Sophmore in college

[fiffer010]

Oh, and other vangaurd where should I look for the Roth?

[kenwai]

As far as where to invest, you probably want vanguard to get a 100% stock mutual fund since you can be aggressive at your age. At the same time, you want to have it really diverse, not just foreign or large cap for example, since each group tends to fluctuate from year to year. Any advisor should be able to explain it to you.

[pennywise]

Oh my God, I am an RN and have been for 25 years. Do not recommend the career. This is a hostile, high stress, low paying job for the education. Obviously you are shooting for a 4 year degree. Shop around and change before it is too late or you will pay for a degree and not use it to your advantage. Any patient complaint will get you fired. Stressed coworkers constant bickering will get you fired. Ask nurses who are not employed why? Do your research. Have you heard we eat our own yet - pay attention to the comments you hear about the career.

[fiffer010]

Thank you pennywise for the heads up, I will deffinetly put more research into it. Also, I have not declared it and i'm just taking my general so I have not made a commitment.

Back to the car. The benefits of m
aking payments would be that it would increase my credit score, am I right? Would that out way the the extra interest (seeing that interest is somewhat low right now) for a boost on my credit report or number? I have had a CC and have been paying it off for 9 months now. Also if my parents co-signed would my credit still go up?

[pennywise]

Fiffer010: I could not be anymore serious about my warning of choosing nursing as a career. Nursing historically has a reputation of "eating their own". Poor nursing managers who lack the ability to grant autonomy to their colleagues due to their wanting to control, yet you will have advanced education and your own license to which you are accountable for. Hospitals see you only as a "line worker" treating you with disrespect instead of the professional you really are. Patients are angry because something has disrupted their lives and take it out on you, however, they do not take it out on the doctor. Management fails to understand this and you WILL BE FIRED then your name gets ruined and you are black balled from the system(s) the more you keep trying to work, because it happens over and over again every place you go. If the patient is not angry the daughter is because now she has her family and now mom or dad who have added stress to her. It all comes out on you. Other clients hit you, yell at you, are demanding. The nursing assistants, who you delegate to, hide on you, complain about you that you "sit on your butt at the desk (charting, reviewing labs, etc) and they get you fired but you cannot get them fired. Pay for a BSN is $19 to start when other careers start >40,000 annually. Physical therapist with the same education make more than you, then when you are overworked, short staffed bring the patient to you and say "he has to go to the bathroom". Well the PT is a part of the team, why didn't he take him to the bathroom. Fiffer010 you are very intellegent and show great potential: consider premed and become a physician. Look for a career where you are an independent worker and not a dependent worker. Even as NP's we are not getting respect. AN NP is the physician EQUIVALENT yet are treated as nursing staff by hospitals. It is not going to change, there solution is not to fix the problem but to bring in immigrants they can order around. So I ask you, look around the hospital floor, where are the Philappino nurses that were recruited and brought to America in the 80"s. Do you see them. But they will bring them in, shouting shortage, when it is they who keep firing you for petty reasons. The shortage exists for a reason and you need to consider it. Look at the number of licensed RNs an ask yourself does a shortage really exist. There are enough licensed RNs for every position. Another thing, go into CINAHL and look up nurse bullying, this may open your eyes a little more. Do your research before you invest so much time and money. For the education, you want respect and the ability to work in a nonhostile environment. Let me point out that I believe the hostility comes from the multitude of single women with attitudes over their failed relationships that take it out on you if you are happily married. I was told that at Troy Beaumont the nurses will ask you what school district your child is in to determine your social status.

[fiffer010]

Thank you pennywise for the heads up, I will be looking into this and possibly talking to some current RN's.

Back to the car. The benefits of making payments would be that it would increase my credit score, am I right? Would that out way the the extra interest (seeing that interest is somewhat low right now) for a boost on my credit report or number? I have had a CC and have been paying it off for 9 months now. Also if my parents co-signed would my credit still go up?

[34saving]

You're young. If you stay on track with paying off your credit cards you credit score will be fine when you need it to be. (I easily qualified for a mortgage right out of college and never had any credit history beyond credit cards.) Don't pay any interest on a car loan that you don't need too. (Also, if you can avoid a loan all together you have many more insurance options -- insurance will be cheaper.) I too fall in the used car category. (Like you want to park a new car at college!) BTW. I drove my college car for 11 years and it was only $3500 used to begin with! (Of course that was in the nineties, but still . . .)

