Budgetting for college

Discussion in 'Self Improvement and Being Successful' started by Pnoj, May 21, 2015.

  1. Pnoj

    Pnoj
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    Hey everyone, I will be going into college in the fall, and am wondering what would be the best way to budget my income to pay for my college expenses. After college I would like to open my own business, I would like to start putting money aside for that also, as well as money to add to investments. What would be a good percent of my income to devote to each, College fund, Investing, money to help start a business. Thank you for your time!
     
  2. B2025

    B2025
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    So many questions, so little detail!

    How much is your college? How many semesters?
    How much do you make?

    This is a really hard question to answer without knowing your cost of living, school cost, and income!

    I will tell you this: If you get subsidized student loans, you could draw zero interest funding while in college --- and they would have low interest and longer payback time frames after college than a traditional business loan - if you thought you needed start-up capital for your business.

    But you better check the rules.... that might be illegal :)

    Good news is that there are a lot of flexible things you can do while in college!!
     
  3. Pnoj

    Pnoj
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    College will cost me about 16,000 a year I have four years so 64,000 total. I currently have 20,000 in scholarships. I make anywhere from 400-600 a paycheck. i don't fit the requirements for subsidized loans.
     
  4. B2025

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    Given that, I would think that you're not looking at being able to pay for it as you go or saving up prior.
    You probably need to decide what your priorities are.

    I would suggest that going to school could better prepare you for opening up a business, and may give you access to individuals who can help you get things started at some point -- so begin there with building your professional network. Don't worry about investing currently, unless it's small dollars to learn the market. Your investment in yourself and your future will be more beneficial than what you'll be able to put aside right now.

    I think you're likely going to need loans. Congratulations on the scholarship by the way! That helps.
    Consider the loans, but take out as few as you need - being wasteful now means you have more to pay back later.

    Just make sure your ROI will be worth it... choose a degree program wisely, and live conservatively.....
     

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