these aren’t real doctors any way. Moreover, I cannot go into my desired field of study (Psychiatry) if I don’t get a standard medical degree.
The only other option now is to do a BS in Psychology; but there aren’t any colleges in town that offer the course; I’d have to live away from home (expenses, expenses). Also its not like I’ll land a job right away unless I complete my masters’.
We don’t have associates in our country (apart from the worthless diplomas) and don’t have opportunities for part-time jobs that actually pay for college, i.e. they are very meagre; only good for some extra pocket money. Rich 12 year olds get much more money in a day than you’ll ever earn doing a part time job in India for a month.
A bird in the hand is worth two in the bush.
We don’t have associates in our country (apart from the worthless diplomas) and don’t have opportunities for part-time jobs that actually pay for college, i.e. they are very meagre; only good for some extra pocket money. Rich 12 year olds get much more money in a day than you’ll ever earn doing a part time job in India for a month.
Ahh…didn’t realize you were from India…its obviously not quite the same as here.
Just a suggestion though if its possible…I’ve seen a lot of people do it here with great success, especially people who maybe didn’t do so great in high school who couldn’t get directly into the college they wanted. They’d go to a cheaper, less prestigious school and work their ass off and get awesome grades in generic classes…things like physics, algebra, chemistry, etc that are going to cover the same material no matter where you take them. The laws of physics won’t change if you take it at the best school in your country or an average one. After a year or two of solid grades, they’d reapply to the schools/programs they originally wanted to get into but couldn’t, and often times got accepted, then they’d just transfer their credits over, and when they eventually graduated it didn’t matter if 1/4 of their credits were transferred in from a different school…they got the same diploma from the good school everyone else got.
Is that something possible for you? Would you be able to retake the entrance exams in a year or two? You’ve seen the exam already…would it be possible to just take courses related to the entrance exam for a year, then go back and pass it, and just transfer those courses to the new school so you don’t have to pay to take the same crap twice?
would it be possible to just take courses related to the entrance exam for a year, then go back and pass it, and just transfer those courses to the new school so you don’t have to pay to take the same crap twice?
No. All thanks to the unbelievable competition. Even though more than half of the under-graduates never become doctors; they’d just become professors and teach or do some management course afterwards.
Though its possible to re-take the entrances every year (until you’re under 24 years of age), you can’t ‘do something else’ in the meantime that’s gonna save you time and money in the future. I’ve spoken about transfers to a couple of universities, some of them were like “transfer? What’s that?” Even if there was a provision, I doubt people ever used it.
The thing is, people over here do not look for job satisfaction or pursue their interests; they just wanna do what pays the most. Civil services, STEM, whatever pays the most; these fields will always have a lot of competition. Moreover, entrances for medical and engineering are combined, i.e., we get the same level of physics that’s needed in Architecture or Aeronautics; which should not be the case. That is why people with genuine interest in a subject do not get their chance.
A bird in the hand is worth two in the bush.
What are you interested in, what would you study?
Initially I wanted to go to med school, but I failed the entrance exams; I don’t blame myself because there is very stiff competition for seats. On top of that, adding to my bad luck, the government scrapped all state-level and university-level entrances and made it all natinal, where my chances were 0.01%.
I always have other options like naturopathy/homoeopathy but these aren’t real doctors any way. Moreover, I cannot go into my desired field of study (Psychiatry) if I don’t get a standard medical degree.
The only other option now is to do a BS in Psychology; but there aren’t any colleges in town that offer the course; I’d have to live away from home (expenses, expenses). Also its not like I’ll land a job right away unless I complete my masters’.
We don’t have associates in our country (apart from the worthless diplomas) and don’t have opportunities for part-time jobs that actually pay for college, i.e. they are very meagre; only good for some extra pocket money. Rich 12 year olds get much more money in a day than you’ll ever earn doing a part time job in India for a month.
If you are interested in medicine there should be a few paths open. Can you learn to be a paramedic? Here in the US they are first responders who stabilize patients for transport. They are usually stationed with fire departments and ambulances. There is also the military. Becoming a medic in the military. Here in the US the most respected medics are the PJ’s. Or Pararescuemen. If you learn medicine as a paramedic or the military you will have a leg up on getting into regular medicine.
It is by caffeine alone I set my mind in motion, it is by the beans of Java that thoughts acquire speed, the hands acquire shaking, the shaking becomes a warning; it is by caffeine alone I set my mind in motion.
Hmm.The paramedic is good but its looked down upon. Again, because its not as much as respectabe and high-paying as mainstream medical courses. Nursing is an option but those who opt for nursing are 90% women.. and I don’t want to work a job where I have to wake up at 3:00 to clean someone’s s~~~ in a hospital.
Other than that, I wanted to look into the fireman business, but again, these jobs are looked down upon. You can’t do what you want, you got to do what pays you the most.
Average tuition for med school is like $90,000 if you don’t consider lodging and food. That’s the management quota (for those who don’t want to appear for entrances,i.e., direct admission).
A bird in the hand is worth two in the bush.
You can’t do what you want, you got to do what pays you the most.
You gotta look at the big picture too…how many years will school make it so you can’t work(or work as much), and how much debt will you leave with? I avoided student loans when I was in school…but I spent tens of thousands of dollars on school during that time, and the time and effort I put into school could have been spent at a second job. In the end I ended up with a decent job and I’m still not exactly sure school was worth it.
