Deleted
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Post by Deleted on Jun 6, 2011 11:09:54 GMT -5
Reenee, what percentage do you have to put in the 401k to get the match?
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muttleynfelix
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Post by muttleynfelix on Jun 6, 2011 11:23:17 GMT -5
Renee - Do any schools offer dual enrollment where you can take courses that count both towards your Bachelors and your Masters degrees?
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qofcc
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Post by qofcc on Jun 6, 2011 12:03:57 GMT -5
With the nature of my full time job, working part time somewhere else just isn't an option. Even if it would get me cheaper/free tuition. I'm pretty comfortable/secure where I'm at and I'm not willing to change jobs at this late date on the off chance I might get tuition benefits.
I wouldn't change jobs on the "off chance" you might get tuition benefits, I meant do your research and find a company that you KNOW offers tuition benefits AND has jobs that you are qualified to do now and is flexible enough to do while you go to school AND has jobs where you would be able to work after you graduate. If they offer tuition benefits, you should be able to find that out on their websites. You're planning to research where you might work when you get your degree, right? So you start with that list, then find out if they offer tuition benefits and have jobs that you're qualified for, then you start applying. You have 1-2 years to figure it out. You might even start with looking at the schools you want to go to, then looking for jobs in those areas.
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Clever Username
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Post by Clever Username on Jun 6, 2011 13:20:41 GMT -5
I think what Phil is trying to do is make sure you vet all of your employment options. For example, your own student loan administrator guided you as a low income retail worker from deadbeat (ie not paying your bills) to wealth building (debt reduction). A bit of a blunt example, but that's the point.
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Clever Username
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Post by Clever Username on Jun 6, 2011 13:29:58 GMT -5
Once you get a full blown career plan in place, it'll illuminate your tuition options. The backassward way most social workers pay for school is taking out a slew of carefully picked student loans. Then entering the various income based repayment or loan dischargability plans.
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startsmart
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Post by startsmart on Jun 6, 2011 14:05:04 GMT -5
hey reenee, I know you've been planning for this for awhile. I'm hoping that the comments here are peoples making sure you've considered all the options So my check list would be: - run budget numbers for 401k and taxes to get your take home pay numbers
- get a course list for your intended major and estimate the number of credits and semesters you'll need
- price out community college vs university
- start researching the field and interview people who work in it
- set a goal for how much you want to save before starting
be sure to ask about all the sneaky fees like use of the computer lab, cost to apply credits from another school, graduation fees, part time student fees. Colleges are evil and sneaky like that. I would suggest lowering your 401k investment to just the match - is it half up to 3% or you put in 10% and they put in 3%? Then be diligent about saving money until you meet your goal and begin school. You may want to set aside some money for the first few months of student loan payments after graduation based on how much you borrow. Continue to work and maybe look for a job in the field that doesn't require a degree. Even if you earn a little less than your current job you'll be able to apply what you're learning in school, maybe get some tuition help and have a network when you're out of school.
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reeneejune
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Post by reeneejune on Jun 8, 2011 22:07:59 GMT -5
Thank you startsmart for actually answering my question without taking me to task for my chosen field. ;D I can always count on you to give me a clear concise list. 401K match - the company matches half of what I put in, up to a maximum of 3% from them. For example, if I invest 4% of my pay, they match half of that, which is 2%. If I invest 6%, I get the maximum match of 3%. If I invest 20%, I still only get 3% from the company. cleverusername - I understand where you're going with your blunt example. The deadbeat bit smarted, but the truth usually hurts. FWIW, the WIR are what got me on track. The student loan people didn't have much to do with it.
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Deleted
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Post by Deleted on Jun 10, 2011 11:25:59 GMT -5
I'd cut down your amount you are putting in your 401k to 6% then. You would not change how much you are spending in taxes (i checked) and you could put that away for school or retirement later. It looks like that would give you an additional $400/year and to even put it in a Roth at T Rowe Price (lowest requirements) it would need $50/month so $600/year so I would not do that for now, unless you would get money back from the saver's credit.
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