What's the worst financial decision you've ever made?

[stay lurkin]

Bro you aren't paying attention to what he is or anyone is saying .

If you were - you'd realize that we are all saying the same thing.

Gotta be smart about it.

But you aren't catching me out here without a degree you can believe that. Things change and they change fast.

 

[capital sb]

Bro you aren't paying attention to what he is or anyone is saying

.

If you were - you'd realize that we are all saying the same thing.

Gotta be smart about it.

But you aren't catching me out here without a degree you can believe that. Things change and they change fast.

I'm not paying attention to what anyone is saying ? He literally said this and if you read the prior post I quoted he claimed security guards are capped at $20/hr and can't make any moves forward .

 
Depends on the situation. 

$100k in loans for a degree that will get you an entry level job for $40-60k a year =  not a bad decision

$100k in loans for a degree in Underwater Basket Weaving making $12/hr =  very bad decision

The difference of $7/hr....

 

[$tacy]

I hate people who just go to college because they feel like they got to and get a bs degree. Ruin their lives before it even starts. My biggest regret in life is even trying college when I knew I wanted to get straight to the money. I fell into that trap when all my friends and classmates were going and I didn't wanna look like the dummy, little did I know that's exactly what I was doing following them. Some made great careers for themselves some I was making more bread than degree-less. I preach to so many kids to take up a trade if they don't know what they wanna do after high school.

 

[ahat]

I hate people who just go to college because they feel like they got to and get a bs degree. Ruin their lives before it even starts. My biggest regret in life is even trying college when I knew I wanted to get straight to the money. I fell into that trap when all my friends and classmates were going and I didn't wanna look like the dummy, little did I know that's exactly what I was doing following them. Some made great careers for themselves some I was making more bread than degree-less. I preach to so many kids to take up a trade if they don't know what they wanna do after high school.

Tradespeople make bank

 

[capital sb]

It's okay doesn't even matter govt has yal brainwashed. Go get your 100K in loans for a 40K/yr (28K after taxes/benefits) job if you want to . Just don't complain about not being able to afford anything after cuz your student loan payments are so high. I wouldn't recommend over 50-60K in student loans in general , closer to 25-35K is best.

 

[stay lurkin]

Yeah you only addressed what he said about security guards.

And then what you went into about ROI after was basically what we have been saying. Gotta be smart about it.

 

[stay lurkin]

And what dude was saying - is that having high loans and starting 40-60K a year with a decent degree is at least on the BETTER ends of things. Granted you manage your career properly etc. You will continue to make more money and will eventually make great money.

Period.

Now could we have been smarter and have less student loans tied to our degree? Absolutely.

that is what this conversation is about.

 

[capital sb]

Dog thats what your conversation is about lmao not his .

You got it like I said , if you think 28K after taxes and benefits with 100K in student loans $800-$1000/mo payments is the "better end of things" so be it .

 

[caliphthegiant]

Student loans by far!!!!!!!!!!!!

 

[nrg1604]

Buying stocks when I should have just stuck to mutual funds and ETFs.

 

[stay lurkin]

I agree.

 

[AZwildcats]

Without my degree, i would not have my current job. I also graduated with no debt so i am thankful for that 

 

[antidope]

The condescension in this thread is crazy.

 

[frshstunna]

Another thing I would tell youngins is school choice is IMPORTANT ....the 2 big mistakes is either wasting big money to go outta state or to a fancy school when cheaper closer option would give the same results and going to one of those small expensive private schools for no reason just to be different ...that's how u come out with 80k in loans instead of 35k, big difference

 

[capital sb]

Another thing I would tell youngins is school choice is IMPORTANT ....the 2 big mistakes is either wasting big money to go outta state or to a fancy school when cheaper closer option would give the same results and going to one of those small expensive private schools for no reason just to be different ...that's how u come out with 80k in loans instead of 35k, big difference

This

 

[Mr.Guy]

Without a degree one might be working at McDonald's. Sometimes loans are worth it.

 

[sosmoove]

Another thing I would tell youngins is school choice is IMPORTANT ....the 2 big mistakes is either wasting big money to go outta state or to a fancy school when cheaper closer option would give the same results and going to one of those small expensive private schools for no reason just to be different ...that's how u come out with 80k in loans instead of 35k, big difference

Good advice right there

 

[Mark Antony]

I say when it comes to college either go cheap, or go for the name.

 

[capital sb]

Without a degree one might be working at McDonald's. Sometimes loans are worth it.

Yup no degree = minimum wage

 

[Mr.Guy]

With loans it's almost like you're damned if you do and damned if you don't. It seems like if you aren't a trust fund baby, a nerd, lucky, a dude with a mean jump shot or can run a 4.3 40 yard dash, you're pretty much stuck with having to take out loans to pay for your education. It sucks but it's a reality.

 

[capital sb]

I don't think your damned if you get a reasonable amount in relation to your chosen fields average salary , career earnings , and industry outlook .

There really aren't many fields that require the name and ridiculous loans. People are over borrowing for degrees that will get you the same result no matter if you go 30K in debt or 100K in debt . Same job same/similar salary. This is my point.

Even for computer science (my degree) , software engineering is one of the highest paying fields and it doesn't matter where you go (as long as its accredited).

I graduated with 30K in loans making more than the avg software eng salary (for the DC area) right out of school , so what fields with a good-high earning potential with a starting salary under 50K requires 100K in loans?

I'm curious .

 

[hennessy]

Hennessy, you made 80k at your previous job. You didn't save any money from that or was that money tied up for other stuff/rainy day fund?

I commend you on taking this leap of faith. It's not easy leaving something that's comfortable like you said to chase your dream. How does your girl feel about the whole thing ?

Deep down I wanna do the same thing and keep going back and forth about things...

I saved more than $50k in a fund which I now have the option to take a full or partial withdrawl from. And I'm still getting paid like I'm working because I had a decent amount of leave saved up.

But none of that was available when I was working a full time job and building a company on the side. And all of my income from my day job was pretty much going directly into the business.

I'm tempted to withdraw the full $50k, deposit it into my business account, and that way I would be able to write it off and not get taxed as hard. But then I'm left with nothing for myself if the company fails and I'd be starting from square one pretty much.

 

[jthagreat]

My two cents...

If youre not certain of your path forward, go to community college (CC). Like some have mentioned, I didn't know what I wanted after HS and only went to school cause every one else was. Well I went to CC, which was $43 a credit ,it has since risen to $82, but even at that rate 82*3 credits per course * 4-5 classes $984-$1230. add on books (est 700) you looking at $2g a semester * 4 semesters = $8g

I know some folks don't wanna live at home, but man you gotta suffer now to prosper in the future. Knocking out your AA and your first 2 years for under $10gs is a whole lot better than what universities are charging.

I didn't think school was for me, and it truly it aint, but its hard out there if you cant get your foot in the door with no experience.

 

[chadleroy]

I don't have student loan debt but one of the dumbest things I did was go to school without knowing what I wanted to do. It's worked out now but I should've picked up a trade and went to cc on the side until I was ready. I would've saved so much more money. In fact, I'm thinking about picking up a trade or certification now. I don't trust any employers.

 

[isco]

I don't have student loan debt but one of the dumbest things I did was go to school without knowing what I wanted to do. It's worked out now but I should've picked up a trade and went to cc on the side until I was ready. I would've saved so much more money. In fact, I'm thinking about picking up a trade or certification now. I don't trust any employers.

which trade