Let’s say over a 10 year period of going part time, I averaged 6k per year on school related expenses going part time. Additionally…if I didn’t have to invest any time in school, I could have picked up a second job and earned an extra 10k a year over that period. So…had I not gone to school, I could have invested an extra 16k per year over a 10 year period. If I averaged 10% per year, which I very easily could have done with what the markets done since the last crash, I’d have almost 300,000 dollars in extra savings.
So let’s say from here on out I make 8% a year on that 300k…that would be 24k this year. 24k / 2080 hours in a year passively would earn me the equivalent of a job paying 11.54 an hour if I worked 40 hours a week. I was making a little over 20 an hour when I left my last job for a higher paying job…so combine those two if I went that route and I’d be making the equivalent of a job paying in the mid 30s an hour…or pretty much what I’m making for a job where I work now with more hours, rotating shifts, on call 24/7, and have a lot more responsibilities.
I also have a relative who got a medical degree, who finished up with about 250k worth of student loans. Average salary in his field is about 150k…but he promptly ends up butt raped in taxes because he is in a high tax bracket. He also went out and bought a house and a car, which considering we are the same age I have a property with a chunk of equity in it already and a paid off car. He has a higher income than I do now, but he also lost 8 years worth of working because you can’t really work your way through med school. By the time he pays off his 500k in total debt, he’ll probably end up paying 750k+ taking interest into account. My net worth is mostly liquid and compounding while he is digging himself out of debt. I’m fairly certain at this point that the only way he will ever pass me in net worth will be some point in time after I retire…which will be much earlier than him. I’ll be close to being a millionaire by the time his net worth is greater than 0.
Its one of the things that makes MGTOW and a minimalist lifestyle so great…you don’t have to necessarily chase the biggest salary because you can more than compensate for it by tucking money away in the stock market or into rental properties early on in life when historically people with average wages couldn’t do this because they’d have already had a wife and kids. I wish I understood this at 18, but I still had the traditional mind set that I’d get married and have to have a big paycheck to pay a mortgage and support a family. If you want to chase a career because its what you really want to do I can respect that, but if you want to get a bunch of student loan debt just because you think you’ll get a higher salary, its not always as great of an investment as you think it might be if instead you have the discipline to start investing heavily in stocks or rental properties early on in life so you have more years to take advantage of the passive income, dividends, compounding, and reinvesting your gains.
That is absolutely right, Mr. Beer. Over here, its not just 8 .. but about 12 years before you are eligible for a high-paying job in the medical field. Even if I did get government for my bachelor’s, I’d definitely have to take a loan for PG etc. and that woud accure lots of debt which will recur overtime. I do not like the idea of paying more than I took. That’s why I don’t like loans; its like the banks convert time into money, thus proving the statement “Time is money, if you know how to convert it properly”. No, I’m not going to make the banks rich with my money. I won’t take no loans.
Isn’t investing in stocks etc. very risky? I don’t know much about it but that is what I hear from people. We are a very risk-averse lot; people are more satisfied with a steady income rather than take the risk by investing in stocks, etc.
A bird in the hand is worth two in the bush.
Isn’t investing in stocks etc. very risky? I don’t know much about it but that is what I hear from people. We are a very risk-averse lot; people are more satisfied with a steady income rather than take the risk by investing in stocks, etc.
It depends what you invest in really. If you want to invest in a leveraged fund trying to make a quick profit in a short time frame, yeah, its pretty damn risky, you might as well just go to the casino. If you want to invest in a large corporations that pay a steady dividend, you reinvest your dividends, and you are investing with a long term outlook, it is considerably less risky. You won’t get rich fast this way but its a great way to build a passive income stream.
The other thing a lot of people recommend to reduce long term risk is dollar cost averaging. For example, if you buy 1000 dollars worth of shares when a stock is 100 dollars a share, you bought 10 shares. If it goes up to 200 and you put in another 1000 you buy 5 more shares, with an average share price of 133 dollars. If it goes down to 50 a share and you buy 1000 more you get 20 more shares, you are holding 35 shares at an average share price of 85 dollars. All the stock has to do at that point is go to 85.01 and you are making money…if it goes back up to that 100 or 200 a share you are doing quite well.
Basically if you put money in over time when the market is lower you buy more shares for the same amount of money, and when the market is higher you buy less shares. Even if the market drops significantly over the next few years its only a short term loss…as long as you continue to dollar cost average and buy in consistently over time you’ll be right back to new highs in your portfolio before the market sees new highs, and when the market sees new highs you’ll be crushing it.
Hmm. Awesome. Though I will need to read more about that and know how it actually works. I guess for now no loans for me.
A bird in the hand is worth two in the bush.
My friend went to a bank to take out a 10 grand loan. He said he wanted a car, amazingly he got the money but never ended up buying the car. He had no job and over the course of about 9 months he’d spent all the loaned money. He now lives in a closet apartment and will be paying off the car until his late 20’s-early 30’s.
Most loans aren’t worth the risk without significant experience and education for what you want the loan for. Only time I’d recommend getting a loan is for a house. And then I wouldn’t even live in the house I’d rent it out and have someone constantly paying income for it.
If you loan for a business and your business fails your f~~~ed. And loans for school should be a last resort. I’ve been working part time this entire school year at a very reasonably priced university. It’s been tough but I have no debt at the moment finished my second year.
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