[pennywise]

I am glad you are now looking at career options. Another area of research for you is the Magnet Status criteria. Why was this put in place, who has it? I recently reported nurses for going into my patients room and turning on an IV I shut off due to SQ status (risk fluid volume overload, compartment syndrome- very seious adverse events). This report was given to the hospital and JCAHO - I was told thanks for telling us and nothing was done. The other nurse (who was innocent) lost her job. Look at the Occupational Outlook handbook at your local library. What Color is your Parachute is good at narrowing a career option. However the OOH gives salaries with risks. I say earn as much as you can. You are very wise and lucky. Be careful talking to nurses currently working in a hospital - research that nurse bullying. Nurses with longevity have bullied their way to the seniority rank. Ask nurses who have been fired or will not work in a hospital, this is where the truth is. RN magazine has over the years had RN's write in on the very topic I was telling you about, their advice, write it down and give it to management - what do you think happens here?


The car. Yes you get credit if your parents cosign. I would still recommend buy a new car and drive it until it dies. This way you know the maintenance schedule, how the car is driven (how do you know the previous owner was not rough on the engine and suspension system). I say, don't buy someone else's problems. However, the decision is yours to make. You can make a large down payment to keep payments small since you want a particular vehicle. Or you can make a minimum down payment, then increase your payments and pay it off REAL fast (please) to boost the credit score. The object is to not pay interest as the interest is what keeps you a slave to the employer. Ben Franklin said "he who goes a borrowing goes a sorrowing" another story he had in poor richards almanac - if you can buy anything you want cheaper than others we are afraid you will be lessening your expense, be enabled to pay your debts. The do not want yhou to not pay your debts because you have to earn evermore income (higher taxes, right), work longer (why do you think the mortgage industry just did what it did - study Greenspan and his master's thesis), and they can control you. Be wise as you are, avoid debt and if you have to take it, pay it off FAST.

[fiffer010]

I want to thank peenywise shortly for going above the call of duty helping with my questions, thank you.

I will be opening my roth IRA with vangaurd soon but I dont know where to invest it in. I think i want to 70 % aggressive and 30 % conservative, does that sound good? also, I know you can take out your contributions but is there any penalty on that?

[pennywise]

Thank you for your responses, I have been feeling depressed the last week and you up lifted me. Roth IRA's allow you to withdraw initial investment money only NOT EARNINGS. Make sure you are clear on this. This is one reason we suggest this, the ability to withdraw some money in an emergency without penalty. I do advise you follow the 70/30 split. You are young with a good career life ahead of you if you choose wisely (no nursing, please: I swear; I will not let my daughter be a nurse, she is groomed for a surgeon and choosen orthopedics {says no blood and guts in arms and legs}). Aggressive should be fine. Learn to do your own homework, ask advice, but do what is in your best interest. One thing I did was go into government sites to pull birth rates and did a chart to determine how detrimental demographics is on investments. There will be some effect as we pull money, but remember I said my plan is $1 mil will produce 30,000 in income with SS I should be fine the $1 mil goes to my dtr. Others may think the way I do, so my $1 mil will not be pulled. Have some global. Asian countries have contracted with Kaplan to set up Master's level schools and look at what is on in India. I would consider global, some local, then look to cash deposits in CDs at this time (no fees for this). Oh, consider your fees!!!! That man selling you gets a commission, the company wants profits, shareholders want a bite, so how much is left for you. Control your own money - maybe through online accounts with NO MARGIN so you can't lose. (Do margin when you can afford to lose ONLY). FYI: morgan stanley is FIRING brokers who do not produce $250,000 in commisssions (what does that tell you, what incentive does that broker have over your interest or his). Be FRUGAL BE WISE.

[CRFSaver]

Someone mentioned now is a good time to buy a used car. Given the specials the the big 3 are given to purchase a new car there is quite a big glut of used cars on the market. What is funny is that dealers make a larger margin selling used cars over new cars. Go figure.

I had mentioned before from a retirement perspective, look at the future value of those dollars you are putting into your IRA. The longer it is till your retirement the more advantage you get from contrinbuting with before tax dollars versus after tax dollars. You might want to do a few present value calculations to see which is more advantageous to you.

As for nursing, I have heard both very very good and very very bad about the profession. I think part of it depends where you live. Where I grew up it was terrible profession. Low wages and had to pay your own malpractice insurance. The RN and PT I know in California made bank! Some areas starting at 60K a year fresh out. They are unionized which helps. I also had a freind who made a nice living working Friday and Saturday nights. No one else wnated to work them so they paid her a fat salary to work those 2 days.

I cant agree enough about fees. One reason to stay away from the brokerage funds is for the upfront or back end loads they want to charge. If you really want a particular fund manager, check around, usually they "sub-manage" a no load fund out there. I can give you some great fixed income funds but know less about the equity funds.

