Financial advice

[alimac122]

Hello, since there are so many of us from all walks of life on here I have a couple questions in regarding my fall semester as a graduate student and how to proceed with my budget//finances.

If anyone could lend a hand that would be greatly appreciated!

 

[Blue Ring Octopus]

College is for learning not living a high life. It used to be starving students when I grew up now, it is a wonderful life, OH, what! I have to pay that back. I am sorry I cannot give you good advice, but study hard and enjoy every part of your life.

 

[ichthyogeek]

Hello! Recent college graduate here! I'd recommend looking for a copy of Ramit Sethi's book "I will teach you to be rich." Some of it is really applicable, and some of it not so applicable, but there's a lot of good stuff in it!

There's also PBS 2 cents, which you can find on Youtube as well for financial literacy stuff.

Do you have any specific questions?

 

[alimac122]

Yeah, I specifically was curious on what to do with my second stipend that is supposed to come in in September! Theres a lot of ways that it can benefit me and I just want to know the best one!

 

[ichthyogeek]

Oh nice! Congrats on the second stipend! Are there any limitations for what you can use it for, or is it basically “I have money, what should I do?”

 

[MastaMind82]

My wife and I fell in love with Dave Ramsey and his teachings about finances. I would recommend the book "The Total Money Makeover", it is an easy/quick read but it really did help us out a tremendous amount.

 

[alimac122]

Oh nice! Congrats on the second stipend! Are there any limitations for what you can use it for, or is it basically “I have money, what should I do?”

its basically "I have 1200 and want my money to work for me, what should I do to make it work the best?"

 

[LegendaryCG]

Live cheap, buy some vanguard index funds with your extra money. House purchase seems like a big expense and it is but each month that money is going to something you keep. Apartments are the biggest loss of money. If you have a job that offers retirement accounts put the most you can into them as soon as possible *AND* learn what you give up when you quit a job, there’s often red tape/golden handcuffs in decent careers.

 

[ichthyogeek]

For long term wealth, put it into investing.

If you’re saving for a wedding or a house or something, a high yield savings account.

And IDK if grad programs do it, but a roth ira/401k/retirement fund can also be pretty nifty as well!

 

[piranhaman00]

Dont start a reef tank. :)

I graduated in 2017. I didnt live on much but I always had enough for wristband night.

I was a waiter during college, made a lot of money actually.

 

[wrasse hole]

In general, here are my financial priorities after my living expenses have been met:

- emergency fund (6 months of living expenses). Keep this in a high-yield savings account.
- High-interest debt. This could include car payments, high interest loans, etc.
- Retirement accounts (Traditional/ Roth IRA, 401k, etc.)
- Taxable brokerage account

If you don't have an emergency fund, it would be wise to start one with the $1200. After that a great option would be starting an IRA (if you have a job) through an online brokerage service (Vanguard, Fidelity, Schwab, etc.).

 

[IslandLifeReef]

Don't take free financial advice from anonymous people on the internet. You'll get exactly what you paid for LOL!!

 

[alimac122]

Dont start a reef tank. :)

I graduated in 2017. I didnt live on much but I always had enough for wristband night.

I was a waiter during college, made a lot of money actually.

I graduated in 2014 with my undergrad, was a marine biologist for 4 years and now im getting my masters in engineering. I was bartending before covid as well, but got on unemployment when everything shut down. Now I have a GRA and I dont want to lose it and ruin my research because I caught covid bartending... so ive been applying to online jobs.
I lived pretty well when i was bartending. But my career is more important to me right now than having excess play money.