#FinancialAdvice #InvestingTips #StudentLoans
Hey everyone! 👋 I’m a 19-year-old Canadian who has managed to save up over 32k, with about 12k of that in a GIC. I’m currently planning to pursue a degree in Biomedical Neuroscience and eventually go to Med School. 🧠💉
I could really use some advice on how to handle my finances and investments as I navigate through this journey. Here are some specific questions and thoughts I have:
-How can I minimize interest paid on student loans and reduce time in debt?
-Any advice on smart investments that could help me pay off my tuition fees?
-Do student loans accumulate interest differently for undergrad vs. medical school?
-Any general tips or advice on managing finances during college and beyond?
I would love to hear from those who have more experience and knowledge in this area so I can make the best decisions moving forward. Your insights could really help me out! 🙏
One possible solution I’m considering is to continue being frugal, cash out everything for undergrad, evaluate my financial situation, and maybe look into investment options that could help offset tuition costs. Any thoughts on this approach or other suggestions are welcome!
Speaking in American terms, certain professions – like medical personnel, can have debt erased after meeting several criteria. Plus employers seem more willing to pay towards student loans, and the government seems intent on other debt forgiveness programs as well.
So while noble that you want to have the smallest student debt possible, you may be penalizing yourself, do some research about your planned profession and student loan erase programs.
After that, what to do with your cash is up to you, invest it in stocks, real estate, get a reliable car, etc.
Put it all into Nividia bro. It’s going to rise. One million percent going to go up.
Then sell covered calls over your shares. Like wayyyy up there that’s dollars a contract.
You’re making free money while your pile grows.
Please do this, you won’t regret it