[robb_0909]

I would not put any money in a 401k unless you are getting matched. I would buy your car with cash for the reasons you said. Maybe a 2-3 year old car with low mileage. I would open a roth like some of the others suggested and put about 15-20% of your take home pay in it. I would start to save a small emergency fund (maybe a $1000) and put the rest away for things you will need when you move out. I would most likely keep the emergency fund in a close to home bank and put the other in a money market mutual fund. You will make a little better in the mutual fund but I like to be able to get my money in a few min. if I have to.

[fiffer010]

Haven't been able to post because of school. this is what I am going to do. First build up my emergency fund of about 4000-5000 in emigrant. I'm doing more because I will be taking some trips hopefully at the end of the semester and next summer hopefully, corssing my fingers, go to europe. And also have aobut 500-750 in my BofA so I have easy access to some money. I am about a month away from getting to this point. After this I will then set up my Roth IRA. I am sure I will have more questions once I open that up.

I know this is a very vague question and is hard to detrmine because it always depends on the person but what are some good professions. I am taking my GE classes now and I have no idea what I want to do. I just need some direction.

[pennywise]

The occupation outlook handbook available at your public library will list positions and careers along with the job requirements and salaries. You are enterprenerial and I suggest you build on that. Owning your own business as you do with a sideline for the "bad or slow" times? If you wish to be an employee consider positions with repect and autonomy. Look for independent practice vs. dependent practice (search in CINAHL for understanding of these terms). So I suggest, physician, orthodontist, attorney. You want a career that moves anywhere - I mean you can go anywhere in the world and make a living, not just limited to location (my spouse is in automotive and he repeatedly is "downsized". My spouse was told if he stayed in automotive he no longer has a family - I am tired of the cycles - can't build assets when you are out of work every 5 years - understand?). This is the best advice anyone will ever give you, wish someone would have told me! Another option, school administrators - they earn excessive salaries and benefits. Please keep us advised of your predicament. I am very interested in watching you grow. Perhaps as you grow and share it will help me with my daughter, who strives to become an orthopedic surgeon. Hope to hear on your choices soon. Declarations can be changed you know.

[fiffer010]

I would only hope I could be in a possition to help you, considering all the help you have given me. I am intrigued, where abouts is your daughter in becoming an orthopedic suregeon? I will be looking much harder for the career I will be working for this year because I only have another 3 semesters till my general ed is done and am able to transfer to a UC. I think owning a buisness would be the best for more me. I am currently working for a guy who runs a buisness out of his house and is doing very well. So would a coinsiding degree be a MBA? I would think that the biggest decision to make is what type of buisness is it going to be.

[pennywise]

Dtr has a long way to go, only is nine, I am grooming her. An orthodontist is a business, a business making >500,000/annually. A physician is a business (complaining about a lot of paperwork), attorney (seems a little flooded). Recent article I read indicates the orthodontist has the best life and some are willing to pay cash for those braces and cosmetic surgery. Strongly advise orthodontist - a business with a lot of respect, movable business if need be in event of terrorism (can go to any country), great income, and independence. Look it up, always do your research (you have that nurse personality - do your research - but stay out of nursing - they will eat you! And you are too good for what I have been through).

[CRFSaver]

This is pretty vague but, the best profession is the one you enjoy doing. No matter how much money you make at a "good" job it never makes up for the stress and low moral from having to get up every morning hating what you do. I had a friend making half a million a year and yet hardly slept at night because she was always worrying about what was going to happen the next day. Definately not worth it. She is a consultant now much much happier.

I have worked in the capital markets my whole life. Some of the gigs have been terrible, some of them have been quite good. It is definately not like a normal corporate job. You might want to consider consulting if you are curious about a lot of thigns. Get into an accenture, Booz Allen, etc and you will get to see a lot of different things.

I have friends that love their jobs in hardware or programming. What is your skill set? What are you interested in? What excites you? I can give you some ideas if you let me know some of the professions you are interested in.

[fiffer010]

Right now i am training to do bodybuilding. I have my first contest coming up in about nine months if training goes accordingly( that may seem like a long time but ita not). So what interests me is the health field. fitness, things along those lines. I have been looking into dietitan or nutritionist but it seems like the pay isn't that great. Any fields you can suggest?

[CRFSaver]

My company runs a gym downstairs. The contractors down there have degrees in gym science or something like that. Work for a company in Ohio that places people at corporate gyms. You could always do that. You could always look at physical therapy. And if you find your self strapped for cash, I know a lot of people that started out as massage therapists till they could finish school for physical therapy. Otherwise a family friend works for one of the NBA teams as a physical trainer. If you can afford it try and do internships with even a minor league team.

I cant stress enough if you have the financial freedom to do it, do internships in college. I ended up bussing tables part time for spending money but the internships I did (unpaid) in undergrad gave me a leg up versus others i graduated with. Start looking now if you can. Some internships pay quite well actually.