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tito123


Registered: 01/23/10
Posts: 3,006
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Moving out for the first time
#19109681 - 11/09/13 09:37 AM (10 years, 3 months ago) |
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I have savings that my parents put toward college that I haven't tapped into. Mainly because of all the problems I've read about college and because I don't know what I want to do.
So my question is a personal and financial question.
Would it be wise for me to tap into my savings and move into an apartment in a bigger city? There's no one here and not nearly as many opportunities.
Once I'm in the city, I could grow edible mushrooms and sell them at the farmer's market, get a part-time job and in the future start another business.
I've also been considering walking onto university courses that I find interesting and seeing where it goes-assuming I can get in. Or even emailing the professor and asking if I can shadow their class.
So I guess my question is should I use my money to go to another city where I have many more opportunities for personal growth and a career? or should I stay in my parent's house and just invest stocks and start growing more gourmet mushrooms for sale?
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zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
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Re: Moving out for the first time [Re: tito123]
#19111112 - 11/09/13 04:40 PM (10 years, 3 months ago) |
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If your parents put money aside for college they probably did so with certain tax benefits that will be gone unless you use it for school. You need to talk to them about that. It isn't the end of the world it's just that there will be tax penalties.
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tito123


Registered: 01/23/10
Posts: 3,006
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Re: Moving out for the first time [Re: zappaisgod]
#19111158 - 11/09/13 04:55 PM (10 years, 3 months ago) |
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It's money in a savings account. Plus a bunch of wal mart stocks my grandfather bought for me when I was born. And a mutual fund I believe.
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iateshaggy
i haxor 360s



Registered: 05/20/05
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Re: Moving out for the first time [Re: tito123]
#19111318 - 11/09/13 05:44 PM (10 years, 3 months ago) |
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dont just take college courses because they are interesting. there are tons of interesting classes that will never make you a dime. in fact, there are many interesting degrees that are completely worthless. important thing to have locked down before ever thinking of moving out, have a car first, preferable a paid for car. your chances of everything go up if you have a car first.
-------------------- You are a filipina sex goddess who wants to fuck me until I fall asleep, so then you can tickle my balls and see if the legend of my diamond filled nutsuck is true. I am a white man from costa rica, who smells like lime jello.
I can flash/jtag/repair 360's, pm for details.
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zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 8 months
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Re: Moving out for the first time [Re: tito123]
#19114095 - 11/10/13 10:15 AM (10 years, 3 months ago) |
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Quote:
tito123 said: It's money in a savings account. Plus a bunch of wal mart stocks my grandfather bought for me when I was born. And a mutual fund I believe.
These all could have been protected from taxes with the specific caveat that they must be used for your education expenses. If they aren't used for that the taxes will have to be paid. You need to have that conversation.
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tito123


Registered: 01/23/10
Posts: 3,006
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Re: Moving out for the first time [Re: zappaisgod]
#19123599 - 11/11/13 09:40 PM (10 years, 3 months ago) |
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I asked my mom. She said money in the savings account wouldn't be taxed if I withdrew it. Also, she didn't know if it was possible to buy stocks and mark them as being excluded from taxes because they're being used for education-which means that they probably aren't being excluded from taxes.
She said my sister withdrew money from stocks for her education but couldn't remember if that money was taxed.
She wasn't very clear/sure about some things and I may not have asked the right questions.
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tito123


Registered: 01/23/10
Posts: 3,006
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Re: Moving out for the first time [Re: iateshaggy]
#19123618 - 11/11/13 09:44 PM (10 years, 3 months ago) |
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Quote:
iateshaggy said: dont just take college courses because they are interesting. there are tons of interesting classes that will never make you a dime. in fact, there are many interesting degrees that are completely worthless. important thing to have locked down before ever thinking of moving out, have a car first, preferable a paid for car. your chances of everything go up if you have a car first.
There are many uninteresting classes that will let me earn tons of money but if I can't make tons of money doing something that's interesting, I'd rather strike some sort of balance.
Also, I have a car. and savings. but I wouldn't need a car in a big city regardless.
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Mr. Bojangles
Breathe In



Registered: 04/08/08
Posts: 1,937
Loc: The Dirty
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Re: Moving out for the first time [Re: tito123]
#19132997 - 11/13/13 07:48 PM (10 years, 3 months ago) |
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It's expensive living on your own in the city. Not saying don't do it, but really make sure you have an accurate idea of how much it will cost to live each month, Especially don't skimp and say you won't spend that $50 bucks on beer per week because you'll need it for rent, plan on old habits dying hard when analyzing the cost.
Also don't count on the farmers markets. Depends on where you live, I worked for one doing the same thing a while back and lots of the established markets in town are pretty political with regards to new vendors. Others have specific registration times. Just time it right and make sure you'll be up on your feet before money runs out.
-------------------- "It is dangerous to be right in matters on which the established authorities are wrong." Francois-Marie Arouet
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GabbaDj
BTH



Registered: 04/08/01
Posts: 19,679
Loc: By The Lake
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Re: Moving out for the first time [Re: tito123]
#19137749 - 11/14/13 07:13 PM (10 years, 3 months ago) |
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Take the money, go to college, study business and then start your own..
MANY people have started some great businesses without any schooling but a thousand times more have failed.
I would take that money and invest it into a trade that is necessary. Trades are what have built this world we live in and trades are what will survive.
-------------------- GabbaDj FAMM.ORG
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