What NEXT….where should my money go?

The question

I’m wondering what should I do with my money. I’m 25 yrs. ancient and I have a full-time and part-time job. I invest about 7% of my earning into my retirement account. I have approximately $ 8,100 in the account. I live at home, so I’ve been fortunate enough to pay off one of my student loans(perkins) and I owe approximately $ 12,770 on my other loan(federal direct). I plot to go back to school for my master’s in the Fall of 2011. My goal is to buy a home once I end school in 2013. I have approximately $ 28,000 in various savings accounts. I don’t have any credit card debt, so next year and while in school I plot to forcefully pay down my last student loan(I imagine once I end my graduate program I’ll be in about $ 60,000 debt, so I want to get rid of some of this debt). I know learning debt is excellent debt, but debt is debt when you’re trying to buy a home. By 2013, I believe I’ll have about $ 60k saved.

My question is what should I do with my money now? The person who handles my retirement account is trying to encourage me to invest in life insurance. I don’t see a need for life insurance since I don’t have dependents or liabilities. What makes sense for me? I’m considering investing in real estate in the Las Vegas area. I see some properties listed as low as $ 50,000. I also figure it may sound nice, but with all the foreclosures in Las Vegas the property value could be horrible. Would it be smart to invest in Vegas now and buy in Los Angeles 4yrs from now. What should I do? I feel like I’m letting my go to waste and it’s not working for me!

Best answers:

I would wait on the graduate degree program and save at least 20 percent of the buy price of the home and then pay off all of your debts then take night classes if you want to while you still work.

If Vegas is where you want to live or rent out property then it’s excellent to buy it while it’s cheap.

You need a proper financial plot. It is very perilous to answer these kind of questions with small 1-2 sentence answers. You need to prioritize your goals and financial objectives, know your tolerance for risk. Proper, detailed inventory of your assets and liabilities is also vital. All of this is necessary to make a wide-ranging financial plot that you can then use to intentionally and accurately guide your choice-making.

see www.valuesoftinc.com for what I mean.

regards,
person who really cares about you doing this the right way

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COMPLAINT #1 (Office of Inspector General / Department of Education) “Anyone suspecting fraud, waste or abuse involving Department of Education funds or programs should call or write the Inspector General’s Hotline.. OIG Fraud Hotline” ~ ed.gov Sallie Mae was the _only_ financial lender involved in the diploma mill fraud… and now question Congress for a bail out?? GO TO GOOGLE AND RESEARCH THESE 2 THINGS: 1. Westwood Diploma Mill Scam 2. 60 Minutes Sallie Mae Fraud Students say college misled them Tuesday, February 22, 2005, By BYRON HARRIS / WFAA-TV “The sales pitch said Westwood is accredited; students said that led them to believe the school has the same academic status as well-known colleges and universities. But the sales pitch doesn’t mention the fine print on the back of the contract, which said “Westwood College of Technology makes no guarantee of credit transfer.” In fact, these students found that when they presented their Westwood transcripts to other schools, the reaction was anything but positive.”You can just keep this … because we don’t recognize this society as a school,” Moers recalled one school’s expressive as saying. Westwood is headquartered in Denver, and claims it’s been around for more than 50 years. But, Colorado state inclusion records indicate the current owner started business in 1986. …talk with News 8 about complaints against the school, but when a crew got there for our scheduled interview, two representatives from the home …