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OfflineTravelerOfSorts
sober pro
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Registered: 06/29/11
Posts: 492
Last seen: 2 years, 4 months
Take on debt to leave savings in tact + short explanation
    #22463603 - 11/01/15 06:27 PM (8 years, 2 months ago)

Hi guys I have to pay out 6-8k on the higher side for a education.
I will have credentials and a portfolio of what I'm able to produce for the price.
My minds says leave savings in tact and attempt a bank load, for the entire sum. Continue to compile savings and begin to pay loan off after educating.

The idea to taking a loan preferably an open loan for random deposits/reduced length of debt load. Increased credit. Would serve the purpose of letting savings rest and continue to grow over interim while tapping the vast financial institutions supply of credits to afford this large purchase.

Care for more info to form an opinion?
Would you like to know as much as possible to see what the limit case for the subject might be?
Read on?:

Please consider: 3000 education savings, 2k in stocks.
earning 30-40% more then minimum wage(minimum/part time = 12k/year{+30-40%= +3600-4800} = 15.6k/y - 16.8k/y) *derivative 1/4 in lost wages while on sabbatical.

In my head its a alchemic substance, I could maybe take education savings put it in the bank, compile all income between now and then into savings while utilizing the loan.
I could mix all finances into the melting pot, take a lesser loan using the education savings as planned take wages creating even use of money from each place. There is a possibility I will have made enough to pay for school with wages and RESP alone. I basically would like to leave all my savings as is and even grow them in the time being; however, that leaves a debt load (that I can afford unless market crashes lolz)
or no debt load and reduce weight of compiled savings.

Thanks for reading I have the wealthy barber on hand right under the book about cats and Iching, I havent tried to channel the oracle on the matter but thats what I like the forum for its a kind of use of others knowledge for many purposes that which is utilization of what one may do in anothers shoes.


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a soul of solitude
but a master of ecstacy
in waiting for my rebirth cycle i have hopes that when mushrooms find me it will occur then and i can go about the world as a medicine man
walking staff in one hand spaceship in the other
a journeyman of nature soon to be stepping up to novice hopefully i will have time to become an expert, and i believe only in death will i become a master


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Invisiblegrower182
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Registered: 01/11/13
Posts: 388
Re: Take on debt to leave savings in tact + short explanation [Re: TravelerOfSorts]
    #22463691 - 11/01/15 06:43 PM (8 years, 2 months ago)

Really depends on the rate and length of the loan. If you can get one in the 4-6% range that would be ok to take the loan.

The risk of using all your savings is something unexpected happens and you owe say $2000 for a car repair or whatever. You put that on a credit card and then owe a crazy 30% interest.


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OfflineTravelerOfSorts
sober pro
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Registered: 06/29/11
Posts: 492
Last seen: 2 years, 4 months
Re: Take on debt to leave savings in tact + short explanation [Re: grower182]
    #22464096 - 11/01/15 08:05 PM (8 years, 2 months ago)

I'm somewhat curious about how far fetch it is to think I could afford a property to build on and get an education all wrapped up in a loan.
This is me not being alone in the cause of financial freedom, I actually had david chilton's wealthy barber returns beside me and nearly 1/8th through the book I thought I put it down for way longer, and having sat and went trough 25 pages I realized right away that every single page was attempting to aid the reader in this very issue.
I went from thinking I need a school loan to the author describing how good appreciating purchase on debt can be. To myself contemplating a real life altering move to get momentum.

Properties seem to be around $30k


--------------------
a soul of solitude
but a master of ecstacy
in waiting for my rebirth cycle i have hopes that when mushrooms find me it will occur then and i can go about the world as a medicine man
walking staff in one hand spaceship in the other
a journeyman of nature soon to be stepping up to novice hopefully i will have time to become an expert, and i believe only in death will i become a master


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InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


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Registered: 11/25/02
Posts: 35,109
Loc: Wind Turbine, AB Flag
Re: Take on debt to leave savings in tact + short explanation [Re: TravelerOfSorts]
    #22478194 - 11/04/15 08:20 PM (8 years, 2 months ago)

If rate of return on savings is higher than interest rate on loan, get a loan. If not use savings.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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OfflineBud Fuggins
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Registered: 09/11/14
Posts: 251
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Re: Take on debt to leave savings in tact + short explanation [Re: Ahab McBathsalts]
    #22516855 - 11/13/15 05:59 AM (8 years, 2 months ago)

I got a degree then took an entry level commission based job where Ive averaged over $30 per hour. I certainly didn't need my degree. I personally think education is a huge waste of money unless you are doing something that requires certification or is a specialty field. In other words a general biz degree is a bad investment but a degree in chemical refrigeration is not.


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:mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2::mushroom2:

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OfflineCyber
Ash
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Registered: 06/14/04
Posts: 1,476
Loc: Dearborn Michigan
Last seen: 8 months, 19 days
Re: Take on debt to leave savings in tact + short explanation [Re: Bud Fuggins]
    #22548472 - 11/19/15 07:18 PM (8 years, 2 months ago)

Quote:

Bud Fuggins said:
I got a degree then took an entry level commission based job where Ive averaged over $30 per hour. I certainly didn't need my degree. I personally think education is a huge waste of money unless you are doing something that requires certification or is a specialty field. In other words a general biz degree is a bad investment but a degree in chemical refrigeration is not.





I agree 100%!

There are very few jobs that require a degree. What companies want is knowledge, a skill, or both. You can gain a skill by starting at low level entry jobs and working your way up, you can gain knowledge by reading and learning on your own. The difference is that most companies take 5 years experience in place of a 4 year degree.

Heck there is a lady that mapped out how to get the equivalent of an MBA using EdX and other on-line learning resources. Turns out it was less than $1000. (http://blog.edx.org/laurie-pickard-pursuing-no-pay-mba-edx/)

Personally, I loath debt! I never use credit cards and buy everything with money I make and save. I could tell you how I have a net worth of over to a million dollars, multiple cars, a house, boat, ranch, nice retirement account, etc, etc. Truth is, you cant verify it so it will sound like BS. :crazy2:


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