Sophmore in college

[CRFSaver]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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]

Re: Sophmore in college

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.