NEED YOUR HELP: Open-minded and Looking Into My Financial Options

[OpenMinded4Growth]

Seems like your expenses are pretty well in check. Any way you can make more money? 2 full time jobs making only 4k per month is not ideal imo. At age 29, you can handle it, but as you get okder, things may cjange. What are your degrees in? You cant find a job in yourfield and location that will pay you 4k per month?

Good point, BS. Working 2 FT jobs is not the ideal situation for me, but I guess I am on a Dave Ramsey "do-anything-I-can-to-get-out-of-debt" mission (and I have nothing against Dave Ramsey at all).

Currently, I have a Master's degree in Management and a Bachelor's degree in History and Political Science. I work in my DREAM field, higher education, as an admission representative. I am seeking a mid-level management position in higher education operations, student services or volunteer management (former position as an AmeriCorps Program Director from a top-tier R1 state university). To be honest, I know colleagues, mentors and associates believe in my knowledge, skills and ability more than I do. I am confident, but I am very methodical and pragmatic. I like to make sure I am fully-versed in my current position before I take the next step. Additionally, I do not have a car, so some of the desirable positions that I sought required reliable transportation in a suburbian locale. I live in greater NYC, so anyone would think that there are a million higher education jobs in the area, but it has to be the right "fit" for me, as well.

My top goal is to make money (point blank period) to pay off student loan debt. Yet, you have a good point, BS. Perhaps there is a way that I can work smarter, not harder.

[~bs]

Good point, BS. Working 2 FT jobs is not the ideal situation for me, but I guess I am on a Dave Ramsey "do-anything-I-can-to-get-out-of-decolleague ofn (and I have nothing against Dave Ramsey at all).

Currently, I have a Master's degree in Management and a Bachelor's degree in History and Political Science. I work in my DREAM field, higher education, as an admission representative. I am seeking a mid-level management position in higher education operations, student services or volunteer management (former position as an AmeriCorps Program Director from a top-tier R1 state university). To be honest, I know colleagues, mentors and associates believe in my knowledge, skills and ability more than I do. I am confident, but I am very methodical and pragmatic. I like to make sure I am fully-versed in my current position before I take the next step. Additionally, I do not have a car, so some of the desirable positions that I sought required reliable transportation in a suburbian locale. I live in greater NYC, so anyone would think that there are a million higher education jobs in the area, but it has to be the right "fit" for me, as well.

My top goal is to make money (point blank period) to pay off student loan debt. Yet, you have a good point, BS. Perhaps there is a way that I can work smarter, not harder.

My opinion is that any job advancement or carewr shift requires a leap of faith. Its tempting to stay within your comfort zone, but nothing risked = nothing gained. if colleagues believe you are capable of handling greater challenges, perhaps you should as well.

[BMEPhDinCO]

Yup, the only debt left is the federal student loans. Yes, I am definitely proud of knocking out those CC's. I still have the cards open (I heard it was bad to close CC accounts even after debt is paid in full), but I have reduced my credit limit to $500 on each of those cards.

The first thing I plan to do this morning at work is to consult with HR about the vestment structure pertaining to the employer match (for both jobs). Your strategy is sound; it is prudent not to match 100% if full vestment is leagues away (typically capped at 5 years for a lot of companies). I have only been at my job for 18 months. Combined with my 2-3 year goal for 2 FT jobs, I would fall short of full vestment if both jobs call for 5 year FT employment.

I appreciate the small (but BIG) details outlined for the 2012 Roth IRA. Question: What if I already received my return for 2012? Would I still be able to contribute to a 2012 Roth IRA under this circumstance?

I agree that I should plan vigorously to pay off the $595 loan next month and then concentrate financial efforts on the $3711 loan + 2013 Roth IRA max. At 29 y/o, the time is now to start paying close financial attention to my retirement allocation (I have compromised this area in the past) while still building liquid savings in the process. In your honest opinion, what entity would you trust with your Roth IRA?

Again, thank you for your advice.

You don't have to worry about amending your taxes (I think, hopefully someone else can confirm) since it is an after tax contribution. If it was a job retirement or regular IRA, you would have to take that into consideration.

My RothIRA is with USAA - but Vanguard is my second choice (and I may even move mine over at some point when live is a little more settled). Find somewhere with low fees, that you feel comfortable with, that you can contact easily, and then go for it. I like the Targeted Retirement funds (ie, 2050 for us, or 2040 or 2035 if you want more conservative - I'm also 29).

Hope that helps!

[snafu]

Good on you for deciding to clear CCs and getting the job done. Way off your original topic but suggest you sign on to www.linkedin.com This is a legitimate site that gives you an opportunity to see what jobs are out there, who's hiring and the credentials/skill sets they are seeking. I'm sorry to be blunt but your student loans haven't given you the income I would have expected in such a high cost of living area.

2nd...if you've an interest in flipping houses, you could check out the free seminars given every Saturday AM by place like Home Depot, Lowes etc to learn a totally different set of skills. It's practical and helpful to know how to replace a facet or install a thermostat with a timer.

You're doing great, not many of us hold our DREAM job

[phantom]

You don't have to worry about amending your taxes (I think, hopefully someone else can confirm) since it is an after tax contribution. If it was a job retirement or regular IRA, you would have to take that into consideration.

I would suggest amending your taxes even if there aren't any tax consequences just to keep things accurate. Also, unless you know a lot more about the tax code than I do, you never know when something will have an impact.

Just last week, right before my sister filed her taxes, I convinced her to max out her Roth IRA for 2012. I was surprised when entering this into TurboTax that it bumped her refund up by $80. Upon digging, I discovered that form 8880 was giving her a tax credit for her Roth IRA contributions. She was already getting a credit from form 8880 because she contributed to a SIMPLE IRA through her employer, but the Roth IRA contribution allowed her to get the max credit for her income level. If the OP made as much last year as he is making now, he probably makes too much to take this credit. But, it does go to show that even though Roth contributions are supposed to be after tax, they can still have tax consequences.

[dunnrobert700]

Don't invest a cent, even in a 401K until you pay off the loans. Nothing you can invest in will touch the 6-7% after tax money those loans are costing you. Keep emergency money on hand and otherwise focus entirely on the loans, they are by far your best opportunity to improve your financial circumstances at zero risk. No investment remotely compares in terms of risk/reward.

Edit: Correction, if you get matching on a 401K that's better, but only up to the amount your employer will match. Also look at the vesting and make sure the terms and timing are such that you're confident you're going to get it.