Comments on: Personal Finance for College Students Series http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 23:30:41 +0000 hourly 1 By: ISPF http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-52370 ISPF Fri, 22 Dec 2006 07:17:07 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-52370 [...] Jim over at Blueprint for Financial Prosperity is a seasoned PF blogger and I subscribe to his feeds and he usually has very interesting posts. On his blog he has put together a bunch of posts targeted for students which I think are a good read for aspiring financial saavy students. Check them out at the PF College archive at blueprint for financial prosperity [...] [...] Jim over at Blueprint for Financial Prosperity is a seasoned PF blogger and I subscribe to his feeds and he usually has very interesting posts. On his blog he has put together a bunch of posts targeted for students which I think are a good read for aspiring financial saavy students. Check them out at the PF College archive at blueprint for financial prosperity [...]

]]> By: Chris http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-23393 Chris Fri, 15 Sep 2006 15:51:35 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-23393 I don't agree with eRock that college students should not have credit cards. It is not the credit card that puts someone in debt, it is the fact that they are not educated on how to responsibly use one. I am a college student (graduate school) and have had a credit card for 5 years now, have never carried a balance and have imrpoved my credit score a lot because of my responsible use. Now when I want to make a large purchase after college, my debt will be much cheaper; so a credit card can be of good use. On a differnet note, the area where I feel that I save the most money compared to my peers is food / eating out. I cook all of my own meals, and if I have a busy schedule I'll pack a brown bag lunch. On average, I spend less than $7 a day on food, compared to my friends who spend $7+ on each meal. Those little things add up and can save thousands of dollars over the course of a year. I don’t agree with eRock that college students should not have credit cards. It is not the credit card that puts someone in debt, it is the fact that they are not educated on how to responsibly use one. I am a college student (graduate school) and have had a credit card for 5 years now, have never carried a balance and have imrpoved my credit score a lot because of my responsible use. Now when I want to make a large purchase after college, my debt will be much cheaper; so a credit card can be of good use.

On a differnet note, the area where I feel that I save the most money compared to my peers is food / eating out. I cook all of my own meals, and if I have a busy schedule I’ll pack a brown bag lunch. On average, I spend less than $7 a day on food, compared to my friends who spend $7+ on each meal. Those little things add up and can save thousands of dollars over the course of a year.

]]> By: jim http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-22978 jim Thu, 14 Sep 2006 15:33:49 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-22978 I struggled with that question for a variety of reasons: 1) My parents helped me out by loaning/gifting me money for a downpayment. 2) The value of the house is really subjective, do I take recent home prices? Just use the appraisal value? 3) It doesn't really matter! The value of tracking your net worth is in seeing how it changes, not the number itself. Did your net worth go up or down? Whether it's $5,000 or $500,000, the value is in the changes, not the number. I struggled with that question for a variety of reasons:
1) My parents helped me out by loaning/gifting me money for a downpayment.
2) The value of the house is really subjective, do I take recent home prices? Just use the appraisal value?
3) It doesn’t really matter!

The value of tracking your net worth is in seeing how it changes, not the number itself. Did your net worth go up or down? Whether it’s $5,000 or $500,000, the value is in the changes, not the number.

]]> By: eROCK http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-22967 eROCK Thu, 14 Sep 2006 15:04:11 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-22967 Congrats! I was wondering how you contriubte the max and own a home. Do you factor you home into your Net Worth? It doesn't seem that way and I think it should def NOT be included. Congrats! I was wondering how you contriubte the max and own a home. Do you factor you home into your Net Worth? It doesn’t seem that way and I think it should def NOT be included.

]]> By: jim http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-22963 jim Thu, 14 Sep 2006 14:40:37 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-22963 When I wrote it I was contributing the maximum each year, but after I bought a house in May of 2005 I scaled that back to around $5k a year in order to help make mortgage payments. I recently took a new job and will be trying to increase my contributions to get closer to the maximum. I'vealso been pretty lucky in that this blog has generated enough auxiliary disposable income that I've been able to contribute that much to my 401(k) without impacting my lifestyle. When I wrote it I was contributing the maximum each year, but after I bought a house in May of 2005 I scaled that back to around $5k a year in order to help make mortgage payments. I recently took a new job and will be trying to increase my contributions to get closer to the maximum. I’vealso been pretty lucky in that this blog has generated enough auxiliary disposable income that I’ve been able to contribute that much to my 401(k) without impacting my lifestyle.

]]> By: eROCK http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-22953 eROCK Thu, 14 Sep 2006 14:12:40 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-22953 As an aisde (just found this) I checked out your net worth goals ... you contribute the max to your 401k (15K a year!?)? That's a heck of an accomplishment. I contribute around $3K a year w/ an employer match so it comes in around $4K give or take a few. I think once my bills are covered (CC bill and car loan) I am going to open an IRA (probably Roth) and try to put $4k in that a year in addtion to my 401K, but damn $15K? I guess once I make more it won't be so bad :-) You know us recent college grads, we want instant gratification and we want it now! As an aisde (just found this) I checked out your net worth goals … you contribute the max to your 401k (15K a year!?)? That’s a heck of an accomplishment. I contribute around $3K a year w/ an employer match so it comes in around $4K give or take a few. I think once my bills are covered (CC bill and car loan) I am going to open an IRA (probably Roth) and try to put $4k in that a year in addtion to my 401K, but damn $15K? I guess once I make more it won’t be so bad :-) You know us recent college grads, we want instant gratification and we want it now!

]]> By: eROCK http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html/comment-page-1#comment-22934 eROCK Thu, 14 Sep 2006 13:01:46 +0000 http://www.bargaineering.com/articles/personal-finance-for-college-students-series.html#comment-22934 Personally, one should stay away from credit cards. I don't intend to say college students shouldn't have one, but rather that they should use it wisely. I graduated from a large private university and have around $50K in loans and $5K in credit card debt. Couple those two items with a apartment, cable bill, brand new car, etc and you'll quickly realize you could have lived without those purchases you charge instead of paying cash for. Post-Graduation, like many other students, I quickly realized that a shiny new iPod and a top of the line computer were at the bottom of the list. Rising to the top of the list are college loans, furniture, food, and saving for a house. The sooner a student realizes these facts of life, the better of they are! Personally, one should stay away from credit cards. I don’t intend to say college students shouldn’t have one, but rather that they should use it wisely. I graduated from a large private university and have around $50K in loans and $5K in credit card debt. Couple those two items with a apartment, cable bill, brand new car, etc and you’ll quickly realize you could have lived without those purchases you charge instead of paying cash for. Post-Graduation, like many other students, I quickly realized that a shiny new iPod and a top of the line computer were at the bottom of the list. Rising to the top of the list are college loans, furniture, food, and saving for a house. The sooner a student realizes these facts of life, the better of they are!

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